number of days for cheques to be called and cleared: different banks/BSs

Aquamania

planteria wrote: »

thanks..the no. of working days that matter to me are
1. the day the cheque is called on the payers account.
2. the day the cheque clears in my account.

See post#2 of this thread which was posted in April

If you want quicker access to the funds, then speak with your bank who should be able to offer special/express clearence (a fee will apply as detailed in their tariff of charges)

Note I don't think it actually affects what happens to the payers account. AIUI, all your bank does is check with the paying bank that funds are available, and essentially get a guarantee from the paying bank it will be honoured when the otherwise stated process is followed
(Not 100% sure about this last bit, just what I was told - if you want to follow this route and it is that important to you, double check with your bank)

jonesMUFCforever

Special clearance does not offer quicker access to the funds - it only tells the bank that the cheque will be paid or not.
The only way to get quicker access to funds is it to be electronically sent to the account.

planteria

Aquamania wrote: »

See post#2 of this thread which was posted in April

doesn't answer my question. i was trying to clarify for you:)

i don't need quicker access to the funds.

i can't arrange an alternative payment method.

if there was a way for me to get a cheque called on the payers account more quickly than 2 working days...by paying into the same bank as the cheques are drawn on, or paying into my accounts at other banks via the payer's branch somehow, or any other method that i could achieve, it could potentially be very useful for me to know. if anyone knows any way that this can be done, please reply here or send me a private message. thanks.

Armorica

There is no way to cheat the clearing cycle in all circumstances. The clearing cycle is three days before funds will be received.

If the heaven's align and subject to the bank/branch in question, you can receive funds more quickly if the same branch/bank is used as the cheque is drawn on.

Some bank accounts may give you access to a portion of funds earning - subject to the bank, account, and your creditworthiness. But the banks tend to be on the watch for fraudsters who are naturally keen to get quick access to funds/clearance. You also risk the cheque bouncing if the payer is assuming the cheque will not be debited so quickly.

As others have repeatedly said, the only consistent way to get access to funds is to receive funds electronically rather than via cheque. For this you will need to speak with the issuer but as you're being slightly elusive, it's not possible to advise whether this would be possible for them.

If you don't want access to funds, just confirmation that they are available than special presentation may be the route for you.

planteria

i'm not being elusive, and i don't need advice about whether electronic transfers would be possible. i'm telling you that they are not.

OhReally_2

jonesMUFCforever wrote: »

Special clearance does not offer quicker access to the funds - it only tells the bank that the cheque will be paid or not.
The only way to get quicker access to funds is it to be electronically sent to the account.

Oh Really?

Speeding up the process
If you need a cheque to clear faster than usual, ask to use the Direct Presentations service in any of our branches. We’ll send the cheque by Royal Mail Special Delivery to the bank the cheque is being paid from. It usually then takes that bank up to 2 working days to confirm whether the cheque can be paid. After that, we’ll phone you to let you know the decision.

For example, a cheque paid in on a Monday will normally be confirmed as paid, or not paid, by 5pm on Wednesday.

This service costs £20, or is free for Platinum Banking account holders.

http://ask.barclays.co.uk/contact/faq/day2day_banking/chequeclearing

:cool:

jonesMUFCforever

Where does it state that you can access the funds any sooner?
Confirmed as paid is not the same as available to withdraw.


Special cheque presentation
A cheque paid into your account sent direct to another branch or bank for payment.
Normally this service is used to find out earlier if a cheque is going to be paid, although
it doesn’t speed up the clearing process.
£10 charge
From the Lloyds bank website.

System

The only way to avoid the clearing cycle is to deposit the cheque in the branch in which it is drawn - either in person or by post.

Realistically, this would require you to have an account at the same bank but not necessarily the same branch of said bank

In every other scenario, it needs to go through some kind of clearance cycle.

- The End -

planteria

Heng_Leng wrote: »

The only way to avoid the clearing cycle is to deposit the cheque in the branch in which it is drawn - either in person or by post.

Realistically, this would require you to have an account at the same bank but not necessarily the same branch of said bank

so, i have NatWest cheques payable to me. if i open a NatWest current account and then were to take one of the cheques to the payers NatWest branch to pay in the cheque, on a monday, what day would the cheque be called on the payers account?