Cheques and clearnece times

MarkyMarkD

IZZY01 wrote: »

Nope,
Just chequed on-line banking and projected clearance is Thursday. Although, it did show on my statement on Saturday. I am with the BOS and the cheque was for the RBS. If it is an English Bank, it takes one more day,
Izzy

What do you mean, nope? I was pointing out that with my bank it will clear on Wednesday; with yours it won't clear until Thursday.

MarkyMarkD

Iwant

You haven't answered my question:

is this a savings account, or a basic bank account?

In both of those cases, the clearance times are extended.

You can go on all you like about who the interest "belongs" to. The answer is the bank. You signed up to the cheque clearance times when you opened the account. If you don't like them, change bank or type of account.

Edinburghlass_2

Just going to pass this over to the Budgeting and Current Account board where I'm sure this is discussed at least once a week

iwantmymoneyback_2

sorry markymark its just a basic bank account. and yes i will be changing banks.

noh

Here's a link to the conditions for Halifax bank accounts see page 11 and 12.
http://www.halifax.co.uk/HelpCentre/pdf/1_336608-3.pdf
According to that document:-
If you have a normal bank account with them funds deposited by cheque are available for withdrawal 3 working days later. If you have a cardcash account funds are available 6 working days later. In both cases, if you have an interest bearing account, interest is paid from the second working day after deposit. So you are not losing anything.

Nigel

natweststaffmember

I need to correct myself because, Mark, i am wrong it is available at the cash point on day 4(i am clearly losing it!!)

MarkyMarkD

Thanks, NWSM. The original question has been cleared up - as the OP has a basic bank account. Nobody should be putting up with 7 day clearing on a "proper" bank account, but basic bank accounts are rightfully different.