Credit Union Cheque Deposit Clearance

Chico964

How does anyone else fair on the clearance times for cheques deposited into a credit union current account?
I'm getting increasingly frustrated at my credit union insisting on 15 working days for cheques over £500 to clear.
I've had a response from the CEO of the credit union stating that, basically, they are just covering themselves to make sure cheques aren't returned unpaid and, unfortunately, genuine customers are paying the price for bad ones.
Does anyone else have to deal with these timescales and has anyone ever queried them? :mad:

agrinnall

Sounds like they have no real understanding of the cheque clearing cycle. Once a cheque has 'certainty of fate' the money cannot be debited from your account without your permission, and that happens in most circumstances on day 6 of the cycle. The link below shows Barclays explanation.

http://ask.barclays.co.uk/help/day2day_banking/chequeclearing

You could consider making a formal complaint to the Credit Union then take it to the FOS if they refuse to change their practice.

eskbanker

Why not vote with your feet and open a current account with one of the high street clearing banks, you can do that without closing your credit union one and maybe even earn yourself some decent interest in the process?

jonesMUFCforever

agrinnall wrote: »

Sounds like they have no real understanding of the cheque clearing cycle. Once a cheque has 'certainty of fate' the money cannot be debited from your account without your permission, and that happens in most circumstances on day 6 of the cycle. The link below shows Barclays explanation.

http://ask.barclays.co.uk/help/day2day_banking/chequeclearing

You could consider making a formal complaint to the Credit Union then take it to the FOS if they refuse to change their practice.

I imagine that a credit union needs to pay in cheques through a clearing bank - they may not pay cheques in every day.

For the OP - DO YOU NOT HAVE BANK ACCOUNT? If so pay it in that way then transfer to the credit union.