How Long for a Cheque to Clear

[horseshoes]

I know it used to be 5 working days. I paid in a cheque into Lloyds TSB before 12 noon today so will it have cleared by Thursday next. Thank you.

[albaqwerty]

as far as i know it is 3 working days from the day it was paid in e.g. pay in on monday should be cleared thursday.

[teacher1]

In my opinion Lloyds are one of the slowest banks to do anything ....... could take up to a week !

[baileybird]

presuming the cheque was not drawn on Lloyds bank account

day 1 paid into your account and sent to clearing house

day 2 arrives at clearing house, sorted and sent to issuing bank

day 3 arrives at issuing bank branch. Cheque assessed for payment - can be paid if money in account or returned if no money

day 4 issuing bank can still decide to return cheque upto 12 noon if no money has been paid in to cover, the issuer is drawing against uncleared funds, or bank decides to pay something else before the cheque if other items due to be paid. The cheque will be posted back to your bank if not being paid

day 5 if no cheque received back by your bank, they will assume it is clear , although may take another two days to rely on the post

therefore at least 5 working days

day three

[teacher1]

http://www.lloydstsbbusiness.com/legal/account s/theprocessingcycleforcheques.asp

[baileybird]

ignore the last two words!!!

Also each day is a bank working day and does not include weekends or bank holidays.

It takes longer for building societies as they are not clearing banks but all major bank use this system and cheques take the same through each bank.

[horseshoes]

Thanks all, for your answers.