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Paul D | Paying cheques in? |
When you pay a cheque in with the bank, do they pay the money into your account and then go about getting the money from the other person? Or do they get the money from the other person first and then pay the money they receive from the other person into your account? |
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Jason F
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If you pay the cheque into your branch the bank will credit your account, but that money will not be cleared - i.e. they will not pay interest on the amount and, say you had a zero balance before the cheque was paid in (and no overdraft limit) you will not be able to draw that money out. Depending upon the bank, you will have to wait anything from 3 to 10 days for the cheque to clear - although I recently saw one bank advertising that they will pay interest on cheques deposited from the same day. The reason that you have to wait for the cheque to clear is that the cheque is sent, through the clearing system, to the bank/branch on which the cheque is drawn and when it reaches them, they have the option not to honour the cheque if it was not guaranteed by a cheque guarantee card. They can do this for a number of reason - insufficient funds in the drawer's account, out of date, wrong signature etc. etc. |
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Euphojim
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In the UK it shows on your account as uncleared funds the day you pay the cheque in. But you cannot draw the money out until it is cleared and if the cheque does bounces it disappears from your statement. |
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Kandi
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They get the money first from the other person. That's why it takes a few days for the money to become available to you. |
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p3mofo
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Everyone is answering incorrectly as it depends on the bank.
My bank deposits the money into my account, and then if it bounces - they take the money back out. You will have to contact your bank as each is different. |
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scragette2000
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They get the money from the other person first,
Thats why cheques bounce if there is no money in the other persons account |
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gorilla
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Lets get this straight. A cheque is a piece of paper which means nothing until the bank on which it is drawn says its paid.
When you pay in a cheque, the bank its paid into puts it to your account but its not "of value" until that bank gets paid by the other ie 3 days later.
The cheque passes through the bank clearing system which takes 3 working days to get the cheque paid - you pay in on Monday, its with the clearing house tuesday and paid by the bank on which the cheque is drawn on wednesday.
So your account is credited on day 1 but its not classed as "cleared funds" ie worth money, until 3 days have elapsed.
The banks are not ripping you off as some newspapers would have you believe, they give you the value on the day they get value. Some building societies rip you off by not giving value until many days later.
I don't work for a bank but find it incredible that they dont attack the newspapers that bad mouth them. 99% of customers never have problems with a bank. Those that do generally cause the problem themselves,however the charges made by the banks are then excessive.
I never get charged for anything - my cards,statements,cheque-books,enquiries are all free and it would cost me a fortune if there was no such thing as direct debits. I would have to spend hours going to various places or send cheques with excessive postage costs. |
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afarinavaz
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They get the money from the other person first, thats why itg takes some days to clear (or not)
Thats why cheques bounce if there is no money in the other persons account and thats when the banks slaps their bounced cheque fee on you |
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Gerard McCarthy
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The latter of course! |
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MUFFIN: 4 WKS & 2 DAYS......
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They get it from the other person of course! |
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foxy and the bigness of chritain
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me bum bum |
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