Natwest cheque clearance

chilli_dog

Anyone know how long a cheque should take to clear?

Paid in a cheque last Saturday and as of today the cheque was still not clear.

Dont mind waiting if it is the norm , just thought in the 21st century these things may be a bit quicker.
Thanks

Martin

grumbler

Frequently Asked Questions :

How long does it take for a cheque to clear?
Whenever you pay a cheque into your account, we have to collect the payment from the bank of the person or business who wrote the cheque. This is known as ‘clearing a cheque’.

You should allow at least four working days before you use money from a cheque paid in. In some cases, because cheques may still come back unpaid after this time, it may take up to five working days for a cheque to clear and postal delays can extend this period further.

If you pay a cheque in on a Saturday or after 3.30pm on a working weekday, the payment is not passed to your account until the following working weekday, when the cheque-clearing period will start.

The clearing cycle detailed in this section does not apply to foreign cheques, which will usually take longer to clear. Please ask a member of staff for details.

The Bank, at its discretion, may sometimes allow access to uncleared funds. This may mean that your account might appear to be in credit but the balance may include uncleared funds. If your branch allows you to draw against these funds, then you may have to pay overdraft interest and fees.

virgin_moneysaver

chilli_dog wrote:

Anyone know how long a cheque should take to clear?

Paid in a cheque last Saturday and as of today the cheque was still not clear.

Dont mind waiting if it is the norm , just thought in the 21st century these things may be a bit quicker.
Thanks

Martin

how much was the cheque for?

if it's for less than £1k then it's 4 full working days, i.e you can cash it on the morning of the 5th working day

if it's over £1k then it's 6 working days & cashable on the morning of the 7th (this is only for CASH, you should be able to use debit card after 4 days)

Saturday doesn't count as the British banking sytem & clearing house only works on Mon-Fri so your cq's 1st day is Monday

I know it's the 21stC but we have 21stC crime in the guise of rampant identity fraud which is why the banks are more cautious with cqs over £1K

FYI - the 4 or 6 day scenario is only for clearing purposes for cash & you earn credit interest, if applicable, after 3 working days

chilli_dog

Thanks for the info.

Should have just looked onthe natwest !! silly me.

Thanks anyway.

cheque was for £12,000

Martin

dchurch24

It is the 21st century; sadly we have a 15th century banking system.

The Templar Knights cashed cheques quicker than British banks.