What is the cheque clearing cycle?
The cheque clearing cycle refers to the time taken for a cheque to be processed, credit an account and that money to become available.
Cheque Imaging is still being rolled out across all banks and building societies within the UK and is due to be fully established in 2019.
If you have written a cheque and this is paid into a bank or building society using cheque imaging, it should debit your account after two Business Days, once the cheque has been presented for payment at the payee's bank. If the bank or building society isn’t using cheque imaging, this should debit your account after three Business Days.
For cheques you pay into your account, once we receive the cheque, the cheque will clear and credit your account within two Business Days. Once the cheque is credited, if applicable, you will then start to earn interest or interest charges will start to reduce on your overdraft.