Barclays Cheque

LEK-89 · 7 Oct 2010 at 17:37

I payed a cheque into my Barclays branch today as my employer said because the cheque he gave me was also a Barclays cheque, it would clear on the same day. Anyway got the branch and was told that it's not done like that anymore because of "anti-fraud" regulations and they don't speed the time for them to clear either. Anyway looks like I will have to wait 5 working days now :mad:

. Though, I have read up on the Barclays website this utility called "Draw on cheques paid in before they clear" and I have read the T&C's and I am apparently entitled to have it (my Barclays account is a Current Account Plus btw) and I also rang Barclays to enquire about this as well... but I never got a straight answer from them even waiting 15 minutes for him to look through his computer and ask his supervisor but to no avail! :mad:

Upon looking on my internet banking, the current cleared balance is still showing the old figure (which is nil) before & after I payed the cheque in... but the online statement is showing the cheque that had been payed in today, with the updated figure balance as if it was cleared :confused:

, also on the statement it says the transaction type is "credit", not like on my old bank when I payed a cheque in, it used to show the transaction type as "cheque"

What do you guys think? Do you think I will be able to use the funds from the un-cleared cheque or do I still have to wait until it clears in 5 days?

Thanks all - Liam

PaulyD · 7 Oct 2010 at 17:41

Try and find out? What I would do if doing so wouldn't put me into overdraft

Vixen · 7 Oct 2010 at 18:32

I work for another bank and we only proces "in house" cheques on the same day, ie cheques from accounts held at the same branch that won't need to be sent anywhere else for clearing.

The thing you've found on their website sounds like special presentation. It's not necessarily a faster way to get the funds, you just don't have the concern of clearing once they've credited. We charge £12 plus the cost of stationary/stamps for sending off each cheque so it's almost as expensive as just doing a CHAPS payment.

EDIT: Cheques have a 6 day clearing cycle but you begin to gain interest on the second day, so you'll see it affecting your balance from that point. You may be able to access the funds in another 2 working days but the cheque won't be cleared for 2 working days after that.

Pez · 7 Oct 2010 at 18:41

Ex Barclays Staff...

As Vixen says, a house cheque (One written and paid on the same sort code) will clear same day, everything else goes into clearing.

What you refer to is called AUL or Account Uncleared Limit. You may be allowed to draw against the uncleared funds provided your account has been maintained correctly, and is subject to status. Should your cheque not clear, then the full balance will be debited, potentially leaving you O/D.

LEK-89 · 7 Oct 2010 at 18:50

Pez said:
Ex Barclays Staff...

As Vixen says, a house cheque (One written and paid on the same sort code) will clear same day, everything else goes into clearing.

What you refer to is called AUL or Account Uncleared Limit. You may be allowed to draw against the uncleared funds provided your account has been maintained correctly, and is subject to status. Should your cheque not clear, then the full balance will be debited, potentially leaving you O/D.

Thanks for your advice, more reading on the net earlier I found the part about house cheques clearing the same day so that makes sense there.

I looked at the T&C's about the Account Uncleared Limit / Instant Access Feture and it states that the account holder needs to be 18 or older (which I am), the cheque amount cannot be more than £1000 for personal bank accounts (which it isn't) and I hold a Barclays bank account which falls in the criteria and I'm 100% confident that the cheque won't bounce on clearance day.

I think I will attempt to give Barclays another call tomorrow morning just to be sure.

Thanks for your advice guys - Liam