10 days to clear a large cheque?

Drawing against uncleared effects is not free of interest. If you already have sufficient5 dosh in your account then no interest will be charged until your 'cleared' balance goes overdrawn.

Yep, interest free (that's the point). Luap

OK> well done mate - good to hear such a story. Lua PS. lend me a tenner?

Luap - codswallop!. You can only draw out CLEARED funds from your account UNLESS you have an agreed overdraft. If you overdraw you will be charged interest. If you had funds in the account already then you would have lost credit interest earned on the withdrawn amount, until your cheque cleared. Either way you get nowt for nowt. Eric

Well, the good news is, it cleared on time. The bad news is, my card got swallowed by the atm because an "indicator" was put on my account a couple of days before as I was over my limit.

Moral of the story: Don't "bank" with Abbey.

Paul

Tell me something new. I said I can draw "the money" meaning the paid-in cheque. Luap.

In message , Luap writes

OK, then you pay interest.

You can't read or are deaf. L

I have never paid interest in such circumstances, hence my assertion that the check had CLEARED.

You can assert all you like but like John and I state categorically - you are wrong. Eric

You may be right about the cheque clearing, but I am right that I have never been charged interest - so to me it is not important to debate the word "cleared". L Lua

It may depend on the account.

Some years ago when I had a TSB account they started crediting interest (such as it was) on your current account as soon as a cheque was paid in, not from when it cleared. If the cheque subsequently bounced their terms and conditions said they would take the interest back but fortunately I never tested that bit out.

When you paid a cheque in (regardless of where it was from) they actually keyed it into your account in front of you on the counter and your balance would show it immediately.

Possibly, but I think I can certainly do the former OK, but i admit those years of rock riffs may be causing the latter, not that it is relevant in a usenet group.

The facts are either not exactly as you describe or you are mistaken.

In message , snipped-for-privacy@isbd.co.uk writes

Yes, some b/socs do this. It is usually because their systems cant handle differentiating between cleared and uncleared items when they are paid in. The pay off is that the interest rate paid isnt as good.

Well this happens with many clearing banks as well and always would show on your statement as being credited to your account on the same day, but the 'cleared' balance was a different balance that was generally not shown on your statement. I have recently seen one bank statement which had the 'cleared' balance inb a column next to the 'ledger' balance. It think it was the CoOp but I may be mistaken.

Yes, they are exactly as I describe and you are mistaken. I am glad we have that sorted! Lua PS. No more from me on this as I fear I have been "trolled"