Re: follow up to "Cheque Express Clearance..."

In message <41kfbkF1fcrutU1@xxxxxxxxxxxxxx>, Tumbleweed <thisaccountneverread@xxxxxxxxx> writes

Am I? AIUI Barclays will let me draw up to £1000 against a cheque
immediately its paid in. That would be the 'lending me the dosh bit (though
it doesn't count as lending unless the cheque bounces).

No it is lending whether it bounces or not, at least for the few days until Barclays get paid for it, which is day 3. 
And AIUI normal
clearing time for a cheque is 3 working days,

Yes.

eg when its 'paid'.

No. A cheque is 'cleared' when the collecting bank get paid by the drawee which is day 3 or 4. The cheque should also be paid on day 3 or day 4 at the latest but the collecting bank wont know about it until days 4,5 or 6.

The collecting bank get paid for the cheque by the drawee on day 3 irrespective of whether the cheque is paid or unpaid. If it is unpaid then the drawee claims the dosh back form the collecting bank, but this only happens a few days later.


Or is this
incorrect?


See above.
--
John Boyle
.

Relevant Pages

  • Re: follow up to "Cheque Express Clearance..."
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