Cheques - Why so long to clear?

SideWinder · 12 Sep 2016 at 19:50

Put a cheque in on Saturday and popped into Nationwide today to see how long it would be before it cleared...they said Friday. :eek:

Is this normal and if so how come?

muttclugg · 12 Sep 2016 at 19:51

I've always known it to be 5 full working days for cheques although I was in the bank earlier and they had a small sign on the automatic pay in machine that said expect it to clear in 3 days!

mattyfez · 12 Sep 2016 at 20:09

About 4/5 working days is pretty normal as it has to be manually looked at and processed.

koooowweeee · 12 Sep 2016 at 20:12

Depends on your bank. With NatWest I can spend the cash in 3 days. But it officially clears in 5 working days. Saturday doesn't count as a working day

SideWinder · 12 Sep 2016 at 20:15

Okay thanks.

Annoying that is takes so long i guess.

mattyfez · 12 Sep 2016 at 20:21

Hence why hardly anyone uses cheques any more

=XDC=FluphyBunny · 12 Sep 2016 at 20:26

People still use cheques, who knew.

mattyfez · 12 Sep 2016 at 20:30

=XDC=FluphyBunny said:
People still use cheques, who knew.

Just HMRC for rebates, and old people, I think. Its also a bit dodgy as you can write a cheque, and the account holder can subsequently cancel it, or if they don't have any money in the account, it will bounce.

Pho · 12 Sep 2016 at 20:30

Most companies who refund you money seem to use cheques. I'm never normally passing my bank during opening hours so it's always a complete pain. Wish they'd stop doing it :/

Caged · 12 Sep 2016 at 20:34

It's in keeping with the slower pace of daily life last time cheques were seen as a desirable method of transferring money.

LOAM · 12 Sep 2016 at 20:37

They have go be sent back to the issuing branch for processing I thought.

Pawnless Endgame · 12 Sep 2016 at 20:48

=XDC=FluphyBunny said:
People still use cheques, who knew.

Yeah, but why? Is it some luddites holding the rest of us up?

Can't remember the last time I cashed a cheque. Think it was a few years ago when an eBayer paid me by cheque, lengthening the sales process by about a week lol

Deleted member 77746 · 12 Sep 2016 at 20:52

I don't accept cheques as a payment method from now as much as I can help it. It's a long time due of just stopping all together as an accepted payment method.

Ace Modder · 12 Sep 2016 at 20:53

I paid a cheque in today from my car insurance company, they sent me a cheque as a good will gesture for the poor service I received.

Craig321 · 12 Sep 2016 at 20:54

mattyfez said:
Just HMRC for rebates, and old people, I think. Its also a bit dodgy as you can write a cheque, and the account holder can subsequently cancel it, or if they don't have any money in the account, it will bounce.

Even HMRC rebates can be done direct BT these days!

I've had cheque money through next day with HSBC.

mattyfez · 12 Sep 2016 at 21:19

I suppose a printed cheque from a company that's financially stable is ok, but I'd not accept a cheque for a normal transaction, unless it's a close friend or family member.

I'd just say b.t. it or get lost.

lunar · 12 Sep 2016 at 21:47

I love using cheques. Gives me a few days grace in making payments.

Craig321 · 12 Sep 2016 at 21:48

Use a credit card and get even more grace, security and points, just pay it off monthly (or more often if you want).

Pawnless Endgame · 12 Sep 2016 at 21:55

Craig321 said:
Use a credit card and get even more grace, security and points, just pay it off monthly (or more often if you want).

This.

1 credit card (and ONE credit card only), then pay it off monthly by DD. I seldom make it go over £100. Very handy for cashflow without needing a loan or incurring debt.

Blackjack Davy · 13 Sep 2016 at 03:30

I still get cheques as payment from clients. Damn nuisance having to go the ATM to pay 'em in half the time it rejects it as "unable to process this transaction at this time".