barclays - cheque clearing

[badgerchops]

i have heard that barclays allow instant access to cheques, without the 4 day clearing, up to the value of �1,000. is this correct and if so how does it work? Do i have to have an overdraft to do this?

[dannydingbat]

it's simple, they let you draw out against an uncleared cheque. If it bounces, you will owe them the money and be overdrawn when your account is adjusted. In view of the possible costs, best to ask them this question.

[poolek]

As the previous person said this is available but it depends on the type of account you have, this is not available to all account holders. Also drawing against the cheque up to a max of �1000 has to be done at the time the chq is paid into the account as the bank need to access if the cheque looks in order. Generally the cheque needs to be a Business chq or from a legitimate company. Personal cheques tend to be questioned more. If for any reason the cheque paid in bounces you will be liable to repay any debit balance outstanding caused by drawing the cash.

[PFA]

Spot on last two posts....spot on.

PS:- Not available to all cust as this is NOT mandatory. It is a facility that only Barclays does - as far as I am aware....maybe other banks do it as well...??