cheque clearance

[filthiestfis]

How long does a cheque take to clear from natwest acount to natwest account? Can it be cancelled by the recipient even after I have deposited it into my account?

[Gok Wan]

Yes to the second part. If you pay the cheque in today, it will arrive at the drawers bank and be debited from their account on Friday. They therefore still have all day Thursday to cancel the cheque.

[filthiestfis]

blimey. No need to fight! Thanks for your answers. Its a delicate issue with my employer who has been known to not pay up when you leave your job. Im afraid that I will have to risk.

[Gok Wan]

Well I'm sorry but 18 years experience of working for NatWest tells me that I am in fact right...

The money DOES NOT leave the paying account until 3 days later. As I said before, paid in WEDNESDAY, leaves paying account FRIDAY.

If you still don' agree, take it up with NatWest Head Office.

Do not call people planks when you have no idea what you are talking about.

[Hitler]

3ightball is owning again lol

[Gok Wan]

I think you need to learn to read and stop being so downright rude and childish.

I quote "...can it be cancelled by the recipient even after I have deposited into my account?'

That makes NO mention of when the transaction is completed, it asks about when the CHEQUE is deposited.

Just because a cheque you've deposited is showing in your balance it does not mean that it has cleared and it can be returned unpaid and taken off again.

End of.

[Postdog]

I have nothing to do with banks, aside from using them, but even I know that depositing a cheque doesn't mean it has cleared. It has only cleared - as far as you know - when you see it added to your account.

[pearlneklace]

hey 3ight8ball are you in the clique? I mean you post some really offensive stuff but never get banned. Is there certain tactics you can use to not get banned?

[CheekyChops]

I don't wish to fuel the argument but as someone else who works for a Bank...

If I pay a cheque into my account today and then check my balance at an ATM tomorrow, my balance will include the amount of the cheque. This doesn't mean that the cheque has cleared, depending on which Bank we are talking about, it could be 5 days before it clears. It will still show in my balance though unless it bounces in which case it will be taken off again.

[rabbitygirl]

Cheekychops you are correct. When paying in a cheque or cheques these are acknowledged as being in your account even tho the cheque will not have cleared. When cleared you have access to 'cleared funds'. I paid a large cheque in yesterday. It appears on my online account today but this does not mean I can spend it yet.

Also, I was told by my bank that account holders at the same bank branch would have their cheques credited and debited the same day. In other words when my sons paid me their board by cheque I reminded them to actually have money in their accounts on presentation because the money would move there and then.

[tigwig]

I too was under the impression that paying in cheques to the same bank account as the cheque is from clears almost immediately because the money is just transferred from one account to the other. However I am not going to argue about it, its just what I have been told!