Cheque Clearance Times

[StoneLaughter]

I am going to pay in a cheque in a couple of days to my Alliance and Leicester account. I am told that the clearance time is "Up to ten days".

Alliance and Leicester formed part of the working group which, in 2006, agreed the "2,4,6" rule; 2 days to bear interest on the money paid in, 4 days before the money was drawable, and 6 days for certainty the cheque could not bounce.

Pushing the issue with both customer services and a local branch, I was told "We're now operating under Santander procedures. The cheque clearance time is normally up to 7 days but with larger amounts this extends to ten days".

Are Santander bound by the 2,4,6 rule (which is part of the Banking Code) or can they simply ignore it?

[Caspar]

Re: Cheque Clearance Times

Don't take as gospel truth, but just spent half an hour trying to find an answer and the common one seems to be allow seven full working days.

[ODC]

Re: Cheque Clearance Times

Funny though if you write a cheque just before payday they take it from your account immediatly

[leclerc]

Re: Cheque Clearance Times

I am going to pay in a cheque in a couple of days to my Alliance and Leicester account. I am told that the clearance time is "Up to ten days".

Alliance and Leicester formed part of the working group which, in 2006, agreed the "2,4,6" rule; 2 days to bear interest on the money paid in, 4 days before the money was drawable, and 6 days for certainty the cheque could not bounce.

Pushing the issue with both customer services and a local branch, I was told "We're now operating under Santander procedures. The cheque clearance time is normally up to 7 days but with larger amounts this extends to ten days".

Are Santander bound by the 2,4,6 rule (which is part of the Banking Code) or can they simply ignore it?

All banks work the same. The fact that some didn't do that is irrelevant. The 2 4 6 rule would be 10 normal days(including weekeds) so the 7 days is working days or 10 days.
You need to ask them when you can draw on the money, ie many banks allow you to withdraw from them after 4 days(usually even less) but to be certain it won't bounce then it is as I have said, 10 normal days which is cleared for fate.

[Caspar]

Re: Cheque Clearance Times

I am going to pay in a cheque in a couple of days to my Alliance and Leicester account. I am told that the clearance time is "Up to ten days".

Alliance and Leicester formed part of the working group which, in 2006, agreed the "2,4,6" rule; 2 days to bear interest on the money paid in, 4 days before the money was drawable, and 6 days for certainty the cheque could not bounce.

Pushing the issue with both customer services and a local branch, I was told "We're now operating under Santander procedures. The cheque clearance time is normally up to 7 days but with larger amounts this extends to ten days".

Are Santander bound by the 2,4,6 rule (which is part of the Banking Code) or can they simply ignore it?

What I found interesting is that if you go into the card part of the Santander website it says clearly they're signed up to the banking code, go into the current account section and it's not even mentioned.