RoShamBo

iTrader: (1)

How long does it take to leave the account of the person who gave you the cheque ?
I am being given a cheque today and asked not to bank it until Monday - because funds will be in their account Tuesday to cover it.
If I bank it today surely its going to take a couple of days to leave their account anyway?

So any ideas how long it takes before its taken from their account if I bank it today ?

The cheque is from an HSBC holde, going into my HSBC account BTW - so same banking group if that makes a difference ?

Coffin Dodger

Yes, most clearing banks (i.e. HSBC) can now process cheques the same day if both accounts in question are held by them. Better to wait so it doesn't bounce.

Playsatan

iTrader: (2)

As above, if it has to go from one bank to another then it has to pass through a clearing house and this adds a least a day. Leave it till Monday to be sure as improvements in banking systems mean clearing can be done within a day. The new faster payments scheme means if you send a payment form your internet banking to another bank the funds can be there within 2 hours.

hodgy0_2

bank it, I would

N.I. Phil

Different banks should be standardised to earning interest after 2bwds, available after 4bwds. However same bank it can be same day. I know it is for Halifax accounts since I have one.