the Post Office), may take longer to arrive at the other bank for payment. Pay in via Post OfficeĬheques paid in at some financial institutions, or agents, (e.g. If you pay a cheque in on a Saturday or after 3.30pm on a working day, the funds will not clear for two further days. Pay after 3:30pm on a weekday or pay in on weekend Once it is paid it becomes cleared funds. Tuesday), the cheque is either paid or declined by the Drawer’s bank.
This is also the point at which this money will reduce the amount of your overdraft interest charged (if applicable).įunds can be withdrawn from Tuesday (or earlier if you have a credit arrangement).īy the end of day two of the clearing cycle (i.e. If you pay a cheque into your account on a Monday before 3.30pm (this is day one of the clearing cycle), you can expect to earn interest (if the account pays interest on credit balances) from Tuesday (which is day two of the clearing cycle). The cheque clearing example below will help you work out when your money begins to earn interest, when money can be used, and when you can be sure that the cheque has cleared. the bank of the person who wrote the cheque) you will receive a advice of this via a letter or via Bankline. However, if your cheque is returned unpaid by the drawers bank (i.e.
You'll normally need to wait 1 working day after the day you pay the cheque in for it to clear, so if you pay a cheque in on Monday (before 3.30pm) it will usually clear by Tuesday. All sterling cheques are processed via the Image Clearing Scheme – this scheme is much faster than the previous Paper Clearing Scheme and operates a two-business-day clearing cycle.
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