Cheque payments: how soon do they appear in account?

gterr

Hi there,


Looking for some info on how long it takes a cheque to be credited to a payee's account. I'm not interested in how long it takes for the funds themselves to be cleared and available to spend, just want to know, for possible audit reasons, how long it takes for the payment to appear on a bank statement.


Very specifically, if I receive a cheque and pay it in to my branch next Wednesday morning (April 4th) what date will be shown on my bank statement for the receipt of the money?


Thanks for your time.

BooJewels

Mine would show very soon after being paid in, as a credit, but the balance available wouldn't increase by the value of the cheque until it cleared - something like the following Monday or Tuesday. But the credit would show on the on-line statement within minutes.

ETA: I just looked at a cheque I paid in on the 22nd Jan which I'd noted the date on my own spreadsheet and that it would clear on 26th Jan and on the downloaded statement at the end of the month, which would be like a paper one sent out, it was credited on the 22nd. So if you're aiming to avoid it appearing in this tax year, maybe wait until Friday to pay in.

gterr

Hi BooJewels, Thanks for that. Which bank are you with?


Just to confirm: I'm only interested in the date that would appear on the bank statement for when the cheque was deposited. Same day, next day, or whatever. It doesn't matter how long it takes for the money to clear.


Thanks

BooJewels

I'm with Halifax.

If you see my 'ETA' bit added to my earlier post you will see that I did subsequently check and address your specific question - but I think we were typing at the same time.

gterr

Yes indeed, BooJewels. I have the opposite problem: Someone is sending me a cheque and I want a cheque to appear as having been paid in THIS tax year. The original cheque has been lost in the post and another is on its way. It will probably be Wednesday 4th April before I can pay it in. I want it to appear no later than the end of Thursday 5th April! Thanks for your rime.

BooJewels

Ah, I see - I've done it both ways myself in the past.

Obviously my post only accounts for one cheque in one bank, so isn't definitive, but I suspect there might be conventions for this. Are your own records not good enough to see how it has worked in the past in your own account. It's only chance that I made a note on that one cheque of the date I paid it in and when it would clear and could check this against my archived statement. It's not as easy to track dates without using a paying in book - I don't get enough cheques these days to need one.

AndyPK

I do like Santander cash machines.

You push the cheque in. It scans it instantly. You confirm the amount and it's shown on your statement