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Cheque hasn't cleared but balance is going down???
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I put a cheque into my halifax account on wednesday and it has showed in my balance but not my available balance. My concern is that when my direct debits are going out my bank, my available balance and my balance are going down. I do have an overdraft and my balance is in minus on the make a payment section but showing as in credit in my account section. I am just worried that when the cheque clears I won't get the full £500. Anyone enlighten me?
Basically, when you pay a cheque into your account it will immediately show as a credit, But it will still take the same cheque processing time which is between 3-5 days to clear as 'available funds'.
The cheque is presented to the drawers (person who wrote the cheque) bank account to debit, and those funds are then credited to your account hence the time frame. Try internet banking, a lot quicker and most of the time immediatley credits other accounts.
If you have an overdraft limit and you are still within this limit when your payments debit from your account, they should still go through ok however, this depends on how your risky the bank feels your account is in general. You may be charged a higher interest rate for your bills/payments until the cheque you paid in, is fully cleareed into your account.
I hope this makes sense
The cheque is presented to the drawers (person who wrote the cheque) bank account to debit, and those funds are then credited to your account hence the time frame. Try internet banking, a lot quicker and most of the time immediatley credits other accounts.
If you have an overdraft limit and you are still within this limit when your payments debit from your account, they should still go through ok however, this depends on how your risky the bank feels your account is in general. You may be charged a higher interest rate for your bills/payments until the cheque you paid in, is fully cleareed into your account.
I hope this makes sense
Internet Banking will help you here. Who you bank with is none of my business, but do google their website and register. It makes the whole process of banking a lot faster and easier. You should be OK, though. Do use Phone Banking to sort this out, if you don't feel you've enough time for Internet Banking.
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