barclays cheque clearance time ?

pearls_of_wisdom

Hi,
About to pay a cheque into Barclays next week,has anyone reading this had recent 1st hand experience of paying a fee to Barclays for some form of special clearance ? many thanks

agrinnall

Not personally, but I think you'll find the general consensus is that it's a waste of money.

Opinion

Haven't paid a fee but paid a cheque in on Monday and it hasn't cleared yet.

mgdavid

just wish to remind you that most Barclays are open on Saturday morning.

JuicyJesus

Special presentation does not necessarily clear cheques any quicker. What it provides is a guarantee of fate (i.e. whether the cheque will bounce or not.) This is done by sending the cheque by first class post to the bank it's drawn on and waiting for their reply. The funds won't be available any quicker and may in fact take longer to be available, or even end with the cheque lost in the post!

Its only real utility is if you accept a cheque as payment for something and need to know for definite whether it will be paid or not without waiting for six working days before you release the goods. In my career in a bank branch I actually did maybe one or two while dissuading a good few people who thought it meant "express clearance" when it actually means nothing of the sort and would otherwise have wasted upwards of a tenner on something that might have done them more harm than good.

pearls_of_wisdom

JuicyJesus wrote: »

Special presentation does not necessarily clear cheques any quicker. What it provides is a guarantee of fate (i.e. whether the cheque will bounce or not.) This is done by sending the cheque by first class post to the bank it's drawn on and waiting for their reply. The funds won't be available any quicker and may in fact take longer to be available, or even end with the cheque lost in the post!

Its only real utility is if you accept a cheque as payment for something and need to know for definite whether it will be paid or not without waiting for six working days before you release the goods. In my career in a bank branch I actually did maybe one or two while dissuading a good few people who thought it meant "express clearance" when it actually means nothing of the sort and would otherwise have wasted upwards of a tenner on something that might have done them more harm than good.

very decent of you to write a detailed explanation many thanks

pearls_of_wisdom

many thanks to all that responded it's made much clearer

henm2

Timescales for cheque clearance in the UK are standard across all the banks and follows the 2-4-6 guide
2 working days to earn interest
4 working days to draw against
6 working days for the cheque to count as fully paid (except for fraud)
http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_clearing_timescales_%282-4-6%29/

jonesMUFCforever

Pearls - is it not too late to ask them to send the money electronically direct into your account?

shell1999

If the cheque is paid in to the bank on Monday morning (I say morning because cheques are not sent off after a certain time) it should clear in three days, if you are pay a Barclays check into a Barclays account it is quicker.

Please note that if you pay this in on a Saturday it will not be cleared by the clearing centre until Monday night.

jonesMUFCforever

shell1999 wrote: »

If the cheque is paid in to the bank on Monday morning (I say morning because cheques are not sent off after a certain time) it should clear in three days, if you are pay a Barclays check into a Barclays account it is quicker.

Please note that if you pay this in on a Saturday it will not be cleared by the clearing centre until Monday night.

2 4 6 is what you are looking for.


Monday in your scenario - Tuesday would be your first of 3 days then cleared to withdraw by the Friday.
The cheque could be returned up to the following Tuesday.