after you have wrote the cheque and given it to someone, how long does it take for the money to come out of your account?
2006-09-17 02:31:27 · 6 answers · asked by jammie1607 1 in Business & Finance ➔ Other - Business & Finance
Cheques are issued by banks in 10 or twenty leaves with the account no. of the individual and also the signatures of the individual have been taken by the banks while starting the account. Based on presenting the cheque with particular no. the bank honours the cheque. Clear instructions exist with the banks for individuals for the maximum amount that can be taken through cheque for a particular interval and also the minimum amount of balance that should be maintained for cheque accounts. In the event of a cheque bouncing due to no money in the connected account penal actions can be taken on the individual besides levying a fine.
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2006-09-17 02:46:03 · answer #1 · answered by sarayu 7 · 0⤊ 1⤋
This is a tricky business.
You date the cheque and your money will be withdrawn backdated to that day. The person taking the cheque to the bank gets the money on the day he/she gives the cheque to the teller.
Some banks have a policy to take a few days for the cheque to 'clear'. This way they already have the money but you do not. If they do that to 1000 people a day giving them $1000 dollar cheques they have a free $1000. 000 floating around...every day. That's a lot of interest.
But these also take a lot of work and cost money to process. No worries. Even when you bank electronically your money takes time to get somnewhere and 'free' money will be floating around in space all the time.
2006-09-17 09:44:47 · answer #2 · answered by Puppy Zwolle 7 · 0⤊ 0⤋
It all depends on who is cashing the cheque. If it is a business, it should take about a week, but if it is a person that you are making the cheque out to they can cash it any time they want.
2006-09-17 09:39:50 · answer #3 · answered by ganstagolfer_89 3 · 0⤊ 0⤋
It all depends on the bank the check will be cashed at. If it's the same bank your account is with, then if will most likely clear the day after it's cashed. Other banks could take 2 to 5 days to clear the check.
2006-09-17 09:37:11 · answer #4 · answered by rosecitylady 5 · 0⤊ 0⤋
Because of the new Check21 legislation and newer machines, it's as fast as making a debit transaction.
Which is why banks are reccomending that people shouldn't write checks to people thinking they'll have a floating period to get money in the account before it cashes.
2006-09-17 09:33:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
after the person deposit the cheque in his bank a/c, which you have given him - it takes maximun 3 working days...
2006-09-17 09:34:38 · answer #6 · answered by polo 2 · 0⤊ 0⤋