How long for a cheque to clear?

[lucyshandbag]

I have written 2 pre dated cheques out to be cashed on Friday, problem is, my funds are not what i thought they would be. I get paid on Tuesday and i'm thinking that as cheques usually take between 3-5 working days to clear, there's a chance the money won't leave my account until next week. Is this right or does the money leave my account on the date of the cheque (presuming it is cashed on that date)? Any advice please?

[dot.hawkes]

if they were dated Friday and made out to Cash then the person can take them into your bank on Friday and cash them.
If you have made them out crossed then they have to be paid into a bank account. If they pay them in on Friday before 1 that counts as the first day. Then Monday to Friday counts as five working days, Monday 2nd march would be the day it cleared.
But, in sonme banks a cheque can be drawn on using the cash machine after 3 working days, therefore you should make sure you have funds in for Midnight Monday.

[dot.hawkes]

If they pay it in after lunch on friday that is not day 1, day 1 is monday and so u should have funds in by midnight tuesday cos they can draw on it on wednesday at the hole in the wall, (that is some banks, not all, and not building societies)

[CheekyChops]

It is unlikely but should the payee of the cheque pay them in at the same Bank and branch that your account is held with, then they will go out of your account on the same day.

[sandmaster]

Cheekychops is right - the cheque could be debited from your account on the day the payee pays them into his account. And don't rely on the bank spotting they are postdated. Most cheques are not checked.

[factor-fiction]

The person might already have paid them in. It's unlikely the cashier would reject it on the basis that it's post-dated for Friday, and if it was paid in a machine the date would certainly not be checked.

[dzug]

The likelihood is that the cheques will be debited to your account on Tuesday

Paid in Friday
clearing bank Monday
your bank Tuesday - debited
clearing bank Wednesday
recipients bank Thursday - he receives

But as already stated there are things that could make that quicker.

[Barmaid]

I paid 3 cheques in last Friday at about 3pm. Drew on them Tuesday evening about 5 past 5 (admittedly didn't expect to get any cash, but I did, so I was happy).

[baileybird]

dzug is correct

day one - paid in ( any time up to 3.30 p.m. not 1 p.m.)
day two - clearing house
day three - hits your account and money goes out or cheque bounces (i.e. returned unpaid)
day four - cheque can be returned late unpaid up to 12 noon if no funds
day five clears to payees account

definately quicker if same bank (cleared on day 3)
same day clearance if bank at same bank/branch as you
cheques under �1000 not checked for anything out of order other than signature missing

[sandmaster]

Don't mistake 'cleared' as being the same as debited to your account. If the payee pays in at your branch but banks at another branch of the same bank your account is debited the day the cheque is paid in but the cheque is not cleared for at least 3 days after.

[noogie]

please be careful when doing this, it is a criminal offence to knowingly write a cheque knowing the funds arent there. also if the bank let the cheque go through and it takes you overdrawn the bank will charge you and that can be expensive. i know that this would have been resolved for you by now but for future ref be careful