How can you tell when a cheque has been cleared?

saitrix · 15 Mar 2006 at 13:35

Hi,

Well i have bought something of a person from an auction site (don't worry its not about a scam). Well i paid for it via cheque, now i sent the cheque to the seller on last Tuesday (7th March). The money was taken out a week later (14th March) though, so by this money been taken out of my account. Does it mean the cheque has cleared for the seller and now has my money, thus would have posted the item to me?

NumptyUK · 15 Mar 2006 at 13:40

if the moneys gone from your account then the cheque has cleared.

saitrix · 15 Mar 2006 at 13:47

Thanks!

Hopefully it will arrive before the weekend then!

gord · 15 Mar 2006 at 13:51

Wouldnt the money have left your account as soon as you withdrew the cheque?

saitrix · 15 Mar 2006 at 13:54

gord said:
Wouldnt the money have left your account as soon as you withdrew the cheque?

But then surely there is a time (3-4 days) that the money will be out of my account but not in the other persons account?

Borris · 15 Mar 2006 at 13:57

saitrix said:
But then surely there is a time (3-4 days) that the money will be out of my account but not in the other persons account?

Nope - the actual money transfer is instantaneous (or same day).

Interest for both accounts is calculated to the same date, called the value date, or settlement date.

dirtydog · 15 Mar 2006 at 13:59

Borris said:
Nope - the actual money transfer is instantaneous (or same day).

Interest for both accounts is calculated to the same date, called the value date, or settlement date.

Hmm in my experience, cheques/bank transfers take an extra day to show up in the recipient's account. It might be that when it does show up, it is dated the previous day though so you might be right on that score.

saitrix · 15 Mar 2006 at 14:06

So was NumptyUK correct? :confused: