Beware-nat west cheque clearing times

peteri

If you are paying a cheque into a Nat West current account, beware they are now enforcing the 6 day clearance rule BEFORE you can withdraw against it. I've paid cheques in regularly over last couple of years, and have been available to withdraw in 2 days, i.e. pay in Monday, withdraw Wednesday - No More. When i queried why they hadn't told anybody, basically it is within their own T&Cs already, so no need to inform anybody, just enforcing what was already there. Apparently it's OK with them to move the goalposts without telling anyone. Consequently,a cheque i wrote on the same day i paid my cheque in, has already come out of my account 2 days later, but i can't withdraw my money for a further 4 days. Is this the new way to recover their PPI and packaged bank account costs i wonder? Little wonder when it comes to reputations Banks are up there with the Payday Lenders and Estate Agents.

stclair

It's day 5 you can withdraw the funds....

https://supportcentre.natwest.com/app/answers/detail/a_id/1178/~/how-long-does-it-take-for-a-cheque-to-clear%3F#gs=eyJndWlkZUlEIjoxMSwicXVlc3Rpb25JRCI6MywicmVzcG9uc2VJRCI6NiwiZ3VpZGVTZXNzaW9uIjoiMmp6REdnd20iLCJzZXNzaW9uSUQiOiIyanpER2d3bSJ9

Rightly they don't have to tell anyone because it was in the T&Cs anyway.

3.2.1 If a Sterling cheque is paid in at any of our branches before 3.30pm on a business day, the money will be added to your account on the same day. If a Sterling cheque is paid in at any of our branches after 3.30pm on a business day or on a non-business day, the money will be added to your account on the next business day. If a Sterling cheque is paid in at a Post Office®, the money will be added to your account when we receive it from the Post Office® (which is usually two business days after you pay it in). The money will be counted for interest purposes no later than two business days after it was added to your account and it will be available for you to use no later than four business days after it was added to your account. There may be legal reasons or limited circumstances beyond our control which prevent a receipt or make clearance take longer than these time period.

peteri

Paid in Wednesday at 11am, Woman in Complaints Dept told me i can't withdraw against it until next Thursday. That's 6 days in my book, actually....

peteri

Oh just noticed you work for RBS......!

stclair

peteri wrote: »

Paid in Wednesday at 11am, Woman in Complaints Dept told me i can't withdraw against it until next Thursday. That's 6 days in my book, actually....

It's five you can read it in black and white here turn to page 9.

http://personal.natwest.com/content/dam/natwest_com/currentaccounts/downloads/NWB-3-in-1-Terms.pdf

Day 6 is the day the cheque can't be reversed from your account I.E the payee cancels it.

In your case you should be able to withdraw the funds on Tuesday.

peteri

Firstly, its your colleague who needs to understand if that is the case. I have merely repeated what she told me, i am not the banker. No confusion, i asked her when could i withdraw the money and was told Thursday. Secondly, you miss the entire point of the post, which was that they have gone back to this draconian measure without informing anybody, and as such the expectation customers have become accustomed too in being able to withdraw far more quickly is no longer there. Whether it is Day 5 or Day 6, its certainly not Day 2 anymore. Geddit!!

stclair

peteri wrote: »

Firstly, its your colleague who needs to understand if that is the case. I have merely repeated what she told me, i am not the banker. No confusion, i asked her when could i withdraw the money and was told Thursday. Secondly, you miss the entire point of the post, which was that they have gone back to this draconian measure without informing anybody, and as such the expectation customers have become accustomed too in being able to withdraw far more quickly is no longer there. Whether it is Day 5 or Day 6, its certainly not Day 2 anymore. Geddit!!

There a few changes coming up that are not implemented so expect some more and you and thousands others won't like them. :-)

These little perks that customers are used to will no longer be available.

Imagine the uproar when people stop getting their wages on a Saturday when it shouldn't be credited until Monday.

Archi_Bald

peteri wrote: »

Paid in Wednesday at 11am, Woman in Complaints Dept told me i can't withdraw against it until next Thursday. That's 6 days in my book, actually....

Day 6 has always been of importance in the 2-4-6 clearing cycle that UK cheques go through. I doubt it was ever 2 that the money could be withdrawn.

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/

Eventually, cheque clearing should be cut down to 2 working days: http://www.telegraph.co.uk/news/politics/10714813/Cheque-clearing-times-to-be-cut-to-just-two-days.html

If you want literally instant clearing, ask people to send you money by FP or PAYM. Or, if you are a business, accept debit cards.

masonic

peteri wrote: »

Consequently,a cheque i wrote on the same day i paid my cheque in, has already come out of my account 2 days later, but i can't withdraw my money for a further 4 days.

Just out of interest, why are you using a cheque to transfer money between two of your own accounts?

peteri

Wasn't between my accounts. I paid first cheque into my account as a credit, now subject to 5/6 day clearance. The second cheque i wrote to pay a bill from the same account, which was given to the provider, is the one that has already come out of my account.

peteri

"There a few changes coming up that are not implemented so expect some more and you and thousands others won't like them. :-)

These little perks that customers are used to will no longer be available.

Imagine the uproar when people stop getting their wages on a Saturday when it shouldn't be credited until Monday"

Nothing surprises me about Banks anymore, or what they are capable of!