Cheque clearing time

steadman0

I dont usually deal with cheques but got my tax rebate in the form of a cheque a few weeks ago and only got around to putting it in the bank on Friday. I used their self service machine which gave me a printed scan of the cheque in the form of my recipt. I have looked on my online banking and it says that funds are due to be in my account on Thursday. Why is it still taking 4 working days? I thought they were meant to be next day now that they only use images instead of paper?



Thanks,



James.

gt94sss2

The old and new cheque clearing systems are both currently operational.

Not all banks have yet fully rolled out the new system (its a phased rollout) - I think they have a few more months to do so.

https://www.chequeandcredit.co.uk/information-hub/faqs/cheque-imaging

Ballard

It is quicker if they use a scan but you’ve given them a paper version so the paper rules will apply.

aj23_2

Not necessarily. Last month I paid my credit cards by posting a cheques to the clearing centre on a Saturday. Santander Credit Card received it Monday, processed it, Tuesday the money left my current account with Halifax and by the evening the balance on the two credit cards had cleared.

I went into branch on Saturday to pay my most recent bill, and I've just looked and the balance hasn't cleared yet. So Santander is clearly operating on two systems at the moment.

agrinnall

I wouldn't be surprised to find that payments from HMRC are treated a little differently to normal cheques as they are actually Payable Orders rather than cheques - I'm not sure whether they have the same MICR encoding as a cheque does.

Ballard

I paid a cheque from HMRC in via the HSBC app on Saturday and was credited yesterday.