Right then, picking my Zed up on Tuesday, now, I've just been given a cheque for my old car which I've just sold.

 

What I am wondering is, can you speed the cashing of cheques up? IIRC, you used to be able to pay around 12 quid to have it processed that day.

 

Is this correct?

 

Thanks

Never heard of that. There has been a lot of complaints about Bank cheque clearence time (banks make £25million a year in interest during the transfer time), and are being forced to improve the performance, but not until 2007.

Although saying that, just found this on Barlcays website :

1. How long does it take for a cheque to clear?

A cheque will take between five and six days to clear depending on where it was paid in. You can draw money against it a day earlier than the clearance date at your home branch.

 

If you need the cheque to clear faster, use our Express Cheque Service. Your cheque will usually clear the following day as cheques are posted directly to the drawee's bank. You must pay your cheque into a Barclays branch and ask for the service at the same time. This service costs £15 (free for Platinum Banking customers).

 

You can also withdraw money instantly if the cheque is paid in at a Barclays branch and you use your current account's Instant Access feature (subject to status and limit). The cheque will still go through the normal clearing cycle.

Yes.....

you can do it sameday

BUT

the casher will take a large sum of the actual value

My wife cashed a £150 cheque and it cost £36.

We have a place in Stevenage that does it but i cant remember the name of the franchise....

Do a search on google

ie...your town and instant cash cheque...

or summin like that

cash generators ect but they take a hefty amount due to the potential "risk" involved

Gutted, I thought you could get 24hour cheque clearance through your bank if you pay them some kind of remittance.

Edit: Looks like you can, didn't read Legrath's quote.

 

Cool, just cannot wait ANY longer to get my Zed!! grrrrrrrrrrrrrrrrrrrrrr

Banks used to do it for a fee (10-20 quid), but were losing too much money. The only way to do it not is through one of the booking shops who charge a massive 10 - 20% of the value. I know that Lloyds do a same day clearance system, if it is a personal cheque and you are depositing it in a Lloyds personal account. They call it real time banking.

 

It's all about profit nowadays. It is quicker with internet banking.

 

Colin

Just thought I would shed some light on this, I work for barclays, yes sad i know, im not all clued up on Personal banking as i deal with corporate banking, but i guessing that the process will be the same.

 

The cheque clearing cycle is 5 working days, so 5 working days after you pay in you cheque you should have clear funds in you account.

 

I know that corporate customers can do a special cheque service, this WILL NOT speed up the cleaing cylce but it will tell you if the cheque will clear after day 3 of the clearing cylcle. So you could in effect pay out on uncleard funds. This is usually at a cost of about £15. But could be different for peresonal customers, and for other banks. Just be warned that this service does rely on the postal service. Basically when you pay the cheque in your branch will send the cheque to the drawers bank and ask if the cheque will clear or not, the drawee bank must give your bank an answer by the 3 working day of the clearance cycle. But like I said this relies on the postal service. :rolleyes:

 

If your lucky enough to have a bank account at the same branch as the person that gave you the cheque then you will get same day clearance as this is an "in-house cheque".

 

Banks used to do a same day service where you could be told if the cheque would clear, basically they would call the drawees bank and ask them if the cheque will clear, and they would give them an answer there and then, but I know that Barclays stopped offering this service as other banks would say yes but then the cheque would bounce, and then deny the telephone conversation.

 

I know its sad that I know this but I thought it would help out.

 

Steve

Thanks for that guys, just been speaking to a friend and she managed to get a 24hr clearance with Natwest.

Im with the Halifax and they offer a service where you pay 12 pound for next day clearance....

Yep Royal Banks the same think it cost £20 called "Special Presentation" If I rem

There used to be special clearance with Barclays, but they have now abandoned that and use a system called Direct Presentation which for a fee of £15 (free to platinum customers) the cheque should clear within 3 working days, this is not always the case as I have found out to my cost, so beware!!!!!!!!!!!

Ah, the wonders of the 21st Century technology.

Only 5 days to clear a cheque. Yippee.

 

(Hmmn, wasn't it only 3 days fifty years ago??).

*****cks!!!! Bank won't clear the cheque until Thursday....so Zed time isn't going to happen tomorrow. Really peed off now!! Grrrrrrr.

 

Had it all sorted for tomorrow as well transport wise. Now I have to spend stupid money getting to London on Friday and then home again! ARRRRGGGGHHHH!!

 

Buying and selling cars is the biggest PITA!!

*****cks!!!! Bank won't clear the cheque until Thursday....so Zed time isn't going to happen tomorrow. Really peed off now!! Grrrrrrr.

 

Had it all sorted for tomorrow as well transport wise. Now I have to spend stupid money getting to London on Friday and then home again! ARRRRGGGGHHHH!!

 

Buying and selling cars is the biggest PITA!!

 

From my experience (NatWest Commercial) special clearing - or whatever they now call it - is actually just posting the cheque by 1st class mail... when I did it, it never arrived so had to get cheque resent! banks = bunch of money-grabbing incompetent twats! (apologies to any bankers)

 

Rich

apologies accepted, :p

 

you are right tho, banks are money grabbing.

Yeah, that's what you pay your £15 for!! For them just to send the cheque 1st class...value for money surely! :rofl:

 

I guess the rest of the money covers any losses incured due to them not being able to invest that money for the week they have it.