How long does Natwest Cheque take to clear to another natwest account?
Hi, My dad is writing a cheque for me tomorrow to pay my rent he and i both have natwest accounts. Only problem is Rent is due tomorrow. Will the cheque clear tomorrow because we have the same bank? If i cant have the money the same day i will have to go to a cheque cashing company. Does anyone know what i might need to take? Advice please.
Personal Finance - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
a cheque will take 3 days but will be quicker if your dad phones online banking and its instant transfer within nat west.
Answer 2 :
Not sure, but if he has telephone banking he could call them up and get them to transfer the funds across instantly. That's usually how it works Barclays to Barclays I believe. I think cheques usually take longer to process. Call your bank and find out.
Answer 3 :
The rent will go through your account at around 9am tomorrow. That leaves very little time, if any, for even an electronic transfer. If you've got an overdraft, it'll hit that, or failing that, you will go overdrawn & incur bank charges, which you may not be able to claim back. Outgoings always go through your account BEFORE incoming transactions anyway.
Answer 4 :
It's normal for it to take the three working days - BUT - if you're in the same branch it MIGHT clear the same day ! Wouldn't it be easier for him to use a cash-machine and just give you the money ? For a cheque-cashing company, you'll need ID for yourself - AND they'll charge a fee (somewhere around 2% of the cheque ! So - if you cash a cheque for £100 - Yuo'll get £98 back !
Answer 5 :
As stated above by others.... It will be cashed within 1 working day, (same banks) but how do you know what time the rent is drawn ? if its DD then its done onces in the morning 10am ish then again a 3pm if the moneys not in then its a failed DD but if your late, and have not got a overdraft to cover the Rent amount i wouldnt risk it, natwest will charge you £35 fee for unpaid fee, then another £25 for being overdrawn, I still find it very hard to believe these banks are broke!
Answer 6 :
Write a cheque to pay your rent - that will certainly take 3 days to clear so by that time your Dad's cheque will be in the bank. Phone the NatWest to explain the situation so if there is any overlap they won't stiff you with overdraft charges - let banks know beforehand and they are generally reasonable.
Answer 7 :
Your dad would be much better doing a direct transfer to your account which will credit your account the same day. All he has to do is call Natwest telephone banking and give them his details and then your account number and sort code, the transfer is instant. Alternatively if he does online banking he can do it online under the 'payments' option.
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