Someone owes me money and he paid me with A Cheque from his business account..,?

Question

i did put that cheque in my bank account.,i have current a/c..,how long will take to clear.,i mean cash.,
will business cheques clear sonner than personal cheques.,one of my friend told me that buisness cheques clear in 24-48 hrs.,is it true??

Answer 1

No, it's 3 working days for all cheques.

You can pay and get "special clearance" but I've never really understood why that would be worth it

Answer 2

Banks do not differentiate between business or personal cheques. The time taken to clear a cheque depends upon the type of account you have. A standard current account usually takes 3 working days to clear a cheque. Many basic bank accounts can take up to 5 working days, much the same as savings accounts. You could have arranged a special clearance on the cheque, generally costing £12-£15, and this can clear a cheque within 2 days, dependent on the post and funds being in the persons account who issued the cheque.

Answer 3

I think few days but it is a good idea if you have a copy of the cheque your bank can call and make sure if there is funds in his bank account that way you know for sure the cheque will get cleared, or has cleared.

Answer 4

It all depends on the business and where the business is located. An out of state business check, for instance, would take about as long as any out of state check to clear. Your bank would be the best to answer your question, as each bank has its' own regulations. Most local checks clear in about 24 to 48 hours, unless a Sunday or holiday intervenes. Some banks clear checks on Saturdays and some do not.

Answer 5

Well if someone owes money I find it's best to accept payment by any form. You are not paid until the cheque clears, so if it bounces you inform the debtor. He is allowed to draw from his business account for personal use provided he records it as such in his accounts. I wouldn't worry about those sort of things. If you have a cheque, even if it bounces, he has admitted that he owes you money.

Answer 6

The only way to know is by calling your bank to ask the wait time for deposits to clear. I don't think there is a difference between personal and business check deposits.

Deposits clear in 2-5 days depending on what day of the week it was made. Deposits made on a Friday after 3pm will not be credited to your account until the following week. Holidays interfere with the regular schedule for deposits.

This is a holiday weekend so deposits may not be available until next Wed. I know this because I made a deposit on Saturday and this is the information the teller told me.

Answer 7

Banks clear thousands of checks a day. They are not separated by personal and business check.

If the check was written on another bank in your city, it will most likely clear in a few days. If it was a large check, your bank not the other bank, may have placed a 3 or 10 day hold on it to clear for funds.

If it has been 3 days and it was a local check, I would call your own bank and ask them when the funds will be available.

Answer 8

The type of check NEVER makes any difference in how long it takes to clear. The time by which your bank must make funds available is determined by LAW and depends on the bank the check is drawn on. This is NOT the same as the time the other bank has to return the check, which is also determined by LAW.

Answer 9

No they will not cllear faster. The clearing time will depend if it is bank to bank, from state to state. Generally clearing will be 5-7 days a bit faster if it is the same bank.

Answer 10

From personal I have found that as per rule company check may clear the bank a little faster. However, both personal and company check may clear about the same time depending on where the company bank is located.

Answer 11

most cheques take the same time to clear as long as you get the money dont worry