Cheque 4th day - OK to spend money or not.

ChrisA95

Hello,

I paid cheque into my account on the 1st and the money has come into my account this morning. Is it ok to spend some of that money now or should I take the 'better safe than sorry' approach and wait until the weekend when the bank can't take money out without my permission? Sorry, it's the first time I have ever had to put a cheque into my account, so I am a bit ignorant of the process.

YorkshireBoy

You can use, ie withdraw, the money on T+4, so today.

You can be sure there won't be any problems at close of business on T+6 (except in exceptional circumstances), so Friday night/Saturday morning.

Do you have some concerns that the cheque may have been issued fraudulently?

The above will be explained in your account T&Cs, and also here...

http://www.chequeandcredit.co.uk/cheque_users/2-4-6_timescales/

ChrisA95

The cheque was from Nationwide for compensation. So no worries regarding fraud or the cheque getting bounced due to lack of funds. Just wondering if it was just best to wait the extra few days for certainty.

MarkFromCornwall

ChrisA95 wrote: »

The cheque was from Nationwide for compensation. So no worries regarding fraud or the cheque getting bounced due to lack of funds. Just wondering if it was just best to wait the extra few days for certainty.

It's safe to spend it now. Enjoy!

pollypenny

Some years ago we paid a cheque from Nationwide onto our HSBC Premier Account.

I calculated the days and opened Virgin Money saver with that sum, writing a cheque.

Next day my card was refused in Tesco, as it wasn't the sixth day.

We were not happy and complained to the branch. It's not as if a Nationwide cheque would bounce.