Cheque Spread Question???

daveccc · 6 Apr 2006 at 22:10

if paying off goods from a company with cheque spread (6-9 dated cheques and sent all at once)

does the money still take say 5 days to clear from that date or is it special and goes through on that date?

Sp!ke · 6 Apr 2006 at 22:22

It will still take the 5 days afaik. But be warned even with post dated cheques they can pay them into their account straight away. (I'm sure they wont but it is quite legitimate for them to do so.)

S

Kitchster_uk · 6 Apr 2006 at 22:23

If you mean post-dated cheques (1 on the 1st april, 1 on 1st may etc) then they will have to be banked on that date or later. They will still have to go through the UK clearing system which takes 5 days normally, or 3 with HSBC.

Oh, if they are less that say £50 and were put through, it wouldn't be noticed and they would be paid, but I wouldn't worry about that tbh

vodkacokebloke · 6 Apr 2006 at 22:39

Be wary...a bank wont usually checkthe date on a cheque for less than 5k, and youll get a telling off for writing post dated cheques - they dont allow them

At least thats what happened to me with natwest

PardonTheWait · 6 Apr 2006 at 22:40

vodkacokebloke said:
Be wary...a bank wont usually checkthe date on a cheque for less than 5k, and youll get a telling off for writing post dated cheques - they dont allow them

At least thats what happened to me with natwest

I work for Natwest and RBS doing exceptions processing, and we don't check the date on any check below 10k!

We don't check barely **** all on them tbh. It's really only a fraud check.

Also the way we work it, if someone tries to pay a post dated check and we spot it, we send it back to the bank. It doesn't get paid at all, presumably they re-pay it when it's in date.

DB_SamX · 6 Apr 2006 at 22:41

Yup, I concur with vodkacoke bloke, banks don't check these things often for less than £1000s. SO you could end up with a huge lump sum disappearing suddenly.