Natwest - quicker cheque clearance time?

Archi_Bald

camperdown9 wrote: »

No I haven't. I always thought it was normal that cheques cleared 3 days after they are paid in. .

which cheques clear where within 3 days?

camperdown9

Archi_Bald wrote: »

which cheques clear where within 3 days?

Maybe clear is not the correct word. But if I pay a cheque in from any UK bank into my Natwest account on a monday, I can withdraw the cash on the wednesday.

Archi_Bald

sure you can withdraw on day 3, and Natwest can take the money back from you until the cheque has actually cleared (on day 6). Even if taking the money back plunges you into an unauthorised overdraft.

Caladan

If the funds are available on day 3 then surely it is cleared on day 3. They can still return the cheque up to day 6 when it becomes formally paid.

It's just terminology, but it's important not to mix the two up.

Archi_Bald

Caladan wrote: »

If the funds are available on day 3 then surely it is cleared on day 3.

No it isn't cleared on day 3. It is only cleared after day 6.
http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/

Caladan wrote: »

It's just terminology, but it's important not to mix the two up.

Yes, only terminology. But it is established terminology and it is even more important not to introduce new terminology that isn't recognised by banks.

System

My RBS account always gives me access to funds on the 3rd day too.

I recall Scottish cheques used to clear quicker than E/W/NI cheques and rare occasions that I get cheques they are normally drawn on Scottish bank or rUK bank branch in Scotland.

BOS / Nationwide want the full 4 days to clear a cheque.
BOS used to be 3 days too

Aquamania

Heng_Leng wrote: »

My RBS account always gives me access to funds on the 3rd day too.

I recall Scottish cheques used to clear quicker than E/W/NI cheques and rare occasions that I get cheques they are normally drawn on Scottish bank or rUK bank branch in Scotland.

BOS / Nationwide want the full 4 days to clear a cheque.
BOS used to be 3 days too

Don't tell me, you've not asked either why your account does not follow the process RBS explain on their website

For example: If you pay a cheque into your account on a Monday, you can expect to earn interest (if the account pays interest on credit balances) two working days later on Wednesday (Transaction day +2). This is also the point at which this money will reduce the amount of your overdraft interest charged (if applicable). Funds can be withdrawn by day five, Friday (Transaction day +4). ...

http://www.rbs.co.uk/private/current-accounts/g2/cheques/clearing.ashx

:cool:

Caladan

Archi_Bald wrote: »

No it isn't cleared on day 3. It is only cleared after day 6.
http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/





Yes, only terminology. But it is established terminology and it is even more important not to introduce new terminology that isn't recognised by banks.

You're quite right, I shouldn't have stated 'Cleared,' rather, 'Cleared for withdrawal purposes.'

As I have always understood different terminology (clears for withdrawal purposes, guaranteed paid on day 6) I took a peak at the various High Street banks explanations on their public sites to find out what the industry terminology is now. They actually avoid using either term which makes the whole thing clear (heh!) as mud.

The link you gave also makes no reference to the cheque ever actually being 'cleared' (although it does make reference to paid, but not as I quoted it).

Looks like the formal term for a fully cleared, paid up non-returnable cheque is now 'Certainty of fate.' It doesn't give a particular term for day 3, it just says that day 3 is the day you can withdraw the funds.

http://ask.barclays.co.uk/help/day2day_banking/chequeclearing
http://www.hsbc.co.uk/1/2/customer-support/banking-made-easy/cheque-clearing
http://www.co-operativebank.co.uk/customerservices/managingyouraccount/transactionscharges/cheque-clearing-cycle

Going to walk into a branch and ask when my cheque will have 'Certainty of fate' just to see what the cashier does!

Tiny_Tina

I took a cheque into NatWest this morning to deposit in my account.

A asked when I would be able to draw funds against the cheque.

Was informed that if all went well, then I should be able to draw funds from the cheque on Friday, but I'd need to wait until a week on Wednesday to be sure the cheque does not bounce - they explained the extra day was due to a week on Monday being a bank holiday.

HTH

System

I just assumed it was due to depositing Scottish cheques but hardly worth asking why my service is better than standard?

Aquamania wrote: »

Don't tell me, you've not asked either why your account does not follow the process RBS explain on their website

http://www.rbs.co.uk/private/current-accounts/g2/cheques/clearing.ashx

:cool: