How Long For A Cheque To Clear?

goldspanners

i know this is a simple question and i know the answer for my bank is 7-10 working days.
but due to a recent frustrated buyer im wondering does anybody elses banks clear quicker,i thought this was just standard across every bank.

mountainchrisriver

This may help??

http://forums.moneysavingexpert.com/showthread.html?t=606491&highlight=clearing+cheques

steviebabes

Here is some more info.

pinkgem

mine usually take 5 working days, so for example if i pay a cheque in on monday it clears friday, pay one in tuesday it clears the following monday

but i believe from friday 30th it will now take 6 working days, but they will be guaranteed not to bounce after this time

please feel free to correct me if i have misinterpreted this

TKPeters

http://www.theregister.co.uk/2007/11/28/cheque_clearance_changes/

The new 2-4-6 cheque clearance rules mean that payment by cheque is not guaranteed until the seventh working day after a cheque has been presented to a bank for payment. This means that even if a payment looks to have cleared an account on day 4, the money is not safe until close of business on day six.

Basically if the money is still in your account on the 7th WORKING DAY (MON-FRI), you can safely send the item.

goldspanners

thank you all!

brettcta

for some reason, cheques take bout 6 weeks to clear into my account.

true story.

RFW

goldspanners wrote: »

i know this is a simple question and i know the answer for my bank is 7-10 working days.
but due to a recent frustrated buyer im wondering does anybody elses banks clear quicker,i thought this was just standard across every bank.

It usually (if using a bank) clears the payer's bank account on the third day after presentation (ie that's when the money leaves their account).

It is annoying to customers that the money has gone out of their account and the seller is telling them that the cheque hasn't yet cleared, as for reasons known only to them the banks don't give you cleared funds for at least an extra day and more in some cases.

It also varies from bank to bank and building societies and depending on the acciount you have

soolin

brettcta wrote: »

for some reason, cheques take bout 6 weeks to clear into my account.

true story.

If you are using a UK bank then as per the earlier posts your cheques will definitely be cleared if they still show in your account on day 7. This new regualtion comes in from Saturday so if your bank differs after that then ask them why and get their response in writing so you can complain to the ombudsman.

soolin

RFW wrote: »

It also varies from bank to bank and building societies and depending on the acciount you have

From Saturday all banks will have to adhere to the 6 working day rule as outlined above.

RFW

soolin wrote: »

From Saturday all banks will have to adhere to the 6 working day rule as outlined above.

Not quite.......
Its just the members (which for banks covers most of them, building societies it doesn't) and only applies to current accounts and basic bank accounts!

The Cheque and Credit Clearing Company (C&CCC). There are 12 members; eleven banks and one building society:

ABBEY NATIONAL
ALLIANCE & LEICESTER
BANK OF ENGLAND
HBOS (HALIFAX AND BANK OF SCOTLAND)
BARCLAYS BANK
CLYDESDALE BANK
The CO-OPERATIVE BANK
HSBC BANK
LLOYDS TSB BANK
NATIONAL WESTMINSTER BANK
NATIONWIDE BUILDING SOCIETY
The ROYAL BANK OF SCOTLAND