yoza

I was sent a cheque for the purchase of a watch, I banked it (Abbey national) on Monday 23/8/04 @1230.

When will I be able to draw it out ?

I thought it was 3 working days, and the day you put it in doesnt count, so I would think Friday 27/8/04.....

The problem I have is the guy who sent the cheque, rang me yesterday and said that the money has been taken from his account.

But I checked today and its not cleared my end.....

Whats all that about ?

Cheers Yoza. (PS. I usually deal in cash hence the confusion)

scoob_babe

The money usually goes out of the other person's account before it appears in yours - I've noticed this too. I think it is to do with the clearing process and it should be available in your account tomorrow. Can you phone your bank to ask if it is marked as funds not yet cleared?

tucker101uk

I think its 5 working days:

Day 1 the cheque money transfers from his account to the bank
Day2/3/4 the bank has time to play with the money ie stockmarket
Day 5 the money clears into your account.

Or something like that anyway... but its 5 working days usually.

davegtt

used to be 3 working days now it depends on the bank. yorkshire quote me 4 days, obviously tucker is 5 working days.... he should see the money gone from his acct straight away but wont get to yours (or at least clear) until the bank can be ar$ed to hand it over

yoza

Well if it takes 5 days my customer is not going to be happy, that coupled with a bank holiday Monday.

He is expecting his package for the weekend !

scoob_babe

Not your problem - he should have sent you the cheque sooner or done it by a bank transfer which is quicker. You're hanging onto the goods until you get the money - too right!!!!!!!!!

555-Shaggy

Could be pedantic and say course its not cleared you've traveled back in time a month to August, but I won't

I think it depends on the bank, mine is three days, but I think some are 5

yoza

Ooopps....

Dracoro

Most banks are 4 days IIRC. They take the money from one person, hold it for 4 days gaining interest all the way and then let you have it after they've made some cash on it on day 4.

The banks actually 'clear' it in a matter of seconds, they're just holding the money to make themselves cash. You can pay to have it clear quicker but you're effectively paying for what the bank are not making on the cash rather than it 'costing' them in money/manpower to clear it quicker.

Paulo P

iTrader: (42)

This should be changed they are making money on the interest earned whilst it's between accounts If you want anything done in a hurry the best thing is to put the cash into the other persons bank account.

Tiggs

no it shouldnt.

you want the bank to do soemthing for you that yo cant do yourself. either the bank do it in a way that allows them to make some money on it or yo just pay them to do it.

why should they do it for free?

Nick

Abbey National are not a clearing bank, so it will take 5 working days to clear. You will know on day 6. Check online or phone them to check when it's cleared. If they buyer wanted stuff quickly, he should have used a proper bank, postal order, Paypal etc.