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Cheque clearing

Sometimes it’s difficult to understand when you can withdraw money after a cheque has been paid into your account. The clearing guide below helps you calculate when your money begins to earn interest, when money can be withdrawn from the account and when you can be sure that the cheque has cleared.

For example: If you pay a cheque into your account on a Monday, you can expect to earn interest (if the account pays interest on credit balances) two working days later on Wednesday (Transaction day +2). This is also the point at which this money will reduce the amount of your overdraft interest charged (if applicable). Funds can be withdrawn by day five, Friday (Transaction day +4). By the end of day seven, the second Tuesday (Transaction day +6) the money cannot be reclaimed after this time (i.e. as a result of a cheque being returned unpaid). Any unpaid cheques returned too late, i.e. after Transaction day +6, will not be debited to your account.

The Clearing Cycle Calculator

Transaction Day (T)
Cheque is paid in and the credit appears on the customer statement
Funds start to earn interest
T + 4
Although funds can be withdrawn, the Cheque can still be returned unpaid up until the end of the business day T + 6
T + 6
At close of business customer can be sure that the Cheque has been cleared
Monday Wednesday Friday Second Tuesday
Tuesday Thursday Monday Second Wednesday
Wednesday Friday Tuesday Second Thursday
Thursday Monday Wednesday Second Friday
Friday Tuesday Thursday Second Monday
Saturday/Sunday Wednesday Friday Second Tuesday

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