Turbo2

A sizeable personal cheque of mine was presented by the beneficiary (a company) to its bank on Tuesday. I checked with my bank and the funds were deducted from my account yesterday (Thursday). Will they be cleared into this company's bank account by the end of banking today (Friday)? The two banks concerned are regular, but different, High St banks.

Also is there any way of me checking with my bank, whether the funds have cleared into the beneficiary's account yet?

I don't want to stop the transaction, but just want to know as soon as it has been fully processed.

Any expert advice welcome.

Timwinner

iTrader: (3)

Its not a black and white answer, On the occasions that I do personal cheques to company accounts it takes an average of 5 days to clear, however it will show after the first day.

The problem is cheques are still manually processed (in camberley if your down this way, just a point of interest) so it happens as fast as person power allows.

Your bank will be able to tell you if the balance has been released to the other account.

jaytc2003

iTrader: (1)

ive just paid in a cheque on tuesday and it was clear in my account on wednesday (that was only a small cheque as well) that was with different banks. there was a thread on here recently listing banks that take part in a scheme that allows cheques to be processed much quicker than in the past.

nixxon

You're probably looking at Monday . In the old days, cheques took 3 days to clear, so if presented on Tues, it would be Wed, THur, clear on FRi morning.
Now, thanks to computers and stuff, it takes 4 days.
Such is progress!

Terminator X

iTrader: (7)

It's stricter than it used to be - 2 (working) days to show in account where cheque presented, 4 days before it can be drawn on, 6 days then it's guaranteed funds ie can never be taken back (fraud etc).

TX.

scarey

from the "fun" I had with my bank on thursday not sure it's that clear cut and dried.

For the last year or so I've been paying in my pay cheque - yes actually a paper cheque - and being able to withdraw against the uncleared funds, although now I have to wait five days.

apparently previously the counter staff had been "over riding" the system to enable me to do this and now they wont. even the personal banker I spoke to said that she remembered me and had done this for me before but could not anymore.

It's a company cheque for the company I've been working for for two years.

Personally I suspect that the banks are being a bit more careful due to all the current economic problems.