If I write out a cheque for an amount of money I can't afford to go out of my account, today, but I pay in that amount in cash tomorrow to cover the cheque, will I be ok? If you pay in cash, will your account be credited straight away? As obviously a cheque takes a few days to clear. Cheers
Indeed I think it's frowned upon (may be an understatement) but who's going to know? They're probably not going to submit the cheque until tomorrow at the earliest. I noticed they've clamped down on this recently, though, and one of the banks we've got an account with actually stated that it wasn't enough to pay money in on the day the payment was due out, even if it was cash and it was payed in before the outgoing payment was requested.
RE: The question really is: Not on all accounts. Some banks offer that facility on personal accounts, but most would credit it the next working day I suspect.
yep.. that's fine. </p> just done the same myself this lunchtime.</p> the shop won't bank my cheque till the end of today or midweek, depending when or how often they do their banking, I get paid Friday and seeing as it takes roughly 5 working days to clear a cheque I'll be fine.. </p> saying that - if the person you're paying banks with the same bank as you, then it could come out quicker.. might only take a couple of days. </p> still, if you're paying in tomorrow you should be ok...</p> make sure you pay it in before 3pm ish tomorrow though to ensure that it's credited for that day.</p>
RE: yep.. Thanks love, I reckon it should be ok... The worst that'll happen is that I'll have exceeded my overdraft for a day. I think.
You see, I don't think that is the question I think the question is: Will the bank use the funds credited to your account immediately to meet committments entered into beforehand but where the funds are requested afterwards. To which the answer is: Not if they can screw you by doing otherwise. I know someone who worked for Lloyds years back and they were on a bonus to extract the maximum in bank charges. They were instructed to submit the outgoings largest first so that the small ones failed and incurred charges, even where they would have cleared if processed first, e.g. £10 in account, bills of £2, £5 and £20, put the £20 through first = 3 sets of penalties instead of 1. Barstewards.
RE: You see, I don't think that is the question Yes but... If I pay in the cash sometime tomorrow, around lunchtime, there should be sufficient funds in the account a day or two before the cheque clears if the account is credited by the end of tomorrow.
I agree But I wanted to clarify the "cash clears immediately" thing as it may seem to be cleared but they can still not honour it as part of your balance on a pending payment. As long as you don't leave paying the cash in to the last minute (as you're not going to) then I can't see you having a problem.
