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Cheque Clearence By Next Day Now The Norm.

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It may have been the case for a short while now, but it is good that banks have finally caught up with technology.

A cheque paid in on Monday now appears as cleared funds on Tuesday.

 

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Posted (edited)

Not strictly true.

 

A cheque paid in at a branch or post office is slower, only imaged cheques clear faster if both banks use the image clearing facility.  

 

Funds can also be removed if the cheque bounces at a later date.

Edited by georgethedog
error

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I'm referring to a cheque paid in at my branch, not an imaged cheque.

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Posted (edited)

Still, be aware of the 2-4-6 rule.

 https://en.wikipedia.org/wiki/Cheque_and_Credit_Clearing_Company#2-4-6_changes_to_cheque_clearing says this:

 

From the end of November 2007, changes known as 2-4-6 came into force. These have increased clarity and certainty when paying in cheques to a bank or building society account.

The 2-4-6 changes set a maximum time limit of two, four and six working days for each of the stages after paying in a cheque to a current or basic bank account. The timescales cover cheques, bankers' drafts, bankers' cheques and building society cheques paid into sterling current and basic bank accounts. For deposit or savings accounts the maximum time limit for withdrawal is longer (6 days, rather than 4).

For the first time, after depositing a cheque, customers can be sure that at the end of six working days, the money is theirs. They are protected from any loss if the cheque subsequently bounces, unless they are a knowing party to a fraud. The timescales also set maximum times when customers start earning interest on money paid in (2 days) and when it will be available for withdrawal.

Edited by Jeffrey Shaw

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You found someone who'd write you a cheque?

 

I've not had a chequebook in over a decade

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I had a cheque in August last year, from my car insurance company.

I was surprised but just scanned it with my online banking app so didn’t have to go and physically pay it in.

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1 hour ago, geared said:

You found someone who'd write you a cheque?

I've recently received a cheque from HMRC – although printed, not written; and they call it a 'Payable Order'.

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I got a cheque refund from British Gas last week.  Even though they have my account details to pay the money into my bank.  But, nope, they don't work that way.  They'd rather waste paper, envelopes and postage.

 

Thank God for the cheque scanning feature on my mobile banking app.

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By sending a cheque, companies  are able to hang on to the money that little bit longer.

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On 04/06/2020 at 12:09, alchresearch said:

Thank God for the cheque scanning feature on my mobile banking app.

I wish RBS would sort their act out and introduce that.

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21 minutes ago, Janus said:

By sending a cheque, companies  are able to hang on to the money that little bit longer.

And if its a small amount, the recipient might not bother to cash it if it means a trip to the bank.  I don't think I'd have bothered with my British Gas one if I didn't have the app, as it was only for £5.36.

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