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  • FIRST POST
    • Kernel Sanders
    • By Kernel Sanders 4th Dec 19, 12:37 PM
    • 3,499Posts
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    Kernel Sanders
    Which of these current a/cs clears cheques the quickest?
    • #1
    • 4th Dec 19, 12:37 PM
    Which of these current a/cs clears cheques the quickest? 4th Dec 19 at 12:37 PM
    I have two cheques from the Nottingham Building Society from regular savers which matured on Saturday and they are for over 3,000 each. I tried to scan them into my Lloyds banking app for the first time but discovered they have a maximum of of 500 per cheque. I need to get them cleared ASAP because I am losing interest. I want them in Marcus but the linked account is Bank of Scotland, which has no branches here, nor does RBS, TSB or the Co-op. My remaining current accounts do have branches here (Santander, Nationwide and Lloyds).
    Which would you recommend I use, please? I would be happy to post the cheques but the postage is equivalent to another day's interest on top of how many days it takes to arrive!
    Last edited by Kernel Sanders; 04-12-2019 at 12:44 PM.
Page 1
    • Jakerrs
    • By Jakerrs 4th Dec 19, 12:46 PM
    • 21 Posts
    • 4 Thanks
    Jakerrs
    • #2
    • 4th Dec 19, 12:46 PM
    • #2
    • 4th Dec 19, 12:46 PM
    I've paid a cheque into our Lloyd's account at the Post Office at 4:50pm and it's been in the account the next day so I'd assume (risky) that taking it into a Lloyd's branch would by equally as quick
    • Kernel Sanders
    • By Kernel Sanders 4th Dec 19, 1:00 PM
    • 3,499 Posts
    • 1,428 Thanks
    Kernel Sanders
    • #3
    • 4th Dec 19, 1:00 PM
    • #3
    • 4th Dec 19, 1:00 PM
    I've paid a cheque into our Lloyd's account at the Post Office at 4:50pm and it's been in the account the next day so I'd assume (risky) that taking it into a Lloyd's branch would by equally as quick
    Originally posted by Jakerrs
    I'm sure it has, but I'm asking when the funds would be cleared and therefore available to to send to Marcus by faster payment.
    I assume you mean the risky bit about paying a cheque in at a Lloyds branch is that the counter closes an hour before the advertised closing time of the branch
    Last edited by Kernel Sanders; 04-12-2019 at 1:02 PM.
    • xylophone
    • By xylophone 4th Dec 19, 1:31 PM
    • 31,704 Posts
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    xylophone
    • #4
    • 4th Dec 19, 1:31 PM
    • #4
    • 4th Dec 19, 1:31 PM
    Why on earth didn't you just pay them into Lloyds on Monday?
    • sal_III
    • By sal_III 4th Dec 19, 1:56 PM
    • 1,694 Posts
    • 1,560 Thanks
    sal_III
    • #5
    • 4th Dec 19, 1:56 PM
    • #5
    • 4th Dec 19, 1:56 PM
    I know it's MSE but losing 0.60ish/day is hardly the end of the world.
    • 18cc
    • By 18cc 4th Dec 19, 3:10 PM
    • 1,924 Posts
    • 1,415 Thanks
    18cc
    • #6
    • 4th Dec 19, 3:10 PM
    • #6
    • 4th Dec 19, 3:10 PM
    google cheque clearance times for each of the three banks you mention. take the lowest figure. if all the same choose the branch nearest you as you will save on transport costs.
    • born again
    • By born again 4th Dec 19, 3:30 PM
    • 844 Posts
    • 451 Thanks
    born again
    • #7
    • 4th Dec 19, 3:30 PM
    • #7
    • 4th Dec 19, 3:30 PM
    All banks will work to the same standard cheque processing timescales. While some may show faster in your account. That cheque can still bounce.

    Don't Nottingham Building Society have a facility to make a faster payment to one of your accounts?
    • PRAISETHESUN
    • By PRAISETHESUN 4th Dec 19, 4:32 PM
    • 1,409 Posts
    • 764 Thanks
    PRAISETHESUN
    • #8
    • 4th Dec 19, 4:32 PM
    • #8
    • 4th Dec 19, 4:32 PM
    The interest per day is literally pennies, so if it takes a week to get sorted you'll only be a quid or two down. I get that this is MSE but it's not the end of the world IMO. Personally I'd bank the cheque in whichever bank is most accessible to get to for you, FP to your BoS account, then pay into Marcus. Your local Post Office might also let you pay it in if you have some pay in slips handy. I wouldn't bother trying to post it anywhere, as it might get lost.
    • MDMD
    • By MDMD 4th Dec 19, 7:49 PM
    • 451 Posts
    • 353 Thanks
    MDMD
    • #9
    • 4th Dec 19, 7:49 PM
    • #9
    • 4th Dec 19, 7:49 PM
    Who is the clearing bank printed on the cheque? Looks like they use a NatWest sortcode.

    In the old days that may have speeded things up but now they are all cleared electronically as long as you pay into a clearing bank it should take the same amount of time
    • Jakerrs
    • By Jakerrs 5th Dec 19, 4:03 PM
    • 21 Posts
    • 4 Thanks
    Jakerrs
    I'm sure it has, but I'm asking when the funds would be cleared and therefore available to to send to Marcus by faster payment.
    I assume you mean the risky bit about paying a cheque in at a Lloyds branch is that the counter closes an hour before the advertised closing time of the branch
    Originally posted by Kernel Sanders
    Funds were cleared and available next day as far as I can remember. This is backed up by the information on this page (providing this is actually the process that is used).

    The risky bit was assuming that it would be the same between both institutions.
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