Since the item has already entered Abbey's system its unlikely they'd be able to change that now. If a bank's ability to administer the clearing cycle effectively is an important factor for you it would be better for you to bank at a full clearing bank.
How big? I recently paid in a cheque to Abbey for 10K and it was available in the normal Abbey clearing time (4 working days - paid in Monday, funds available on Thursday).
Same day clearance only confirms if the cheque is paid. It doesnt speed up the remittance of funds form the drawee to the collecting bank and doesnt shorten the period before ineterst accrues. (Usually)
Not wishing to sound rude, but how did an idiot like you come into such money? Didn't it even occur to you to pay the extra fee (£10 quid?) to have the cheque "fast-tracked"? Interest on that amount could be 50 quid a day! Lua
Not that the above isnt true, but the reality is that in the majority of instances special presentation of a cheque actually results in it taking longer than putting it though clearing.
Due primarily to postal delays and processing waits at the other bank, ive seen cheques having to be chased up for several days before getting an answer - it really isnt worth the fee.
Thanks for all answers. Penny, I'm already married I'm afraid.
Unfortunately, I couldn't have had the money in any way other than a cheque, and with regards special clearance - well, I was too busy gloating at the counter because just 6 months ago I was in Abbey practicially on my hands and knees begging for money to buy a christmas tree.
As soon as it clears, I'll be back in to transfer the lot into my *real* account - I just can't wait for 10 days to do it! All those times they humiliated me by sitting me down in front of the whole queue rather than take me to a private room to let me beg to get a 200 increase on my overdraft, etc - they're a terrible "bank".
John, thanks again for your answer. You may remember I was trying to borrow some money over 6 months back in December to cover the shortfall in cash each month.
And for Luap, the reason I have "this kind of money" is because I was brave enough to do a management buyout using VC money for a well known web site - I could have lost everything I owned in the process!
He asked about a cheque, not a TT. If I was giving advice, I'd have advised letting me collect the cash and deliver it by hand (for a small fee). I think you'll find that "express clearance" does release cleared funds. You can draw cash on such a cheque. Lua
No it doesnt, it only confirms to the collecting bank that they will definitely be getting the dosh.
Yes, thats because the bank dont mind lending you the money against the cheque which is still to clear but which they know is paid. The collecting bank will only get paid for the cheque two days after the drawee receives it. IN fact, a direct remittance of this sort actually means that takes longer for the collecting bank to get its dosh than remitting the cheque vie normal clearing in which case they would get paid on the second day after remittance.
See previous threads in this group in which the difference between a cheque being 'paid' and the funds being 'cleared' are discussed in depth.
So we are discussing the difference between two words. For me, if One can withdraw the money (not borrow the money), that = cleared. I come to that conclusion because I can withdraw the cash from say Lloyds and then go and put it in my interest-bearing account at Barclays next door. Whether or not the cheque has "cleared" the system is irelevant. Lua
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