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Do Cheques Normally Do This?

I recently put a cheque into my account of £220,
so my balance was originally about £260, now its £480. However, for some reason my available balance is £260 despite the cheque having gone in - my account is telling me that it's pending to be taken out?

I transferred the £220 to my savings. But now my available balance is £48 - rather than £260?? I'm a little worried here, why is the bank trying to remove the money from my cheque? Is this some kind of security thing? I'm terrible at maths, so sorry about the complicated example - it's how I figure out numbers in my head haha.
(edited 9 years ago)
Reply 1
Avatar for Simes
Simes
16
That's normal. Cheques have to go through "clearing". It may get rejected for some reason (wrong date, unsigned, no fund in source account) but they show you as being credited in principle until it has cleared.
Cheques can take up to a week to clear so while the money is showing as being in your account you can't use it until it's been processed ad accepted and stuff =)
Reply 3
Avatar for Simes
Simes
16
P.S. Thank you for spelling 'cheques' correctly. I haven't seen that for a few years.
try not to spend much until the cheque clears or you will be into an overdraft and may be charged for it. I know this seems silly and if it's the first time you'd probably get them to waive charges but always wait from cheques to clear in future.
check with your bank how long the clearing process is, so that you know when you can access the funds.

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