to think that it doesn't really take banks 6 working days nowadays to clear a cheque?

[christmaswrapping]

I paid a cheque into my current account last week, and have been waiting patiently for it to clear.

I am now no longer patient, it has been four working days, and I contacted the bank to see when the funds would be available. And they have said it takes up to 6 working days.

Does it really take them six days to talk to each other? Electronics nowadays - is it now instantenous seconds, to check whether account it is coming from has funds, credit other account with said funds.

AIBU to think it does not take 6 days?!?

Can I settle for Queen? Little bit of credit in my account

I went in at lunchtime, as my account is showing money in account, but I couldn't access it. And all they were able to say was it will be available in 6 days, and that I was to wait until it showed in available balance not in account balance.

christmaswrapping - yes

It is rubbish but it is because the system is so outdated - its not been upgraded for years. It won't be brought into this century either as cheques as a form of payment are decreasing in volume.

Hold on - I'm even more cross now!!!

The cheque was issued by the same branch as my account is with - now they are having a giraffe!!!

If the cheque was written by someone who holds their account at the same branch as you, and you paid it in at your own branch, it would clear overnight. Because you paid it in at a different branch though, it will take the normal amount of time to clear (because it now has to be sent off to be processed). Which day did you pay it in? Was it before or after 3.30pm? I can let you know then when you can use it (I work for that bank)

Ah. If you'd paid it in at your branch you'd be OK, it would have been cleared funds staight away, but as you didn't it still has to go through the whole clearing thing. Sorry.

Thursday after 3.30pm.

Does that still stand then that 3.30pm business - even though bank open until 5?

Thursday after 3.30pm means that it is classed as paid in Friday as everything sent off at 3.30pm. Takes three working days to be available, can use it on the fourth day so thats Friday, Monday, Tuesday to be processed, it will become available overnight tonight so you can use the cash machine tomorrow morning.

I should say though that if you think there is any chance the cheque could bounce, it is safer to wait another two days or so before taking the money out. Thats because the notification that it is not being paid is usually sent by post so can be delayed. In other words if it is a cheque from family, or another account of your own, you are safe, if it is a cheque from someone dodgy who owes you money, it is safer to wait or you could be taken overdrawn if it comes back out later.

Ah no definitely safe, so no chance of posting. Crossing fingers strongly now posting this.

Thu 23-Dec-10 20:29:45 AIBU to think if someone sends me a cheque they could have the decency to have the funds in the account.

I so hope it's available tomorrow - is there any difference in time of day, i.e. if it's not available at 9am could it become available at 11am, or if its not available at 9am, that means Wednesday's out, and I have to wait until Thursday?

Thanks for help.

No theres no difference in time, its all processed overnight. If you want to save yourself a trip, phone up 08457 404404 in the morning and ask for your available balance. Glad to help :) Now time for me to namechange before I get in trouble in work lol

Sorry - thank you
Merry Christmas - cause I won't know if I see you again.

if it had been a lloydstsb cheque paid into a lloydstsb account then it would have cleared straight away regardless of whether it was the same/different branch. Its a bit crap that a cheque from the same bank has to go through the clearing system!

Yay I have money today - woohoo!!!

Still too long a process, esp. when cheque from same bank plus same branch.

But hey I've got it now.

NonnoMum - re best buy accounts - can understan your frustration at A+L suggestion from Martin Lewis, but one thing we are able to do is have more than one bank account, so it would be quite possible to have interest on whatever is in A+L but pay cheques into any bank you have easy access to.

Some banks have these rules for certain accounts like having to pay in your salary, or a minimum of 1500 pounds each month, but I don't know of any which restrict what you do with your money afterwards, so it would be easy to set up a standing order several days later to pay a substantial part of any regular income into account paying better interest.

So while (for interest) the suggestion from the MSE web site was OK, it didn't meet your needs, and you had the option of using Barclays or whoever for their better/ faster cheque handling.

PS I have used Barclays for that cash withdrawal against a same day cheque deposit, though remember the day one obnoxious newbie young man decided he knew better. I had written a cheque to 'cash' (of say 50 pounds) and deposited a cheque for about 150 or maybe 250 pounds.

Young oik wrote 'CANCELLED' across my cheque, printed off my account balance (showing about 4.50) and circled the amount in red. Passed the lot back to me. At that point I asked him to check with his more experienced colleagues about my wishing to withdraw funds against a deposited cheque. I said it quite quietly so as not to embarrass him, but he went pink when an 'old hand' confirmed my request was valid, took his seat and dealt with my request with a good deal of apology for 'their' mistake.

I was quietly fuming, but everyone can make a mistake, though I will probably be unable to remove his face from my memory, and will give him a look to kill if I spot him again.