Do I have any right of redress if a cheque payed to me is slow in clearing?

johnnw_2

Hi, I payed a high value cheque into my bank current account a few days ago and I was told that it should be cleared by tomorrow. What I need to know is.... if there is a delay in the clearance, do I have any case for redress against my bank... or anyone else ? thanks xx

JanCee

No, and you should be very careful over "cleared" funds and whether the cheque is actually "paid". Most banks give clearance after 3 or 4 working days but the cheque could be returned by the receiving bank on the 4th working day after pay in. Cheques are returned by post and it could be another couple of days before you get to hear about it.

If the cheque you have paid in is from a reputable source like a large company or such you should be ok, but if it is from an unknown source or a private individual you should be very careful.

I know it is too late now but for future reference you need to ask your bank for express clearance, for which they charge about £25.

johnnw_2

Thanks JanCee the payee is reputable but I take on board your advice.. many thanks

virgin_moneysaver

was the value over £1k , which day exactly did you pay it in & was it actually over the counter or via cah machine deposit facility? & lastly bank or building society