Beware-nat west cheque clearing times

mgdavid

peteri wrote: »

OMG! Seriously?

"I am not complaining about the official regulations, but the fact that it has become standard practice to circumvent these by the Banks, and it is a bit rich to train customers into accepting these amendments as the norm, and then go back to formal T&Cs".
......

piffle.
'Bank operates according to the Ts & Cs that customers sign up to'
shock horror.

Ballard

peteri wrote: »

Ballard how am i using the clearing system to my advantage? I wait 6 days, the other cheque is drawn against my account in 2? Had i known of the change, then of course wouldn't even have wrote the cheque. I do apologise for actually trying to inform other Nat West customers of something the vast majority won't be aware of. Next time i'll not bother.

I'm genuinely sorry that you've taken offence but I feel that issuing a cheque without the cleared funds in an account is taking advantage of the clearing system. In your case you were on both sides of the cycle but all the same I personally wouldn't write a cheque unless I knew that it definitely wouldn't cause any problems.

I do see your point though.

10pence

It has always been a gesture of good will from the bank's perspective to allow withdrawal from funds from uncleared cheques early: the onus was on the person/customer crediting that cheque to be aware that if the cheque bounced/fraudulent they became liable/responsible for the funds withdrawn if any.

The bank I worked for would refuse access to funds until fully cleared depending on the size of the cheque - normally in the sums of thousands and consideration to the source of the cheque. This did cause complaints and issues but most customer's understood was the clearing cycle was explained.

Ben8282

Is it possible that in the past you were not actually being allowed to withdraw the funds early but had sufficient other cleared funds or funds available within your overdraft limit so that you could actually withdraw the money? You might not have realised this as the value of the cheques would have been credited to your account and would continue to show in credit and would not have been recorded as being overdrawn?