If you were a business (IE local car garage) and a customer payed by cheque....

[DJMK4]

When would you cash the cheque?

I dont know how businesses work with regards to banking, but do they generally cash cheques at the end of the working day, working week, or month??

 

[Dolph]

End of the working day normally, which then takes 3-5 days for it to clear.

 

[DJMK4]

Strange :\

I took my car for an MOT on the 13th September, payed by cheque, the funds are still in my account

Although im not going to get too exited about this

Usually in cases like this, I start planning on making a purchase with the money, and after hit the pay now button, I see that the funds I thought I had, had come out

I got a gut feeling they must do it month end.

 

[Kol]

Well, the local garage next to our place sometimes takes a couple of weeks to even debit cards. Something do with polling and it only happening when they choose to do it (I'm sure someone with the knowledge can clarify) so assume it's the same with cheques, depends when they themselves are bothered to go cash it.

 

[DJMK4]

Well, the local garage next to our place sometimes takes a couple of weeks to even debit cards. Something do with polling and it only happening when they choose to do it (I'm sure someone with the knowledge can clarify) so assume it's the same with cheques, depends when they themselves are bothered to go cash it.

Looks like it will be coming out pretty soon then

 

[platypus]

Some do everything at the end of the month, some at the end of the day. Just depends how they are used to doing their billing cycle.

 

[kaiowas]

If it's a small one-man-band type business and he is busy then it could take a while simply due to him not being able to find time to get down to the bank during working hours.