Paying house deposit by cheque

eddddy

Owain_Moneysaver wrote: »

It's possible for cheques to be returned unpaid long after the normal clearing time.

Not since "2-4-6" cheque clearance came into force in November 2007.

The money cannot be taken back, after 6 working days after depositing the cheque.

See: http://www.chequeandcredit.co.uk/information-hub/faqs/2-4-6-cheque-clearing-timescales

G_M

Wow - since 2007?! I didn't know.

Thanks edddy.

upoiupou

I paid my deposit with three cheques! Three different banks - I was spreading my money around for the best interest rates. I preferred to know that the money had cleared in advance of the completion date, and I don't like making electronic transfers with large amounts of money (please don't judge me, I get nervous about things like that).

However, Santander completely messed up. They wouldn't clear the cheque even when I contacted them. I had to do a CHAPS payment after all, but I did get Santander to refund the fee and give some compensation for the trouble because the problem with the cheque was their fault.

In my case, the Santander cheque problem was due to a stop they had put on the cheque book months ago for no reason at all. It would have happened whatever cheque I'd written, even if it had been for £10. But I had never used that cheque book before so the problem didn't come to light before I paid the deposit. So that's what I'd be careful of - using a cheque if you almost never write cheques as a rule.

But if you have a contingency plan for time off work and a CHAPS payment, then you're covered if there's a problem.

baz8790

upoiupou wrote: »

I paid my deposit with three cheques! Three different banks - I was spreading my money around for the best interest rates. I preferred to know that the money had cleared in advance of the completion date, and I don't like making electronic transfers with large amounts of money (please don't judge me, I get nervous about things like that).

However, Santander completely messed up. They wouldn't clear the cheque even when I contacted them. I had to do a CHAPS payment after all, but I did get Santander to refund the fee and give some compensation for the trouble because the problem with the cheque was their fault.

In my case, the Santander cheque problem was due to a stop they had put on the cheque book months ago for no reason at all. It would have happened whatever cheque I'd written, even if it had been for £10. But I had never used that cheque book before so the problem didn't come to light before I paid the deposit. So that's what I'd be careful of - using a cheque if you almost never write cheques as a rule.

But if you have a contingency plan for time off work and a CHAPS payment, then you're covered if there's a problem.

It's a Santander cheque I have written so that's quite worrying.

I will be phoning them on Monday to change my 123 account back to an everyday current account so will check that my cheques dong have stops on them either as I've had the cheque book for 6 years and only written 2 so far

movilogo

I paid deposit by cheque. No problem. No need to inform bank either. But it does not hurt to phone bank and let them know beforehand.

The EA as not happy citing delays on which I politely replied I can pay by CHAPS if they are happy to pay the fees .