jamand
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It doesn't - the cheque will clear the same day but what they do is - put all the money into a central fund and place it in other banks or overseas banks and gain interest on it for the time they have it. |
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Vidor m
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It's very frustrating. I bank with Lloyds TSB and recently paid in a big cheque. The funds showed in my account the next day so I made some payments with my new found wealth only to find a letter at my door a few days later saying that although the funds showed they weren't actually available and the bank could not make the relevant payments and therefore will charge me a £20 fee...!!! For what exactly!?? For NOT doing their job? Or for holding my money for 4 days and making money off the back of it on the stock exchange? Banks will never speed this process up as it is too lucrative for them. Makes you want to get paid in cash and keep your money under the mattress. |
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Dad's found yer scoo'er
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As long as your money is in "electronic limbo" the banks are making money out of it. |
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mikey
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don't forget it's 4-5 'working' days... so the bank can hang on to your money for a total of 7 days. At any one time there can be hundreds of millions of £'s floating around..(not in limbo, because the bank's still got hold of it) making vast fortunes, for them...for doing absolutely nothing. The system is going to change apparently, but I don't see the banks rushing to do anything. They're onto a good thing. In a day and age where I can send my granny in Australia an email from the U.K and she'll get it almost instantaneously... it's outrageous that a bank takes 5 days to clear a cheque from another bank that might even be in the same street. They should get their arses kicked! They've also got the nerve to bounce standing orders and direct debits...charge you for that...despite the fact that you might have a cheque waiting clearance that would cover the necessary funds. They're greedy on almost biblical proportions. |
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Constance B
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It is exactly the same in the US. |
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Alipatta
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I asked my bank this very question yesterday and was given a vague and rambling answer to do with clearing houses and all that. My point that emails take only seconds to receive these days was rebuffed with "but this isn't done by email".... So, I'm completely skint until Monday which is very frustrating as the cheque was quite large! |
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Donna F
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It takes that amount of time because how are the banks going to get their record profits if they don't invest yours or my money? |
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zebediah
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clearing is just the bank making money on the cheque . . if i give you a cheque and you put it in the bank today, that money will come out my account by tomorrow morning, you dont get it for 4 days though, the bank take the money,along with every other cheque they got that day ( millions of pounds worth) and invest it to make themselves money. . . then they give you your money 4 days later |
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anskabel
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It takes 10 days if like me you're with the Halifax...they're most likley investing it somewhere in the far east and making a profit whilst making you wait for your own money...and then when a direct debit comes out of your account after 9 days which makes you about 27p overdrawn because the cheque hasn't cleared they charge you £30 for that as well - marvellous! |
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~Ben~
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**** knows but mine take 5 days to clear |
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Doctor Deth
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It shouldn't they passed a law 2 yrs ago in USA that the money is supposed to be credited to you account in 1-2 days max after depositing it (still have to get it in before cutoff time that day I imagine) |
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dyno
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God knows, it takes longer if your with the halifax |
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tumps
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cos they have to do so many checks as people are trying to steal money all the time. |
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