ChatterBank10 mins ago
How long for a cheque to clear?
10 Answers
I have written 2 pre dated cheques out to be cashed on Friday, problem is, my funds are not what i thought they would be. I get paid on Tuesday and i'm thinking that as cheques usually take between 3-5 working days to clear, there's a chance the money won't leave my account until next week. Is this right or does the money leave my account on the date of the cheque (presuming it is cashed on that date)? Any advice please?
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For more on marking an answer as the "Best Answer", please visit our FAQ.if they were dated Friday and made out to Cash then the person can take them into your bank on Friday and cash them.
If you have made them out crossed then they have to be paid into a bank account. If they pay them in on Friday before 1 that counts as the first day. Then Monday to Friday counts as five working days, Monday 2nd march would be the day it cleared.
But, in sonme banks a cheque can be drawn on using the cash machine after 3 working days, therefore you should make sure you have funds in for Midnight Monday.
If you have made them out crossed then they have to be paid into a bank account. If they pay them in on Friday before 1 that counts as the first day. Then Monday to Friday counts as five working days, Monday 2nd march would be the day it cleared.
But, in sonme banks a cheque can be drawn on using the cash machine after 3 working days, therefore you should make sure you have funds in for Midnight Monday.
dzug is correct
day one - paid in ( any time up to 3.30 p.m. not 1 p.m.)
day two - clearing house
day three - hits your account and money goes out or cheque bounces (i.e. returned unpaid)
day four - cheque can be returned late unpaid up to 12 noon if no funds
day five clears to payees account
definately quicker if same bank (cleared on day 3)
same day clearance if bank at same bank/branch as you
cheques under �1000 not checked for anything out of order other than signature missing
day one - paid in ( any time up to 3.30 p.m. not 1 p.m.)
day two - clearing house
day three - hits your account and money goes out or cheque bounces (i.e. returned unpaid)
day four - cheque can be returned late unpaid up to 12 noon if no funds
day five clears to payees account
definately quicker if same bank (cleared on day 3)
same day clearance if bank at same bank/branch as you
cheques under �1000 not checked for anything out of order other than signature missing
please be careful when doing this, it is a criminal offence to knowingly write a cheque knowing the funds arent there. also if the bank let the cheque go through and it takes you overdrawn the bank will charge you and that can be expensive. i know that this would have been resolved for you by now but for future ref be careful