Which clears quicker a cheque deposit or a bank transfer?

[chubbymomie2012]

My parents are giving me some money and I wonder which would be quicker a cheque I deposit in my account or my dad transferring funds on Internet. We are both with different banks.

In my experience bank transfer is much quicker and easier.

Bank transfer

Bank transfers usually take two hours. Cheques with ny bank take two days.

5 days

Bank transfer with faster payments is instant, bank to building society is next day

if both banks use the faster payments service then the money will be in your account within a couple of hours. If you get a cheque it will take 3 clear working days to clear not including the day of deposit e.g. pay in on monday, 3 full working days (tues, wed, thurs) and funds available on friday. Weekends dont count either so if you paid in on for e.g. wednesday then the 3 working days would be thurs, fri, mon and you couldnt get the funds until the tuesday.

www.natwest.com/personal/current-accounts/g4/cheques/clearing.ashx - shows when cheque would be available depending what day you pay it in

I sometimes bank with Lloyds and when I recently deposited a cheque the lady behind the counter told me they have a new system now and they clear immediately and the money is available right away. Don't know of this is the case with all banks, why don't you ring your local branch and ask?

if the cheque you were paying in was a LloydsTSB cheque too then it will have come out the other persons account immediately and would be available in your account immediately too

www.lloydstsb.com/legal/cheque_clearing_process.asp - tells the different timescales depending on if you pay in a LTSB or non-LTSB cheque

It was a bond payment. She said it would clear immediately, I checked my account online and it was available. Perhaps it makes a difference what sort of account you have.