Quizzes & Puzzles22 mins ago
How Long for a Cheque to Clear
7 Answers
I know it used to be 5 working days. I paid in a cheque into Lloyds TSB before 12 noon today so will it have cleared by Thursday next. Thank you.
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For more on marking an answer as the "Best Answer", please visit our FAQ.presuming the cheque was not drawn on Lloyds bank account
day 1 paid into your account and sent to clearing house
day 2 arrives at clearing house, sorted and sent to issuing bank
day 3 arrives at issuing bank branch. Cheque assessed for payment - can be paid if money in account or returned if no money
day 4 issuing bank can still decide to return cheque upto 12 noon if no money has been paid in to cover, the issuer is drawing against uncleared funds, or bank decides to pay something else before the cheque if other items due to be paid. The cheque will be posted back to your bank if not being paid
day 5 if no cheque received back by your bank, they will assume it is clear , although may take another two days to rely on the post
therefore at least 5 working days
day three
day 1 paid into your account and sent to clearing house
day 2 arrives at clearing house, sorted and sent to issuing bank
day 3 arrives at issuing bank branch. Cheque assessed for payment - can be paid if money in account or returned if no money
day 4 issuing bank can still decide to return cheque upto 12 noon if no money has been paid in to cover, the issuer is drawing against uncleared funds, or bank decides to pay something else before the cheque if other items due to be paid. The cheque will be posted back to your bank if not being paid
day 5 if no cheque received back by your bank, they will assume it is clear , although may take another two days to rely on the post
therefore at least 5 working days
day three
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