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He deposited it in his savings bank account for clearance. But the delay in getting the cheque cleared alarmed him. When he inquired with the bank, he came to know that the bank had contacted him.
The new system means that if you pay a cheque in on a working day (Monday to Friday) you'll be able to withdraw the funds by 11.59pm the next day at the latest (excluding weekends and bank holidays). The system is being rolled out in phases and even banks that are starting to implement the new system will only use it on a small number of cheques to begin with.
A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held.
The bank account will be credited with the amount of the cheque as with any other negotiable item submitted for clearance. In the United States, if the payee is equipped to process cheques electronically at point of sale ( see: Check 21 Act ), they would still take custody of the cheque and submit it to a financial institution, particularly to avoid any confusion on the part of the purchaser.
Inadequate cheque clearance procedures; Counterfeit bank cheques; Cheques obtained from companies by persons disguised as repairmen, contractors etc and new cheque books ordered from the bank. Insufficient funds in account for presentation of cheque Prevention Measures. Make sure that: Cheques payable to a third party are properly endorsed by.
This speeds up the clearing time of your cheque, however, the clearing time will differ depending on how and when your cheque is deposited. For cheques paid in via: a Nationwide branch or Nationwide Fast ATM before 7pm (Monday to Friday) - your cheque will be deposited immediately and cleared by 11:59pm the next working day. an ATM attached to the outside of a Nationwide branch - your cheque.