cheque clearance

H

hedman2003

Well-Known Local
Weaver
Can somebody explain to me the mechanics of the cheque clearance system.

My bank received a cheque to e paid into my account on Tuesday yet it still hasn't cleared by close of business on Friday although on my ank statement it shows as being in my account on Tuesday

why does it take so long for a cheque to clear?
 
Most banks now will let you draw against it on the understanding that they can claw it back if it bounces. The actual mechanics of it are convoluted based on pieces of paper winging their way around the country.
 
entwisi said:
Most banks now will let you draw against it on the understanding that they can claw it back if it bounces. The actual mechanics of it are convoluted based on pieces of paper winging their way around the country.
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Thought they had tried to cut down on the time it takes for a cheque to clear entwisi
 
A few weeks ago, my daughter needed to transfer some money from her building society account to her current account, as she was expecting to pay a larger than average bill. The building society only issues cheques . no direct transfer to other accounts. Had to collect and post to her bank.

She had to post due to pressure of her work and the fact that all local banks had closed, and transferred to her bank in the centre of Leeds.

A few days later .. no showing of this cheque in her account. Rang to ask why. The reply was that they had not had time to open the post within the last four days !! They would ring her back. Never did .. twice. On the 3rd attempt they did and said they seemed to have mislaid her cheque.

She has had to go through the whole process again.

Can't really blame the staff at Leeds bank .. just heavier work loads for them due to closure of local banks and no way will they engage extra staff to cope.

Sign of the times, eh ?
 
katex said:
A few weeks ago, my daughter needed to transfer some money from her building society account to her current account, as she was expecting to pay a larger than average bill. The building society only issues cheques . no direct transfer to other accounts. Had to collect and post to her bank.

She had to post due to pressure of her work and the fact that all local banks had closed, and transferred to her bank in the centre of Leeds.

A few days later .. no showing of this cheque in her account. Rang to ask why. The reply was that they had not had time to open the post within the last four days !! They would ring her back. Never did .. twice. On the 3rd attempt they did and said they seemed to have mislaid her cheque.

She has had to go through the whole process again.

Can't really blame the staff at Leeds bank .. just heavier work loads for them due to closure of local banks and no way will they engage extra staff to cope.

Sign of the times, eh ?
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What an absolute nonsense Kate, all that messing about when a few strokes on a keyboard would have done the job
 
It's a shame you had to go through all that bother.
I can transfer money from my Building Society to a current account while sat at my laptop keyboard and then go to the cash machine and get it out in the time it takes me to get my car out the garage and go to a cash machine.

I have only ever had to do it twice as I usually have to transfer money from current to building society as my pensions go direct to the current account.
It's a great advantage on the old days when the cheque or bank draft was the only option and the wait was unavoidable.
I am not with Halifax by the way. They once refused my a few K withdrawal to buy a new car so I changed to another Society who would do. No names.
 
jaysay said:
What an absolute nonsense Kate, all that messing about when a few strokes on a keyboard would have done the job
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The Cheshire have not got up-to-date obviously :(

The point was, though, on the bank's lack of response.
 
hedman2003 said:
Can somebody explain to me the mechanics of the cheque clearance system.

why does it take so long for a cheque to clear?
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Firstly get the most expensive Stereo & Telly possible, write out dodgy cheque, present to gullible shop & have it away on yer toes ! :D It's just as well it takes so long or how else are you going to get away with it ? ;)
 
katex said:
A few weeks ago, my daughter needed to transfer some money from her building society account to her current account, as she was expecting to pay a larger than average bill. The building society only issues cheques . no direct transfer to other accounts. Had to collect and post to her bank.

She had to post due to pressure of her work and the fact that all local banks had closed, and transferred to her bank in the centre of Leeds.

A few days later .. no showing of this cheque in her account. Rang to ask why. The reply was that they had not had time to open the post within the last four days !! They would ring her back. Never did .. twice. On the 3rd attempt they did and said they seemed to have mislaid her cheque.

She has had to go through the whole process again.

Can't really blame the staff at Leeds bank .. just heavier work loads for them due to closure of local banks and no way will they engage extra staff to cope.

Sign of the times, eh ?
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Is that not another reason they can get away wi incompetence? people not really blaming the staff.! who mislaid the cheque? fresh air freddie? also who never rang back a couple of times after saying they would? yer saying not providing a service to a customer aint there fault. ridiculous.:rolleyes:
 
cashman said:
Is that not another reason they can get away wi incompetence? people not really blaming the staff.! who mislaid the cheque? fresh air freddie? also who never rang back a couple of times after saying they would? yer saying not providing a service to a customer aint there fault. ridiculous.:rolleyes:
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In retrospect, you are right Cashy ... she was more angry at the bank than the building society. I suppose I am too kind to people in making excuses for them. ... just that you hear so much about redundancies and the staff that is still there being loaded with their past colleagues' work.
 
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