Somebody is (a creditor) telling me that they have been paid with a
> "Building Society cheque" and that it takes 30 days to clear. I cannot
> see how this can be true, can anyone shed any light on it?
Technically, there is probably no time limit. However, it is unlikely to be returned for lack of funds.
On the assumptionb "building society cheque" means a cheque drawn on a building society deposit account, clearance time will depend on where you deposit it. If ot is placed in another building society deposit account, some will make you wait up to 10 working days before allowing you to draw upon it. If deposited in a current account, normal bank clearance times will apply.
The cheque should not bounce as it will not have been issued if funds were not available in the account. I say "should not" because some smaller societies had problems with forgers a few years back.
John Pointon "In business to grow your business"
What if someone goes into a branch, gets a cheque made, then goes into another branch and empties the account, then goes and buys a car with the cheque?
"Jim Hatfield" wrote
You might expect the second branch *not* to pay out, just as if the person had retrieved cash from the first branch - what's a cheque got to do with it?
Building society branches are not like bank branches, which historicall sent off their credits and debits to the clearing.
Building Society branches IME are more like remote tellers windows at a bank with a single branch. Cheques issued over the counter are debited in real time, cash over the counter is also credited/debited in real time. Useful to remember if you've got a kid at Uni.
DG
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