If you pay money in by electronic transfer or in cash, it will be available for you to take out on the same day we receive it.
This means that when you pay cash in using a ‘drop box paying-in machine’ (see Section 03), the money will be available to withdraw no later than the next working day.
If you’re paying money in by cheque, it needs to go through a process called ‘clearing’ first. The clearing times are as follows:
|If a cheque is paid in…..
||The cheque will be cleared for withdrawal and certainty….
….at a branch counter or received by post on a working day, or
….using a paying-in machine (other than a ‘drop box paying-in machine’) before 7pm on a working day
|….at the end (11.59pm) of the next working day
….on a Saturday, Sunday or bank holiday, or
….using a ‘drop box paying-in machine’, or any other paying-in machine after 7pm on a working day
|….at the end (11.59pm) of the second working day
When we say a cheque’s cleared for ‘certainty’, we mean that the money belongs to you and we won’t be required to pay it back to the paying building society or bank. This won’t apply if you’ve knowingly been involved in fraud, or we reasonably suspect you have.
Please note that, even if the money in your account is available for you to take out, your agreement may limit or restrict you from doing this.