Nationwide how many days to clear a cheque

Specific advice should always be sought in each instance. The clearing cycle used will depend on which bank a cheque is deposited with, and by the method of deposit. From 30 October , until the 6 Business Day clearing cycle is removed, both clearing cycles will be in operation. You should anticipate money from cheques you write leaving your account on the next Business Day; and money being cleared from cheques you deposit within 6 Business Days. You should always ensure you have sufficient funds in your account prior to issuing a cheque.

More information about how the cheque clearing cycle works across UK banks can be found on the payment scheme website managed by the Cheque and Credit Clearing Company. These timescales are industry guidelines. Interest calculations and the availability of funds may be earlier in certain circumstances. Cheques paid in at a branch after on a Business Day or any day which is not a Business Day may not begin to be processed until the next Business Day.

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Help with meeting goals, tax-friendly saving, saving for children. Both can be useful in different situations. You can pay anyone with a cheque if they accept it. Only accept cheques from people you trust. Some banks let you pay in a cheque using their mobile banking app by taking a photo of the cheque and submitting some details. Money usually clears on the next day, Monday to Friday, but can take longer over the weekend or on public holidays.

Paying in a cheque in the usual way would take up to six days. So doing it digitally on an app is much quicker. If you think you made a mistake — for example, you wrote the wrong name on your cheque or you lost it — you can ask your bank to cancel it.

This involves your bank sending the cheque to the bank that issued it, by first class post. Your bank will then confirm, by phone the next day, if the money will be paid. If you pay in a post-dated cheque, it might be returned to you unpaid. This is because there are many fake drafts out there — for example, for car payments. Keep a record of each cheque you write on the stub in your chequebook. Check these against your statement and report any problems to the bank as soon as you can.

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This is also the point at which this money will reduce the amount of your overdraft interest charged if applicable. By the end of day two of the clearing cycle i. Once it is paid it becomes cleared funds. If you pay a cheque in on a Saturday or after 3. Eventually, the bank realised what they'd done and rectified the mistake a few hours later. They issued a cheque correction and stripped Dane of his new-found wealth. For an year-old being a millionaire for the day, he just can't believe it.

A spokesperson for Nationwide said: "The customer paid the cheque in at the branch and unfortunately the wrong amount was keyed. The error was noticed straight away, and the balance was corrected in a matter of seconds.