Common use of Cheques Clause in Contracts

Cheques. 18.1 Subject to the terms of this agreement, we will accept payment into your account in cheques which are payable as follows: (a) partnership (excluding limited liability partnerships): to any of the partners or your trading name; (b) company or limited liability partnership: to the company or limited partnership or its trading name; (c) unincorporated association: to its own name. 18.2 The clearing cycle (normally 6 working days) is the time taken for money paid from or into your account to be deducted or added. This section applies to our normal clearing cycles for sterling cash and cheques drawn in sterling or paid into our UK branches. For foreign cheques the clearing cycle may take longer. When you pay a cheque into your account, you will normally have to wait six (6) working days including the day it was paid in, before you can withdraw the money. For example, the proceeds of a cheque paid in on a Monday will normally be available for withdrawal on the next Monday. We may extend this time period if there are actual or potential credit or fraud prevention reasons to do so. When we refer to the day you pay a cheque in to your account, we mean the first day that we deal with and start processing your cheque. If you pay in a cheque after 3:00pm in the afternoon, we will not process your cheque until the following working day. The cheque amount must be included in your cleared balance before you can withdraw the money. 18.3 We treat cheques as being cleared for interest calculation purposes (if applicable) six (6) working days after they have been paid in. Day Cheque Paid In (before 3:00 pm GMT) Day Interest Earned (the following week) Day Funds Available (the following week) Monday Monday Monday Tuesday Tuesday Tuesday Wednesday Wednesday Wednesday Thursday Thursday Thursday Friday Friday Friday

Cheques. 18.1 Subject to the terms of this agreement, we will accept payment into your account in cheques which are payable as follows: (a) partnership (excluding limited liability partnerships): to any of the partners or your trading name; (b) company or limited liability partnership: to the company or limited partnership or its trading name; (c) unincorporated association: to its own name. 18.2 The clearing cycle (normally 6 working days) is the time taken for money paid from or into your account to be deducted or added. This section applies to our normal clearing cycles for sterling cash and cheques drawn in sterling or paid into our UK branches. For foreign cheques the clearing cycle may take longer. When you pay a cheque into your account, you will normally have to wait six (6) working days including the day it was paid in, before you can withdraw the money. For example, the proceeds of a cheque paid in on a Monday will normally be available for withdrawal on the next Monday. We may extend this time period if there are actual or potential credit or fraud prevention reasons to do so. When we refer to the day you pay a cheque in to your account, we mean the first day that we deal with and start processing your cheque. If you pay in a cheque after 3:00pm in the afternoon, we will not process your cheque until the following working day. The cheque amount must be included in your cleared balance before you can withdraw the money. 18.3 We treat cheques as being cleared for interest calculation purposes (if applicable) six (6) working days after they have been paid in. Day Cheque Paid In (before 3:00 pm GMT) Day Interest Earned (the following week) Day Funds Available (the following week) Monday Monday Monday Tuesday Tuesday Tuesday Wednesday Wednesday Wednesday Thursday Thursday Thursday Friday Friday Friday