I cash in a cheque and on my internet banking it says its they but available balance nil?

Question

I any time I go to take my moeny its not they

what does that mean its been six days for me to cash in the cheque shouldn the money be in by now

Answer 1

It may show on your bank statement, but it is not regarded as cleared money, until it has been through the cheque clearance process. Because it could be charged back to your account if it bounces, you can't draw money against it for several days.

Answer 2

Available balance is all the money that has been verified in your account (deposits and withdrawals). Pending transactions are unprocessed (unverified). So your bank balance will always be higher than or equal to your available balance. You can only spend your available balance. Banks use a "batch processing" system. That is, the process all the transactions for the day as a batch at the end of the business day. Real-time bank processing isn't here yet (for the consumer). However, deductions from accounts occur almost immediately, but additions are delayed. This accomplishes two things: 1) it doesn't leave the bank holding the bag for faulty deposits, and 2) banks make a lot of money on the pending transactions.

Answer 3

You would think in six days it should be there, but normally most banks do put a hold on the cheque for a few days to make sure it clears (another words the money from that cheque is there to cash into your account. I would either go into the bank or call them and find out what is going on. Sometimes they do make mistakes.

Answer 4

I get this all the time.

The funds say it is there but the available balance is nil.

This means that the bank has credited the account with the cheque but the cheque is still in the clearing process, give it a couple more days.

Answer 5

Some banks require a specific period for the cheque to clear - i.e. for the source bank to actually send the money to the receiving bank. So your account will show the extra money, based on the cheque clearing - but they won't let you spend the money until they actually have the money themselves.

This is more common with English banks (I still have a NatWest account, even though I've lived in the US for 13 years). Also, US banks will often make the money available immediately, if you have a salary paid to the bank via direct deposit.

I can only suggest you contact your bank & ask them the specifics.

Answer 6

if you are lodging a cheque to your account it can take anything from 3-10 working days depending on your banks regulations.
If this is a wages cheque I would go about trying to get it lodged electronically to save the bother and charges it will incurr.
Another option is to actually exchange the cheque for cash on the spot, this will require you to have id with you etc etc. Lodge whatever you don't initally need into your account then.
As such you need to check with your bank as to how their clearing works, maybe shop around and find a bank that better suits your needs.

Answer 7

It depends on your bank and the cheque issuers bank.

Normally it's available after 4 working days, but a cheque could be reversed at any time.

Answer 8

It depends on your bank - mine takes over a week to clear - as soon as you have paid it into your account it should show on the internet but not as available balance until it has cleared. I think mine takes 8 days in total including the weekend.

Answer 9

Change banks. I never have a problem with Bank of America.

Answer 10

The banks try to take as long as possible to make money out of everyone's money