Cheque Clearing Nationwide RBS Barclays

If you are trying to cash a cheque immediately and start spending the money, you should be aware of a cheque clearing system. The cash is not available for quick withdrawal and some banks vary on how long does it take for a cheque to clear. Cheques can have two dates that they clear. The value date is the date when the cheque begins to earn interest. The next date is the cleared date. This is the date when the money is available for withdrawal.

Nationwide is the largest British building society in the world. The headquarters are located in Swindon, England and there is a large administration presence in Northampton. This building society is the only one that has its own cheque clearing system. They are also a huge provider of mortgage loans and they used to be the only institution that offered no-fee transactions! When you are asking how long does it take for a cheque to clear at Nationwide, you must take a couple of things into consideration. The cheque will clear twice.  When the cheque is clearing for withdrawal that means you are able to withdraw money from any paid-in account. After the cheque is cleared on the certainty date that means that Nationwide will not take any money away from your account unless you were involved in fraudulent behavior.

If you have a flex account with Nationwide, you will know your withdrawal and certainty dates based on the day you deposit the cheque. If the cheque was paid-in on Tuesday, your withdrawal date will be the next Monday and the certainty date will be the following Wednesday. If a cheque is returned before the certainty date that will result in a returned cheque and the money will be taken away from your account.

The Royal Bank of Scotland plc, or RBS, provides banking services in the British Isles. Most of the 700 branches are located in Scotland, but the bigger cities in Wales and England also have branches. The RBS followes the same clearing cycle as most UK banking institutions. If a cheque is paid into an RBS account on Monday, it is credited and will show on your statement the same day. On the second business day (Transaction +2) the interest will begin to grow on the account. This business day is also the day when the money in your account will reduce your overdraft interest. On Transaction day +4 you can withdraw the money. The sixth day after the deposit, the bank cannot reclaim any money from you.

Barclays PLC is headquartered in London. It is one of the 10th largest banks in the world. They have locations in over 40 countries and they provide services to over 45 million customers. Barclays provides their customers with the 2-4-6 cycle so they can determine how long does it take for a cheque to clear. They are one of the few banks that will process a payment 24 hours a day. If your check is returned unpaid, you will know as soon as the bank opens on the seventh business day after deposit.

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