A bank transfer clears within two hours. The cheque writer is still looking for a stamp.........Mouse wrote: p.s. do cheques take longer to clear than a bank transfer? I can't remember the UK system these days.
Surcharge for cheque payment?
Yes I know the transfer is instant....but what about clearance of funds? Is the money cleared straight away?
Cheques take 5/6 days don't they? And the money can still be claimed back up to 6mths afterwards?
If that isn't the case with bank transfers then there's a perfectly good reason to stop accepting them.
Mouse
x
Cheques take 5/6 days don't they? And the money can still be claimed back up to 6mths afterwards?
If that isn't the case with bank transfers then there's a perfectly good reason to stop accepting them.
Mouse
x
One martini, two martini, three martini floor!
There is no clearing of FPS bank transfers. It just happens. The funds are literally transferred.
Some other systems use clearing methods, such as the American ACH system or the British BACS system. But FPS will take a maximum of two hours and is normally instant.
The second they show in your account they are cleared.
Some other systems use clearing methods, such as the American ACH system or the British BACS system. But FPS will take a maximum of two hours and is normally instant.
The second they show in your account they are cleared.
I think (but I'd need to confirm) that with a UK to UK bank the cheque clearance is 3 days. EDIT - thanks Edinburgh for the info below; time to guaranteed clearance is 6 days not 3. At that point, it is cleared and can't be claimed back - that nasty little trick much loved by scammers applies to cheques paid into UK banks but drawn on banks outside the UK; I think the clearing period for those cheques is 6 weeks, but again I'd need to confirm.Mouse wrote: Cheques take 5/6 days don't they? And the money can still be claimed back up to 6mths afterwards?
Mouse - I really like your suggestion of spelling out that the cheque system is too slow to enable us to hold the booking against the clamouring hordes begging to book the same dates.
Last edited by greenbarn on Mon Mar 09, 2015 7:19 pm, edited 1 time in total.
[/quote]
Mouse - I really like your suggestion of spelling out that the cheque system is too slow to enable us to hold the booking against the clamouring hordes begging to book the same dates.[/quote]
it says no, but confirms they made the right choice as demand is obviously high.
Mousie
x
Mouse - I really like your suggestion of spelling out that the cheque system is too slow to enable us to hold the booking against the clamouring hordes begging to book the same dates.[/quote]
it says no, but confirms they made the right choice as demand is obviously high.Mousie
x
One martini, two martini, three martini floor!
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Hells Bells
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I paid a UK cheque into my UK account today for work I carried out last month. I provide bank details on all invoices, but this company chooses to pay only by cheque. According to the lady at the desk in the bank, it will be cleared on Friday, although in practice I have usually found it to be available on Thursday morning.
Available does not mean cleared when it comes to cheques:
http://www.lloydsbank.com/legal/current ... earing.asp
Although, it's probably safe:
http://www.lloydsbank.com/legal/current ... earing.asp
Although, it's probably safe:
[/quote]From the fourth working day after we receive it, the funds are available for you to use but the cheque may still need to be returned unpaid up until the sixth working day after we receive it; and
From the end of the sixth working day after we receive it, if the cheque is returned unpaid by the paying bank, we cannot take the money from your account without your consent unless you have acted fraudulently.
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French Cricket
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This is great - just what I've been looking for (but have been singularly uncreative enough to come up with for myselfMouse wrote:Mouse - I really like your suggestion of spelling out that the cheque system is too slow to enable us to hold the booking against the clamouring hordes begging to book the same dates.
Mousie
x
). Thanks Mousie!