follow up to "Cheque Express Clearance..."

On the 27th of Dec I posted a msg to ask when a cheque would be cleared....

1) On the 23rd Dec I paid a cheque into my Halifax account a cheque worth 3000 issued by a account holder from te HSBC which happens to be in the same town I am.

2) I paid 12 to get it expressed cleared instead of waiting for 7 working days

3) The cheque was cleared and the cash is now ready as of 5pm today (29th Dec) and Im now 3000 better off!

Im going to have a very happy new year's eve!

Reply to
Troll Hunter
Loading thread data ...

Why 7 days? I've had money from cheques in 3 working days with Barclays and AFAIK thats the norm, isnt it?

Reply to
Tumbleweed

Halifax isnt a bank... plus the bank holidays and xmas ect... my account is only a card cash account, not a full current acc.

Reply to
Troll Hunter

you did say 7 *working* days.

Reply to
Tumbleweed

Last time I looked Halifax was claiming to be a proper bank and a fully paid up member of APACS and the cheque clearing process in the guise of HBOS and is happy to talk a 3 days cycle for its current accounts; as far as I know it is a con to hang onto your money for as long as possible when you pay it into a savings account; ensuring they have it available for an extra 4 working days before allowing you to draw on it;

I got rather annoyed them when they tried to tell me a Halifax bank draft they had issued would take 7 working days to clear; when I questioned why as the funds had been taken from the funding account when it was issued they decided to verify the details (place of issue, amount, date, payee etc) against their computer system and credit the account with cleared funds immediately.

Reply to
Chris

In message , Tumbleweed writes

A few things :

The OP banks with Halifax who (aiui) levy an extra day or two before they regard the cheque as having cleared (i.e. they have got the money) and because they know the cheque could still be returned unpaid and they wont find our for another day or two. Not all banks take this attitude if they trust you..

The OP confuses 'paid', 'cleared' and 'ability to draw against'.

You are confusing Barclays agreement to lend you dosh against a paid cheque before it is cleared with the cheque being 'paid'.

Reply to
john boyle

In message , Troll Hunter writes

Yes it.

Reply to
john boyle

In message , Chris writes

There are more factors to take into account.

Despite being 'cleared' (i.e. Halifax have been paid by the drawee) the cheque could still be returned unpaid by the drawee within the 7 day period.

Halifax will be paying interest from day 4 even though they wont let him draw against it.

Reply to
john boyle

In message , Troll Hunter writes

Which pub will you be in?

Reply to
john boyle

Am I? AIUI Barclays will let me draw up to 1000 against a cheque immediately its paid in. That would be the 'lending me the dosh bit (though it doesn't count as lending unless the cheque bounces). And AIUI normal clearing time for a cheque is 3 working days, eg when its 'paid'. Or is this incorrect?

Reply to
Tumbleweed

In message , Tumbleweed writes

No it is lending whether it bounces or not, at least for the few days until Barclays get paid for it, which is day 3.

Yes.

No. A cheque is 'cleared' when the collecting bank get paid by the drawee which is day 3 or 4. The cheque should also be paid on day 3 or day 4 at the latest but the collecting bank wont know about it until days 4,5 or 6.

The collecting bank get paid for the cheque by the drawee on day 3 irrespective of whether the cheque is paid or unpaid. If it is unpaid then the drawee claims the dosh back form the collecting bank, but this only happens a few days later.

See above.

Reply to
john boyle

What I meant re ' doesnt count as lending' is that I dont get charged interest on it unless it bounces even though technically the money isnt there straight away so if i paid in 1000 as cheque and immediately withdrew

1000 in cash, technically I owe them a grand for a few days.
Reply to
Tumbleweed

In message , Tumbleweed writes

Are you sure they dont charge you any ineterst? (Bear in mind they might not charge the interest until the end of the quarter)

Reply to
john boyle

Positive..but I could be wrong of course :-)

Reply to
Tumbleweed

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.