The Great British Cheque Report - Cheque and Credit Clearing ...

The 2-4-6 timescaleDaye.g. MondayThe processstarts whenyour bankreceivesthe cheque 10Daye.g. no laterthan WednesdayYou start toreceive intereston the moneyfrom today 22Daye.g. no laterthan FridayYour bank willallow youto withdrawthe moneytoday 3Day4 6e.g. no laterthan TuesdayYou can be surethe money isyours by theend of today 41 You can pay in a cheque in a number of ways – across a branch counter, ata cash machine, by post or at a post office. This may affect when your bankactually receives the cheque. You may also need to deposit a cheque beforea certain cut-off time, so if certainty is important to you, you should checkwith your bank or building society.2 If your account pays interest on credit balances. It is also the point at which thismoney will reduce the balance on which overdraft interest is charged.3 Not necessarily for savings accounts.4 You will be able to withdraw this money from your savings account if the accountallows withdrawals.The Great British Cheque Report 13