Cheque Clearing times.
We previously told you that all our branches would be able to clear cheques in two days by the end of October 2018. But, because of problems with the wider rollout of the service across other banks and providers, we’ve had to delay our plans. It’s already available in some branches now and will be coming to more in 2019.
We’ll let you know seven days before the new cheque clearing service is available in all our branches, with a message on tsb.co.uk
Paying in cheques at a TSB branch.
When you pay your cheque in, a TSB Partner can tell you if your branch is working on the old or the new service, and when you can use the money.
If you pay in a cheque by closing time on a Monday, it will clear as shown below.
|When will it show in your account?||After you've paid it in, when will it earn interest or reduce the interest you're paying?||When can you use the money?||When can your cheque be returned unpaid after you've paid it in?|
|Monday||Wednesday||Friday||Up to the following Tuesday|
|Monday||Tuesday||By 11:59pm on Tuesday||Up to 4pm on Tuesday|
If you pay in your cheque at a deposit cash machine outside of branch opening hours it will take an extra day to clear.
Paying in cheques at a Post Office.
If you’re paying a cheque in at the Post Office, your cheque will clear using the old clearing service and will take a day longer than at one of our branches. We’ll let you know at tsb.co.uk when cheques paid in at the Post Office will clear using the new two-day service.
So, if you pay your cheque into a Post Office branch before 4.30pm on a Monday, it will clear as shown below.
|When will it show in your account?||After you've paid in, when will it earn interest or reduce the interest you're paying?||When can you use the money?||When can your cheque be returned upaid after you've paid it in?|
|Tuesday||Thursday||Monday||Up to the following Wednesday|
When you write a TSB cheque.
We won’t be able to tell you how quickly the money will come out of your account, as we don’t know which bank your cheque will be paid into. So, you need to make sure when you write a cheque, that you have enough money in your account in case the bank the cheque is being paid into is working on two-day cheque clearing.
Some utility companies have been having problems with the new service which means there have been delays with processing cheques. So, if you’re writing a cheque to pay a utility company, please allow enough time for your payment to be processed.