Can someone enlighten me about the clearing of cheques?

[MrsFogi]

I paid a cheque into my bank account on Wednesday. I asked how long it would take to clear and was told four working days (which would mean close of business Monday). However the amount of the cheque is already showing up in my bank account (it shows up as being there on Wednesday. So.......does this mean the cheque cleared on Wednesday?

it will be showing as uncleared funds so cannot yet be drawn on

probably, I think it means 'up to' four working days.

no, it is uncleared funds. It could still bounce.

No, it has to show as in your bank account to prove you paid it in but the monies aren't available until its actually cleared.

If you go to the cash point and check your balance it will give a statement balance (which includes the chq funds) and an avaiable balance (which won't include the chq monies until Monday).

Beware though, the cheque can still be returned until the close of business on Monday so if you are selling something for example don't let the item go until Tuesday.

Hope that makes sense X

.....forgot to say, the ony exception to this rule is if you paid the cheque into the branch the cheque is drawn on. In which case it would clear on day 1 x

Thanks it's for an ebay item so I'll wait until after Monday for the pick up.

You can phone your bank to make sure the cheque has cleared. I did this when I sold a car, and the person paid by cheque, as did not want to release the car until it was clear.