NatWest Cheque Clearing Time

[ffukedfarmer]

On our business account the time it takes for a cheque to be available to spend has gone from 2 to 4 four days ie a cheque paid in on Friday used to be available from Tuesday, it is now Thursday.
My 'relationship' manager referred this issue to their complaints department on my behalf who said that the T's & C's haven't changed, they always allowed up to 4 days and before even though the funds were available after 2 days the money could be reclaimed if the cheque bounces. I never had an issue on the rare occasion that happened.

How long do other banks take to clear cheques (business accounts)? I am getting increasingly disillusioned with Natwest and this could well be the issue that makes be move.

 

[bigg6480]

HSBC can be upto 7 working days or as little as 2 hours you just never know.

 

[Frank-the-Wool]

Less cheques these days anyway.
Most banks always have been 4 working days unless the cheque is issued by the same bank and sort code.

I find more people prefer to pay and be paid direct and I guess this will continue to increase until eventually cheques will be phased out or priced out by the banks.

 

[AGN76]

Shatwest, took them to the ombudsman and won. Will never set foot in a branch again.
Rant Over

 

[roscoe erf]

its because they want to do away with cheqs

 

[BobGreen]

On our business account the time it takes for a cheque to be available to spend has gone from 2 to 4 four days ie a cheque paid in on Friday used to be available from Tuesday, it is now Thursday.
My 'relationship' manager referred this issue to their complaints department on my behalf who said that the T's & C's haven't changed, they always allowed up to 4 days and before even though the funds were available after 2 days the money could be reclaimed if the cheque bounces. I never had an issue on the rare occasion that happened.

How long do other banks take to clear cheques (business accounts)? I am getting increasingly disillusioned with Natwest and this could well be the issue that makes be move.

Yes I've noticed that in the last few weeks It was an advantage to have money available after 2 days now have to watch account for when I can spend any.
Try to get most payments in by bacs to stop this problem

 

[ffukedfarmer]

Less cheques these days anyway.
Most banks always have been 4 working days unless the cheque is issued by the same bank and sort code.

I find more people prefer to pay and be paid direct and I guess this will continue to increase until eventually cheques will be phased out or priced out by the banks.

I would be very happy to never see a cheque ever again but unfortunately several of my larger customers still send a cheque.

Do you know if Hobbs Parker have any intention of moving over to BACS?

 

[chickens and wheat]

put cheque in at post office 2 days ago , showing in my account now (natwest), doesnt mean its fully cleared and available though

 

[7610 super q]

I would be very happy to never see a cheque ever again but unfortunately several of my larger customers still send a cheque.

Do you know if Hobbs Parker have any intention of moving over to BACS?

But I've just discovered BACS takes 3 days. Might just as well have a cheque.

 

[BobGreen]

But I've just discovered BACS takes 3 days. Might just as well have a cheque.

I find it to be instant on internet
I gave a customer a bill for £ 50000 and he said he would pay it online when he finished milking
It was in my account and available by the time I got home

 

[7610 super q]

I find it to be instant on internet
I gave a customer a bill for £ 50000 and he said he would pay it online when he finished milking
It was in my account and available by the time I got home

Yes, I assumed it would be in my account by the next morning, but no. I had an anxious 3 day wait, but turned out alright in the end.

 

[BobGreen]

Yes, I assumed it would be in my account by the next morning, but no. I had an anxious 3 day wait, but turned out alright in the end.

I have noticed on my internet banking that I have to do wages before 630 on a Friday or lads don't get the money until Monday even though it has gone from my account Where to ??? I don't know

 

[Wombat]

Think it depends what each bank will allow into the faster payment scheme Just paid for something in 3 payments and Nationwide would only let the first and last at less than 10k go faster payment middle went 3 day payment.

Technically I think it should be upto 100k but the banks seem to set their own limits what they will let go faster payment (same day)

I have sent something to my sister (both on natwest) and it took 50seconds to move accounts

 

[ARW]

Lucky to get paid at all at the moment! But I'm finding cheques seem to take at least 4 days, right pita, especially when you did the work in June, billed July, reminded august, paid the end of September, only just got round to going to the bank in October, then you still can't spend it until it clears.

 

[bobk]

its because they want to do away with cheqs

And CASH

 

[llamedos]

Something that has cropped up with Natwest recently is monies due to leave on a Monday, are debited at close of business on a Friday

 

[bobk]

Be like us.... dunna pay anyone

 

[ACEngineering]

But I've just discovered BACS takes 3 days. Might just as well have a cheque.

Used to be the case with barclays a long time ago but no more most payments clear same day offen within a couple hours so long as they are made before 6 pm I think.
Even if its a different bank. Sometimes you get a message back if its a large amount to say payment will be delayed till following day due to extra security checks though.

Barclays recently changed my traif to favor online payments over chqs. I now have to pay double for cheques but nothing for electronic payments which so far appears to be working okay although a few stubborn customers still want to send a chq in post I myself hardly ever write a chq now no need save a fortune in stamps

 

[gone up the hill]

If you bank with Nat West and they take 4 days to clear a cheque and you write a cheque to pay a bill from the proceeds of the cheque you have banked on the day you bank it what is the problem? The money goes in and out on the same day or out a day or two later depending on how fast your customer banks your cheque.
I have been paying bills by cheque three days before I know I have a deposit coming in ever since I have had a bank account.

If your supplier banks your cheque on the Monday before 3-30 pm it will be debited from your account on the wens.

If you pay in a cheque on the Monday before 3-30 pm funds can be withdrawn from it on the Friday..

So basically cheques you pay out come out of your account two days before the cheques you pay in become avliable

 

[TheTallGuy]

Early clearing of cheques is at the banks discretion, officially it is T-2-4-6: deposit is at T, 2 working days later the cheque value is valid for interest/overdraft offset, at T+4 funds are available for withdrawal, T+6 is last opportunity for reversal. BACS - it will depend on what arrangements the sender has with their bank and whether the bank is a fps member as to whether it is sent via 3 day BACS or faster payments service.