Express clearing charges scam?

[sleeper]

On Friday I deposited a cheque for £45,700. at a Nationwide branch into a previously set up flexicard account, zero balance; yet with working internet staement access. I was told that it would normally be cleared by Thursday.
I asked for it to be express cleared. They offered me a fast clearing service for £12.00, yet with no guarantees. They told me that they would mail out the cheque and phone me when cleared and the funds available. I paid the £12.00 in cash, expecting to have access to the £45,700 before Thurs. and hopefully on Monday. Today it is Wed noon, still not available. Is this service a scam?

[sleeper]

On Friday I deposited a cheque for £45,700. at a Nationwide branch into a previously set up flexicard account, zero balance; yet with working internet staement access. I was told that it would normally be cleared by Thursday.
I asked for it to be express cleared. They offered me a fast clearing service for £12.00, yet with no guarantees. They told me that they would mail out the cheque and phone me when cleared and the funds available. I paid the £12.00 in cash, expecting to have access to the £45,700 before Thurs. and hopefully on Monday. Today it is Wed noon, still not available. Is this service a scam?

[sleeper]

The funds were creditted at 1pm Wednesday.

[sleeper]

The funds were creditted at 1pm Wednesday.

[Docubot]

'Clearing' of cheques is a scam - full stop.

[Docubot]

'Clearing' of cheques is a scam - full stop.

[comanche]

The way the banks "special clear" cheques is a lottery dependent on the vagaries of the British postal syste. At best it speeds up clearance by a day. At worst it can take longer than normal clearance.

Making a same day CHAPS payment can be just as bad. Abbey once took SEVEN days to process a CHAPS to another UK bank. Got £50 in compensation for that one which just about covered the costs of using their 0870 helpline to figure out what they had done with my £60k.

[comanche]

The way the banks "special clear" cheques is a lottery dependent on the vagaries of the British postal syste. At best it speeds up clearance by a day. At worst it can take longer than normal clearance.

Making a same day CHAPS payment can be just as bad. Abbey once took SEVEN days to process a CHAPS to another UK bank. Got £50 in compensation for that one which just about covered the costs of using their 0870 helpline to figure out what they had done with my £60k.

[sensor]

seminole, i would be really interested to know how it is possible to "express clear" a cheque.

due to various contacts in the profession, a cheque must obviously go through the clearing system - this cannot be altered.

many banks offer a "special presentation" service. This does not make the cheque clear any faster, but usually your bank can get a decision from the paying bank as to weather the cheque will be paid. This is normally dependant on the uk postal service, so again, nothing is guaranteed. This system is mainly used by business who, for example, are waiting to ship an order, but need to know if they will be paid.

If anyone has any information on how a bank can express clear a cheque, i would love to read it.

[sensor]

seminole, i would be really interested to know how it is possible to "express clear" a cheque.

due to various contacts in the profession, a cheque must obviously go through the clearing system - this cannot be altered.

many banks offer a "special presentation" service. This does not make the cheque clear any faster, but usually your bank can get a decision from the paying bank as to weather the cheque will be paid. This is normally dependant on the uk postal service, so again, nothing is guaranteed. This system is mainly used by business who, for example, are waiting to ship an order, but need to know if they will be paid.

If anyone has any information on how a bank can express clear a cheque, i would love to read it.

[Docubot]

Originally Posted by sensor

If anyone has any information on how a bank can express clear a cheque, i would love to read it.

My brother-in-law used to work for a&l - the way they express cleared a cheque was to put a first class stamp on it and send it to head office - he's not sure what happens with it there.

You would imagine that the fee for 'express clearing' would be to cover the 'risk' of the cheque not clearing, and them giving you the money up front.

[Docubot]

Originally Posted by sensor

If anyone has any information on how a bank can express clear a cheque, i would love to read it.

My brother-in-law used to work for a&l - the way they express cleared a cheque was to put a first class stamp on it and send it to head office - he's not sure what happens with it there.

You would imagine that the fee for 'express clearing' would be to cover the 'risk' of the cheque not clearing, and them giving you the money up front.