Paying a cheque to yourself

TRy it! ;-)

As an alternative you could try sending yourself a payment by BACS

Unless I was operating an interest bearing current account which had no other movement and I was accurately able to calculate the interest and be aware exactly what was a cleared balance I'm not sure that I would be able to tell whether the bank had the use of my money for any amount of time which is why I hoped someone who knew the system might comment.

This is surely a case for Google Answers!!

In message , AnthonyL writes

If you pay the cheque in at the account holding branch, i.e. the drawee, then the effect would be neutral, as the bank worker indicated, but their explanation is misleading because the cheque would not need to 'clear'. It would be regarded as being cleared funds immediately and it wouldnt enter the clearing system.

In message , Adrian Boliston writes

That would depend on the bank's PC Banking system. If it spotted that the BACS credit was for an account bearing the same sorting code then it might realise that it was really an internal transfer that happened to be to the remitting account. Or the software might spot the 'in/out' transaction. In each case the software would prevent the payment entering the BACS system.

Other wise the debit to the account would happen on day 1 and the dosh would turn up again on day 3.

I think the banks software would spot it though.

"john boyle" wrote

John, what if it wasn't the account holding branch?

In message , Tim writes

That will depend on how that particular bank handles things.

The traditional method would be that the credit slip and cheque get separated with the credit sent in the Credit Clearing and the cheque into the debit clearing so that they both turn up on day 3 at the account holding branch as cleared funds and a debit.

These days some banks will instantly credit the account with uncleared funds and then the cheque will hit the account on day three and the funds will become 'cleared' on day 3 or 4. Some banks will 'truncate' the cheque as well so that a cleared credit and debit hit the account on day 1.

"john boyle" wrote

Mmmmm. Would those (credited but not yet cleared) funds attract interest for those couple of days?

The answer is: The world has so many problems without adding silly little nothings GET A LIFE Lua

Thanks John. I'' relay this information back to my young friend.

In message , Tim writes

Unlikely.

"john boyle" wrote

OK - so are they available for withdrawal before "clearing"? [I wouldn't have thought so!]

If neither interest accrues, nor the funds are available for withdrawal - then what's the point of "instantly crediting the account" on day one?

In message , Tim writes

It will depend on the banks view of the account holder and its view on whether the cheque is likely to bounce or not. Drawing against uncleared effects to some extent is commonly allowed.

Accounting purposes only.

IF Destination_account_number = Source_account_number THEN RUN_LETTER_SEND ('TRANSACTION ERROR NOTIFICATION, 'QRY_543334'); -- COMMENT - SEND "YOU ARE A DIPPY DISPSTICK" LETTER. EXIT; END IF;

:)

Arthur

In message , Arthur writes

!!!! Like it! :-) !!

In message , Arthur writes

You missed a line out: BALANCE = BALANCE - 10 COMMENT LETTER TARRIF