Time to clear a cheque, business account

[singlecoil]

I queried the time it was taking a customer's cheque through my business account with the Bank of Scotland and was told normal is 5 to 6 working days. This may be normal for BOS but is it normal for other banks? Cheque is drawn on NatWest, BTW

[simpo two]

They like to play with it in the futures markets for a bit before handing it over...

In these days of cyberspace it's quite ridiculous it takes so long: banks can buy and sell shares in a nanosecond, but not clear a £10 cheque.

[stevieb]

singlecoil said:

I queried the time it was taking a customer's cheque through my business account with the Bank of Scotland and was told normal is 5 to 6 working days. This may be normal for BOS but is it normal for other banks? Cheque is drawn on NatWest, BTW

Had this problem last year with natwest they said to me 6 to 7 working days. Nearly got thrown out of my rented office..

Now with barcleys cause of what happened now it take 24 hrs for cheques under 1k and 48hr for cheques over 1k but under 10k 5 days for over 10k

Steve

[pies]

Intresting read

[bga]

My Dad rarely has to wait more than 3 days for cheques <£5K to clear through his business a/c with Lloyds. More than that usually takes 5 days.

[XM5ER]

I've actually noticed an increase in the time it takes to clear recently.

My various HSBC accounts normally take 2-3 days but now they are taking 5 working days, which is a pain in the bum.
Probably because they are being processed in India

[jasper gilder]

You may be interested to know that a banker friend told me that the reason it takes a cheque so long to clear, bearing in mind it can now be done electronically, is that the time involved equates to the time it takes to get from Aberdeen to London on horseback. Oh the quaint ways of the big bankers.......!