New Cheque Clearance Rules

journ

ejones999 wrote: »

Journ please calm down.
What this thread is about bears no resemblance whatsoever to what happened to your sister's cheque.

This topic is discussing how long after a cheque is paid in can it be later debited back from the account if unpaid - what happened with your sister was that it never was paid in because the cheque was sent as a special presentation and lost in the post - something completely different.

ok ok but i thought it was about the new way the 4 days a CHQ has to be cleared Can you tell I've had a s*** week
is this only for if a CHQ bounces

jonesMUFCforever

journ wrote: »

ok ok but i thought it was about the new way the 4 days a CHQ has to be cleared Can you tell I've had a s*** week
is this only for if a CHQ bounces

It is yes.
If the cheque had been paid in by your sister the 'normal' way the bank could not then debit her back after the 6th working day.
Special presentation means bypassing the clearing cycle and using Royal Mail.

saxmund

So why are the banks still fobbing us off with "working" days? Granted if you pay in a cheque the first bit has to be done manually, but why can't clearing be expressed in terms of calendar days? My bank can debit DDs and standing orders at weekends, and credit and debit interest, and of course they've always been able to debit you for cashpoint transactions. So why can't clearing happen outside banking hours?

journ

ejones999 wrote: »

It is yes.
If the cheque had been paid in by your sister the 'normal' way the bank could not then debit her back after the 6th working day.
Special presentation means bypassing the clearing cycle and using Royal Mail.

Thanks for your help i need it because I'm so afraid when the other CHQ come and i have to do this all over again:xmassmile

jonesMUFCforever

saxmund wrote: »

So why are the banks still fobbing us off with "working" days? Granted if you pay in a cheque the first bit has to be done manually, but why can't clearing be expressed in terms of calendar days? My bank can debit DDs and standing orders at weekends, and credit and debit interest, and of course they've always been able to debit you for cashpoint transactions. So why can't clearing happen outside banking hours?

Banks don't debit D/D and S/O at weekends - some reserve the money but the transactions always go out of your account on the monday (or next working day).

If you prefer your bank can't debit your account more than 9 days after you pay it in.
Is that better?

saxmund

ejones999 wrote: »

Banks don't debit D/D and S/O at weekends - some reserve the money but the transactions always go out of your account on the monday (or next working day).

Not so. There are standing orders on my bank of Scotland online statement which have been debited on 1 and 15 December, both Saturdays.

If you prefer your bank can't debit your account more than 9 days after you pay it in.
Is that better?

That degree of certainty is certainly welcome. My point was, as everything is done by computer, why are "working days" still relevant? If I pay in a cheque on Friday, why can't it be cleared on Monday? My bank can put certain transactions through my account on a weekend, when it chooses, and my credit card companies often give me payment due dates at weekends. Companies now issue statements dated at weekends, whereas in the past they never did. So why can't clearing, which is computerised, happen on a "non-working day"? If banks can't work at weekends and bank holidays, then I expect to see no transactions whatsoever on my accounts on those days, not just the ones it suits the bank to do at weekends.

RayWolfe

Because the Banker Clearing system does not work over the weekend. This IS about to change.

gt94sss2

saxmund wrote: »

My point was, as everything is done by computer, why are "working days" still relevant? If I pay in a cheque on Friday, why can't it be cleared on Monday? My bank can put certain transactions through my account on a weekend, when it chooses, and my credit card companies often give me payment due dates at weekends. Companies now issue statements dated at weekends, whereas in the past they never did. So why can't clearing, which is computerised, happen on a "non-working day"? If banks can't work at weekends and bank holidays, then I expect to see no transactions whatsoever on my accounts on those days, not just the ones it suits the bank to do at weekends.

Because clearing a cheque isn't a 100% computerised operation?

Regards
Sunil

Mikeyorks

saxmund wrote: »

My point was, as everything is done by computer, why are "working days" still relevant?

You're right that HBOS run their system on 7 days per week. Which puts them out of synch with most other Banks. So they can only do internal movements over the weekends. You will find, for example, Debit card transactions hitting your account on a Sat - whereas with other Banks it will be the Mon following (but the amount is 'reserved' so it's a bit academic other than you lose the interest a bit earlier) On the other hand DDs due out on the Mon - are not reserved on the Fri and then throughout the weekend.

But the Clearing cycle is about paper based cheques .. so it's not all 'by computer' - and (apart from the 2-4-6 of this thread) ... that is not about to change. The initial part (whether the cheque went into a Bank / CC company / HMRC et al) is done by Clearing Centres overnight. They then put the cheques into Central Clearing at Milton Keynes - who reprocess / sort them all ... create electronic files for the drawer banks. And then send the paper on to the drawer banks. That process is not going to change .. nor do I expect to see it move from Mon - Fri only.

Quote from Cheque and Credit Clearing Co (used to be on the APACS site):-

Why can't the system be speeded up?
Market research,undertaken in 2005 and supported by the Office of Fair Trading, confirmed that there is no case for speeding up the central clearing cycle.
Only 13% of customers placed any value on faster withdrawal and some customers use the current cycle to their benefit to delay money being taken from their accounts.

Mikeyorks

journ wrote: »

because I'm so afraid when the other CHQ come and i have to do this all over again

..... as the advice on the other thread you started. Under no circumstances agree to have the replacement cheque 'specially presented'. It does not, nor ever did, give you faster access to funds - it simply tells you whether the cheque will be honoured or not .. when presented. And for a Tesco pensions cheque .. that never was an issue.
You appear to have picked a branch of Halifax staffed wholly by idiots .... go to another one (!), or one of their small agencies. But just pay it in as a normal deposit.