Cheque issues

lgardner

I have a query i was hoping someone would be able to help me with, or a possible solution

I have just received a cheque from my solicitors for my mortgage funds from a remortgage. So i payed it into the bank, silly me paid it in on the express pay in. Meaning it doesn't clear until 5th september.

Now some of the money was being used to pay for tiles and shower for the bathroom which is being fitted on 3rd September.

The thing is i need that money to get the missing pieces of the bathroom, i have already applied for a temporary overdraft , of which i cannot get due to my account being a visa electron instead of visa debit card.

Any other way of having the cash to be able to buy the necessary stuff, its a pain as i know the money is going to be there on 5th, i dont know why the bank cannot let me have some of it to get this stuff.

Considered writing a cheque on 3rd September for the tiles and Shower, but dont want to run the risk of them taking it out of my bank before the 5th and getting charged etc

Any ideas

Biggles

Who do you bank with?

With LTSB (IIRC) it wouldn't count as an overdraft, as your account balance was sufficient. All you would pay (in the fairly unlikely event they used the same bank as you and deposited your cheque immediately) would be daily interest on the amount by which you exceeded your cleared balance, ie only a fiver or so. The only risk then would be that the solicitor's cheque bounced!

Best ask the bank.

lgardner

I bank with the halifax, what i was going to do was just put it on my credit card, then when funds were cleared i would just pay it off again.

Only problem with that is that i do not have any money left on credit card.

Im hoping my g/f has enough spare on hers

Mrs_B_12

Have you talked to your bank to see if there is any other solution?

lgardner

i rang them up this morning and talked to the guy on the phone about a temporary overdraft and i explained all of this to him, but the guy said i cannot have one as i have an electron card.

What a load of crap eh, god.

Debt_Free_Chick

lgardner wrote: »

Now some of the money was being used to pay for tiles and shower for the bathroom which is being fitted on 3rd September.

Considered writing a cheque on 3rd September for the tiles and Shower

Will the fitter actually need that stuff on the 3rd? Won't he spend a day ripping out the old and doing the preparation? That would buy you an extra day and writing a cheque on 4th should be cast-iron safe

And - will the supplier actually have the stuff in stock for you to take away?

lgardner

good question, the bank cannot do anything anyway went in to see the manager today.

However we are going to have to see whether they will be able to get the goods in stock before we buy them aswell, for monday. Then if they do we will have to sort something out with either the people selling the tiles or the guy fitting the bathroom.

Biggles

lgardner wrote: »

good question, the bank cannot do anything anyway went in to see the manager today.

Are you saying that Halifax would treat you as being in an overdraft situation and issue penalty charges even though you had a fat (but uncleared) account balance? And not to let you have a temporary o'draft while your fat cheque was clearing seem unnecessarily mean. Make a note to change banks when this is all over.

olly300

Biggles wrote: »

Are you saying that Halifax would treat you as being in an overdraft situation and issue penalty charges even though you had a fat (but uncleared) account balance? And not to let you have a temporary o'draft while your fat cheque was clearing seem unnecessarily mean. Make a note to change banks when this is all over.

Natwest did something similar to this when I was a student.

Within 2 months I changed to RBS. I so enjoyed giving the miserable Natwest bank staff my cheque book and cards back. :j A few years later RBS brought Natwest........

Debt_Free_Chick

Biggles wrote: »

Are you saying that Halifax would treat you as being in an overdraft situation and issue penalty charges even though you had a fat (but uncleared) account balance?

To be honest, I think the majority (if not, all) banks do this. The problem is that he does not have "cleared" funds - a cheque can be cancelled by the drawer even after it's been deposited in your account.

regularsaver1

lgardner wrote: »

I bank with the halifax, what i was going to do was just put it on my credit card, then when funds were cleared i would just pay it off again.

Only problem with that is that i do not have any money left on credit card.

Im hoping my g/f has enough spare on hers

You have the basic account ( no overdraft, electron ect), meaning cheques take 7 working days to clear. Have you thought of applying for an upgrade - where it would cut the days to 3 and you can apply for an overdraft

obviously this does not help you for now, but in the future.