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    I have given my bank a cheque for my bank account on monday and that day it was credited to my account and my balance reflected that as online using internet banking there was an entry to show I had paid a cheque in .However I have checked today and doing the various sums, my actual credit (money available to take out of the account) is unchanged like the cheque has not effected my balance.

    I know cheques take time to clear,but surely if it was shown on my balance I would have those funds available straight away?
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    Your balance of the account includes any non-cleared funds (ie cheque). Your available balance is the amount actually available to you. The balance will include the cheque because it has been presented to your account but because the money hasn't been transferred from the other account you cant draw money from it yet.
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    your credit will reflect the cheque but the cheque could still bouce ect. (imagine it wasn't from your emplyer it may not be totally reliable) so you will not be able to use the moeny from said cheque untill this checque has cleared (can be upto 7 working days depending on the banks in question)
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    Banks should all clear cheques within the following time frame 2-4-6

    2 working days you see the cheque in your balance
    4 working days you can withdraw money against the value of the cheque (but it may still bounce until...)
    6 working days the funds are confirmed.

    Obviously these are working days and I can't remember if the day you pay it in is counted as a day or not, I suspect not.
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    Thanks for the replys.
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    (Original post by donuticus)
    Your balance of the account includes any non-cleared funds (ie cheque). Your available balance is the amount actually available to you. The balance will include the cheque because it has been presented to your account but because the money hasn't been transferred from the other account you cant draw money from it yet.
    I think this may be the case
 
 
 
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