Cheque clearing time

eludlow

Paid a cheque into my Natwest account today, cheque from the same bank (ie same sort code) - am I right in thinking this will have cleared by tomorrow morning?

TIA.

ukbill69

no, as the cheque has to be sent to the branch it was issued from, that takes 36 hours. 1 day to process at bank, 2nd to get to the bank, 3rd day to clear, same for 4 and 5th day.

eludlow

Nope, it's cleared today

Just to clarify, the bank who issued it is the same as my bank.

:beer:

Mark7799

I would suggest it is still possible for the cheque to be returned unpaid on Monday but would be cleared after that.

eludlow

Really? Even though the originating bank and receiving bank have the same sort code?

Mark7799

Maybe the bankers on the board can update my knowledge but late returns still used to be possible if instructions were received up to close of business even if they were not physically processed in time.

soolin

Cleared for funds is not the same as fully cleared. Anything I pay into my HSBC shows as cleared for funds next working day but under the new faster clearing can still be returned for up to 6 days.

jonesMUFCforever

It depends on whether NW runs a live real time banking system.
If they do then as soon as the cheque is processed (if not stopped or insufficent funds) then it is cleared immediately.
If not then as previous poster has said you may have to wait until close of business Monday.

chambta

The cheque would clear overnight, however if there were issues with the cheque it could still be returned unpaid. 'House' cheque above a certain amount are checked for this reason.

nomoneytoday

If paid into the same branch, the cashier would do an internal switch of funds, rather than sending the cheque for clearing. Hence no 3 day delays