clearing building soc. cheque

[challenging]

how long should it take to clear a building society cheque . i always thought it was already cleared that was why you accepted them

[PFA]

HI Challenging,

Simple answer 5-7 working days.

I think what you mean is a BANKERS DRAFT which is drawn by debiting cash from the acc. Even this banks treat as a standard cheque and puts it through the cheque clearing cycle.

Hope this helps......

[buildersmate]

The problem with both BS cheques and Bankers Drafts is that occasionally they get stolen (or forged). So whilst a genuine BS cheque would only ever be issued by the BS once they had already assured themselves that the 'customer requesting the cheque' had enough funds, they won't honour a forged or stolen one. So you can't really treat it equivalent to cash these days. The actual process of clearing a BS cheque through the banking system takes the same time as any other cheque.

[challenging]

thanks just wanted to check as both b.soc cheque and bankers draft are cleared money.
so my bank are right it still goes through clearing process. perhaps i wont moan anymore when we are paid in good old cash, even if it costs to bank it.