Adam Easy Wishes Posted February 18, 2011 Report Share Posted February 18, 2011 Why the Christ do they take so long to clear?Paid two cheques into the bank on Saturday, showing on my statement fine but the funds have still not been cleared to use.What's the hold up? I presume no-one will be working this weekend to do whatever needs to be done, so I guess it'll be Monday at the earliest and so six working days. Seems pretty unreasonable to me. Quote Link to comment Share on other sites More sharing options...
Johnny Mac Posted February 18, 2011 Report Share Posted February 18, 2011 People still use cheques?!?!?They are indeed a nightmare though, I seem to remember. The bastards. Quote Link to comment Share on other sites More sharing options...
Jaaakkkeee Posted February 18, 2011 Report Share Posted February 18, 2011 People still use cheques?!?!?I've never ever used a cheque except when I got a cheque from orange and I had to cash it in. I've never even heard of anyone trying to pay anything by cheque any more and a lot of shops only recently stopped accepting. It seems more of an American thing... Quote Link to comment Share on other sites More sharing options...
Chris Posted February 18, 2011 Report Share Posted February 18, 2011 I still use cheques occasionally. Paying plumbers etc for work done. Though they do give the option of doing a bank transfer as well.Isn't the delay between cashing it and clearing it to do with the bank investing the money for a few days to turn a profit on it? Or is that a myth? Quote Link to comment Share on other sites More sharing options...
Frosty Jack Posted February 18, 2011 Report Share Posted February 18, 2011 Isn't the delay between cashing it and clearing it to do with the bank investing the money for a few days to turn a profit on it? Or is that a myth?If only we knew of someone who had ever worked in a bank... Quote Link to comment Share on other sites More sharing options...
Adam Easy Wishes Posted February 18, 2011 Author Report Share Posted February 18, 2011 Apparently there is a "2-4-6" guideline that basically says -after 2 working days you should start earning interest on the moneyafter 4 working days you should have access to the fundsafter 6 working days you can be certain the cheque will not bounceIt's also a bugger for me to get into my bank to actually put a cheque in seeing how I work in Dyce and my bank is in town with unconvenient opening hours. Quote Link to comment Share on other sites More sharing options...
Pierre Von Mondragon Posted February 18, 2011 Report Share Posted February 18, 2011 I only know of the 2-4-6-8 guideline2-4-6-8Fuckin banks I fuckin hate. 1 Quote Link to comment Share on other sites More sharing options...
Alkaline Posted February 18, 2011 Report Share Posted February 18, 2011 I only know of the 2-4-6-8 guideline2-4-6-8Fuckin banks I fuckin hate.I'm only familiar with the "3 is the magic number" rule. Quote Link to comment Share on other sites More sharing options...
Spoonie Posted February 18, 2011 Report Share Posted February 18, 2011 Adam's spot on. That'd the clearing house process. The physical cheque scoots about all over the place, back to the bank that its drawn against, which is why they take so long.They are a nightmare and that's why they're onthe way out. I seldom use my personal chequebook, but I'm the Treasurer of our American Football team and everything has to be paid from there with cheques because they're all two-to-sign so there's no dual-control way of making online or card payments. I get used to them but it's a pain in the arse when, for example, I pay for our training facilities by card and then have to write myself a cheque back and it takes forever to clear. Quote Link to comment Share on other sites More sharing options...
Adam Easy Wishes Posted February 18, 2011 Author Report Share Posted February 18, 2011 So what happens if after 5 days I don't have access to the funds when I should have access after 4? Quote Link to comment Share on other sites More sharing options...
Spoonie Posted February 18, 2011 Report Share Posted February 18, 2011 It's not fully gone through the clearing process until the end of T+6. The T+4 access means that the money is there but you're accessing it at your own risk, so if something happens and the cheque bounces, the funds can still be removed form your account and if you've spent it before then, you're fucked.It's not a great system and scams exist with payment systems like this where someone pays into your account x amount and you need to pay out x-100 or whatever your cut is but you have to do it on a certain day. Once you've paid out, the incoming cheque is cancelled, you lose the money and it's too late for you to do anything about the outgoing one. The bank won't cover you either because it's your choice to make the payment. Quote Link to comment Share on other sites More sharing options...
Pierre Von Mondragon Posted February 18, 2011 Report Share Posted February 18, 2011 It takes a while to siphon off decimal fractions of your cash via Switzerland, give them a break, or a lampposting, your choice. Quote Link to comment Share on other sites More sharing options...
Spoonie Posted February 18, 2011 Report Share Posted February 18, 2011 Here's the process in full: How Do Cheques Clear? | Banks | Basics | BizHelp24.com Quote Link to comment Share on other sites More sharing options...
MerryChristmas Posted February 22, 2011 Report Share Posted February 22, 2011 You know whats really fun, being sent one of those contactless debit cards and not realising until someone who knew it was took it and spent 30 quid Quote Link to comment Share on other sites More sharing options...
Scootray Posted February 22, 2011 Report Share Posted February 22, 2011 You do realise that the whole point is they can only spend so much and the bank will compensate it back? Quote Link to comment Share on other sites More sharing options...
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