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leela
Beginning Saver
Joined: 17 Oct 2004
Posts: 45
Cash Points ££ 194.20
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 Posted: Sat Dec 04, 2004 6:50 am Post subject: How long does it take to clear cheques ? |
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How long does it normally take for a cheque to clear, i.e. from the date its deposited.
Thanks! |
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fireboy
Saving Enthusiast
Joined: 18 Oct 2004
Posts: 134
Cash Points ££ 459.94
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| Posted: Sat Dec 04, 2004 9:52 pm Post subject: |
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It takes about 4 clear working days for a cheque to clear, sometimes 3. So if you deposited it on monday then by earliest it would clear by Thursday, but more proabably friday.
Same bank cheque deposits may clear next day. |
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cashman
Beginning Saver
Joined: 01 Oct 2004
Posts: 49
Cash Points ££ 140.00
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| Posted: Fri Jan 07, 2005 5:44 am Post subject: |
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In many European countries its usually done sameday or next day. Just goes to show how the banks are raking it in from us in the UK !
4 to 5 days is ridiculously long, they just sit on the cash for 3 days earning interest. If the europeans can do it in less than a day then why can nor we ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Tue Oct 31, 2006 11:26 pm Post subject: |
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It can take from 3 to 5 clear working days for a cheque in the UK to clear.
And some accounts, inluding some business accounts can take as long as 10 days to clear !
So why do they take so long ?
With cheques, there is a physical transfer as well as an electronic exchange of funds.
According to the Association of Payment Clearing Services, which operates the UK's clearing systems, paper transactions are processed in a three-day cycle.
On day one, the cheque is processed and the information is passed electronically through a data exchange network.
The next day, the cheque is delivered to a centre where banks exchange customers' cheques.
On the third day, bank staff review the cheque presented for payment and make decisions about whether to pay or return it.
Settlement between the members, for the net values of the cheques exchanged between them, takes place over their Bank of England settlement accounts on day three.
Cheques are normally cleared within 2 working days in most of the rest of Europe. So the UK banks seem to sit on the cheque for an extra day or two earning interest.
The Office of Fair trading was supposed to speed things up a couple of years back , but nothing has happened to date. |
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Sugarbabe
Beginning Saver
Joined: 19 Jun 2006
Posts: 49
Cash Points ££ 1027.04
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| Posted: Fri Nov 03, 2006 3:07 pm Post subject: |
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Its interesting that in much of the rest of europe it takes less than 2 days !
I thought we were the financial capital of europe ? |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Fri Nov 10, 2006 2:40 am Post subject: |
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| Be greatful for yuor 3 to 4 days, some accounts (halifax cardcash) can take 10 working days ! |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sat Nov 25, 2006 11:55 pm Post subject: Cheque clearing times to be cut ! |
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The Office of Fair Trading (OFT) said last week all money deposited into an account must start to earn interest, or start counting against an overdraft, within two working days. T
he new rules should come into force next year. Consumers should be able to withdraw funds within four working days.
So the likes of Halifax, and Northern Rock, Alliance and liecester will be forcd to comply.
Infact, having and Halifax current account, I recieved a change in T&C in the post which does indicate that the cheque will start earning interest from the 2nd day !
Some of the better banks such as Lloyds TSB pay interest on the same working day if the cheque is deposited before 4.30pm and is for less than £1,000. HSBC if less than £1,000 deposited at one of its branches are also credited with interest on the same day and cash can be withdrawn the next working day. |
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