Cheque clearing time at issuing bank

froslass

Hi there, just looking for some advice regarding cheque clearing times when the issuing bank is the same as my bank.

I have a cheque that I receive around this time every year. In subsequent years I have always gone in to my branch, and cashed the cheque and the money has been available the same day as it's the same branch.

This year however, the lady behind the counter informed me it would be next Monday. I asked why and she didn't give me a response and asked why I hadn't cashed it sooner!

However, the terms and conditions as of August 2014 state that

" when you pay a sterling cheque into your account with us through one of our mainland branches and we are the paying bank and the cheque is from: i) a personal account, we will show it in your account, pay any interest on it, and allow you to use it on the same day as you receive it"

Am I right in thinking this lady should have cashed my cheque and under the terms and conditions of my bank account I should have these funds available same day or next day? Not a week on Monday?

froslass

Sorry, I should clarify the above section covers "bank of Scotland cheques"

YorkshireBoy

I agree with your understanding of condition 7.4(b)(i).


Could you check online banking/ATM recepit to see if the cheque value is showing in your available funds (excluding any overdraft facility).

mgdavid

froslass wrote: »

......... next Monday. I asked why and she didn't give me a response and asked why I hadn't cashed it sooner!

........... I should have these funds available same day or next day? Not a week on Monday?

Monday is the 22nd.
a week on Monday is the 29th.
Maybe the communication was scrambled or misunderstood?
Did you ask her to clarify which date was meant?

YorkshireBoy

mgdavid wrote: »

Monday is the 22nd.
a week on Monday is the 29th.
Maybe the communication was scrambled or misunderstood?
Did you ask her to clarify which date was meant?

I did think along similar lines initially.


If the cheque was paid in today, Saturday, (was it OP?), then as far as their systems are concerned it already is (the) next Monday...hence my suggestion to check the available balance by some means.

BMN

The key phrase from the terms and conditions is that they allow you to use the funds "on the same day that we receive it".

So whoever wrote the cheque out to the OP didn't have the funds available at the time and the cheque will be processed in the usual 2-4-6 clearing cycle timescale. In which case, if the cheque was paid in yesterday (Friday 19th) then you would not be able to withdraw the funds until Monday 29th.

CKhalvashi

BMN wrote: »

The key phrase from the terms and conditions is that they allow you to use the funds "on the same day that we receive it".

So whoever wrote the cheque out to the OP didn't have the funds available at the time and the cheque will be processed in the usual 2-4-6 clearing cycle timescale. In which case, if the cheque was paid in yesterday (Friday 19th) then you would not be able to withdraw the funds until Monday 29th.

I don't know if BoS are stull using the Lloyds computer system, but I know cheques drawn on Lloyds accounts would clear instantly using Halifax, as I wrote several payments that worked like this.

If not, then 2-4-6 would apply.

jonesMUFCforever

Have you considered that the account may not have had the funds to pay the cheque? The cheque then would be sent through the clearing cycle - if paid in today Monday the 22nd of December would be day 1 in clearing cycle so day 4 (when funds would be available to withdraw) would indeed be Monday 29 th December.

YorkshireBoy

jonesMUFCforever wrote: »

Have you considered that the account may not have had the funds to pay the cheque? The cheque then would be sent through the clearing cycle - if paid in today Monday the 22nd of December would be day 1 in clearing cycle so day 4 (when funds would be available to withdraw) would indeed be Monday 29 th December.

Whilst today is Saturday, it's already Monday (T) in banking terms. So T+4 would be a week on Tuesday, the 30th December.

Unless you're saying BoS clear in T+3 in practice (they don't in theory according to the T&Cs)?

GingerFurball_2

Bank of Scotland cheques should clear the same day.