Cheque clearing

Cocothecat

Hi, I have received a large cheque, it was for 63k. The cheque was from danske bank, I am with Ulster Bank. The. Cheque was lodged in a branch of Ulster bank. they didn't give a lodgement slip but gave a photocopy of the cheque and the branch stamp! They told the person who lodged the cheque it wouldn't credit straight away i am assuming that it is money laundering checks etc, anyone any ideas how long it will take? I asked my bank and they said. It's not in your bank account ...:mad: thanks for reading x

Neil_Jones

Most banks use the 2-4-6 system:

Two working days to appear, four working days to clear officially (and for funds to be used) and six working days is the cut off past when the money is officially yours (save for fraud, of course).

Depending on when you paid the cheque in, it was stated in the other thread Ulster Bank do the old-fashioned overnight batch processing so it may not appear on your statement until tomorrow, Monday or possible even Tuesday.

Cocothecat

Thanks so much !

teddysmum

Neil_Jones wrote: »

Most banks use the 2-4-6 system:

Two working days to appear, four working days to clear officially (and for funds to be used) and six working days is the cut off past when the money is officially yours (save for fraud, of course).

All a perk in the banks' favour, in these days of instant transfer, as the waiting time was initiated in the days when messengers had to physically travel between banks, with cheques etc.

Geoff1963

The delay is probably now caused by the finance industry, trying to discourage the use of cheques.

Peter999_2

It's not caused by the banks I don't think. If I recall correctly it is due to the fact that the actual paper cheque has to be sent from one bank to another that causes the delay.

From october a new system is coming up where the banks can send images of the cheque instead and therefore the cheque will clear on the same day. Hopefully, soon after they will allow us to take images of the cheques ourselves (maybe through a phone banking app) to save taking it into the branch.

http://www.mirror.co.uk/money/finally-cheques-clear-day-october-10077236

realaledrinker

The new scanning initiative will be rolled out from the autumn. By mid 2018 you should be able to scan a cheque into your bank's app & have it as cleared funds by the end of the next working day latest. `see:

https://www.chequeandcredit.co.uk/cheque-users/businesses/cheque-imagin…

molerat

Had a letter from BOS today updating T&Cs etc and this was mentioned as one of the changes, cheques deposited will clear in 2 working days.

ICan'tStandIt

molerat wrote: »

Had a letter from BOS today updating T&Cs etc and this was mentioned as one of the changes, cheques deposited will clear in 2 working days.

Do you know if that is for all the brands in the Lloyds group?

Peter999_2

Apparantly all of the LBG brands are aiming for the mobile phone apps to be ready for October 2017 for users to scan their own cheques.

Ballard

As already mentioned, the cheque currently has to travel to the issuing branch by law. Each bank has its own centre for clearing so if you pay a NatWest cheque into your Lloyds bank two doors away the cheque will have to go via the centre. This is the reason why it's not currently instant.

It'll be interesting to see how the imaging system works once that's in place.