Cheque Clearing Lloyds Halifax

When you deposit a cheque into your bank account, you do not want to wait a long time for the money to clear. Banks have evolved over the years and even with real time banking, the process to clear a cheque is still extremely slow. Many customers have been asking banks how long does it take for a cheque to clear?

Lloyds TSB was created in 1995 when the TSB and Lloyds Bank Group merged. They have offices in over 25 countries including the Netherlands, Hong Kong, Switzerland, Dubai and the US. Most customers who bank with Lloyds TSB do so with online banking. They have over 20 million customers and the majority of them do all of their banking online. There are some customers that still prefer to do their banking at a local branch. They may need to speak with someone or deposit a cheque. The time between depositing the cheque and receiving the actual funds may vary depending on the circumstances. Lloyds is compliant with the 2-4-6 cheque clearing system. The numbers in the system represent the number of business days after a cheque has been deposited or paid into an account. Business days are weekdays, not weekends and they do not include major bank holidays. If you pay in a cheque from another bank it will be processed in the following manner. The bank will show the cheque credited to your account the same day it is paid in. On the second working day, the cheque begins to grow interest. The fourth day after the cheque is deposited, you can withdraw money from the account, but it is important to know that the bank can still reclaim the money for certain circumstances. The last day, or the sixth day after deposit, the money is yours free and clear unless the bank suspects fraud.

Halifax is the name the Bank of Scotland uses for trading in Wales, England and Northern Ireland. Recently Halifax became a clearing bank and can now accept Bank Giro Credits as well. When you pay in a cheque into your Halifax account, you will receive a receipt telling you when you are able to withdraw the money. If you deposit the cheque into your account at a local branch or through a deposit machine, you can withdraw the money four business days after deposit. If you deposit the money on a non-business day, you can receive the funds five business days after the deposit. Any cheque that is deposited via a cash machine is also available for use five working days after the deposit.

The world of banking is rapidly changing. There are so many ways to interact with your bank and most of the ways are electronic. You may still have to deal with paper cheques and waiting for them to clear can be frustrating. Customers constantly want to know how long does it take for a cheque to clear when they go to their banking institution. As technology continues to improve, the wait should be shorter for customers.

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