Natwest - quicker cheque clearance time?

shortcrust

I paid a cheque in to my Natwest current account on Tuesday and the funds became available this afternoon (Thursday). I would have expected funds to be available on Monday. Anyone know if Natwest have speeded things up or have I just got lucky?

Archi_Bald

seeing the money in your account doesn't necessarily mean the cheque has cleared

http://supportcentre.natwest.com/app/answers/detail/a_id/1178/~/how-long-does-it-take-for-a-cheque-to-clear%3F

marlewuk

was it a cheque from another natwest account? that could have been a reason it cleared quicker as there would not have been a need for cheque to be exchanged.

shortcrust

Archi_Bald wrote: »

seeing the money in your account doesn't necessarily mean the cheque has cleared

http://supportcentre.natwest.com/app/answers/detail/a_id/1178/~/how-long-does-it-take-for-a-cheque-to-clear%3F

I know it's not properly cleared but it's available and that doesn't usually happen within a couple of days.

marlewuk wrote: »

was it a cheque from another natwest account? that could have been a reason it cleared quicker as there would not have been a need for cheque to be exchanged.

No it was a Lloyds cheque. Just one of those things perhaps.

CG19a

I've been with Natwest for 12 years, and I've always had access to the funds on the 3rd day, if you class day 1 as the day I paid in the cheque.

Aquamania

shortcrust wrote: »

I know it's not properly cleared but it's available and that doesn't usually happen within a couple of days.



No it was a Lloyds cheque. Just one of those things perhaps.

I don't know why it takes your bank so long.

When I pay a cheque into Lloyds it appears on my account there and then (or next working day if deposited via deposit point, as they don't process them the same day any longer )

2-4-6 clearance still applies (unless it's a Lloyds cheque I am depositing)

Aquamania

CG19a wrote: »

I've been with Natwest for 12 years, and I've always had access to the funds on the 3rd day, if you class day 1 as the day I paid in the cheque.

It should not be available to draw against until the 4th working day (or day 5 in your timing, assuming all days are working days... which it won't be unless you pay it in on a Monday and there are no bank holidays that week)

camperdown9

CG19a wrote: »

I've been with Natwest for 12 years, and I've always had access to the funds on the 3rd day, if you class day 1 as the day I paid in the cheque.

Same here.

Example

Monday morning
Account balance £50.00
Available funds £800.00 (balance and available over draft)

Say I pay in a cheque for £1000 on Monday afternoon. The £1000 won't show at all that day.

Tuesday morning
Account balance £1050.00
Available funds £800.00

Wednesday
Account balance £1050.00
Available funds £1800.00

I was really surprised when I opened a current account with Santander that it took so long for a cheque to show as cleared funds.

Alex

Aquamania

CG19a wrote: »

I've been with Natwest for 12 years, and I've always had access to the funds on the 3rd day, if you class day 1 as the day I paid in the cheque.

camperdown9 wrote: »

Same here.

Example

Monday morning
Account balance £50.00
Available funds £800.00 (balance and available over draft)

Say I pay in a cheque for £1000 on Monday afternoon. The £1000 won't show at all that day.

Tuesday morning
Account balance £1050.00
Available funds £800.00

Wednesday
Account balance £1050.00
Available funds £1800.00

I was really surprised when I opened a current account with Santander that it took so long for a cheque to show as cleared funds.

Alex

So have either of you twos asked NatWest why your accounts operate differently to the way they describe on their website?

http://supportcentre.natwest.com/app/answers/detail/a_id/1178/~/how-long-does-it-take-for-a-cheque-to-clear%3F

Maybe it's this

The Bank, at its discretion, may sometimes allow access to uncleared funds. This may mean that your account might appear to be in credit but the balance may include uncleared funds. If your branch allows you to draw against these funds, then you may have to pay overdraft interest and fees

and they are enticing you to incur fees unwittingly

CG19a

Never felt the need to ask why my account gives me access so quickly. All I can say is that it does. Obviously the cheque isn't fully cleared by this point, but it is a handy feature.

camperdown9

Aquamania wrote: »

So have either of you twos asked NatWest why your accounts operate differently to the way they describe on their website?

http://supportcentre.natwest.com/app/answers/detail/a_id/1178/~/how-long-does-it-take-for-a-cheque-to-clear%3F

No I haven't. I always thought it was normal that cheques cleared 3 days after they are paid in. Its only when I opened an account with Santander that I became aware this wasn't normal.

I have posted on this forum about this before and been told that I am wrong. Cheques with Natwest don't clear that quickly....but at least for me and one other person here they do.

My account was opened about 12-13 years ago. If that makes any difference.