Cashing a Building Society cheque.

[Deleted User]

I closed my late mothers Coventry BS account, and they posted me a cheque.  I bank with LLoyds but wanted to access the funds a bit quicker than waiting for 3 days for it to clear.

 if i dont have an account with them? Or will i have to run it through my LLOYDS account and wait?   Or will LLOYDS allow immediate access to
I tried calling both banks (Lloyds/HSBC) on Sunday and i got customer service in Africa & India and very little help, other than visit the branch in person and ask them about it.       the funds since its a bank cheque?  There is no Cov. B.S. near me so i cant go there.  

eskbanker

[Deleted User] said:

I recently closed my late mothers Coventry BS account, and they posted me a cheque.  I bank with LLoyds but wanted to access the funds a bit quicker than waiting for 3 days for it to clear.

Why three days?

If you pay a cheque in pounds into your account on a Monday, you will see it in your account the same day. It counts towards any interest and you can use the money on Tuesday by 11:59pm at the latest.

https://www.lloydsbank.com/help-guidance/legal-information/current-accounts/cheque-clearing.html

grumpy_codger

I'm no expert, but in this recent thread someone said that a cheque needs to be cleared before you can get cash - How to uncross a cheque

If so, the only way is to deposit it to your account first.

[Deleted User]

grumpy_codger said:

I'm no expert, but in this recent thread someone said that a cheque needs to be cleared before you can get cash - How to uncross a cheque

If so, the only way is to deposit it to your account first.

ok, well its not crossed.  Just issued to me.  CBS on the top left corner, HSBC centre top of cheque. I guess they use HSBC as a clearing bank?  

wmb194

[Deleted User] said:

grumpy_codger said:

I'm no expert, but in this recent thread someone said that a cheque needs to be cleared before you can get cash - How to uncross a cheque

If so, the only way is to deposit it to your account first.

ok, well its not crossed.  Just issued to me.  CBS on the top left corner, HSBC centre top of cheque. I guess they use HSBC as a clearing bank?  

It will be crossed: see the two vertical lines through the middle of the cheque.

Building Societies almost always have accounts with the big banks, I wouldn't worry about that.

wmb194

[Deleted User] said:

wmb194 said:

[Deleted User] said:

grumpy_codger said:

I'm no expert, but in this recent thread someone said that a cheque needs to be cleared before you can get cash - How to uncross a cheque

If so, the only way is to deposit it to your account first.

ok, well its not crossed.  Just issued to me.  CBS on the top left corner, HSBC centre top of cheque. I guess they use HSBC as a clearing bank?  

It will be crossed: see the two vertical lines through the middle of the cheque.

Building Societies almost always have accounts with the big banks, I wouldn't worry about that.

Oh OK.  I was thinking horizontal lines. There is 2 lines and 'account payee' in small print vertical print.  I suppose i will just take to LLOYDS monday and deposit it.  Whats crossed vs uncrossed?  Still clears in a day or so right?

Cheques haven't come printed uncrossed for a great many decades and when they did people just drew the lines on themselves; being crossed just means that it has to be paid into an account in the payee's name. It makes no difference to clearing times. 

It's just a normal cheque; if it's below the deposit limit you can deposit it via Lloyds' phone/tablet app.

molerat

Pay in tomorrow and available to withdraw after midnight Tuesday.

ChirpyChicken

It will clear like any other cheque 

35har1old

[Deleted User] said:

eskbanker said:

[Deleted User] said:

I recently closed my late mothers Coventry BS account, and they posted me a cheque.  I bank with LLoyds but wanted to access the funds a bit quicker than waiting for 3 days for it to clear.

Why three days?

If you pay a cheque in pounds into your account on a Monday, you will see it in your account the same day. It counts towards any interest and you can use the money on Tuesday by 11:59pm at the latest.

https://www.lloydsbank.com/help-guidance/legal-information/current-accounts/cheque-clearing.html

I thought it was 3 days to clear cheques?  I can do an image deposit on my LLoyds App today rather than visit the branch.  I wanted to transfer 2K out of my LLOYDS to another account, so i wasnt sure how long till the funds would be available.  10K is a bit more than my normal deposits, so i wasnt sure. 

If you use the app limit £10000 available next working day if paid in  before 15.30

COIAHLGW

We will look forward to confirmation when the cheque finally does clear!