Q:

How long does a cheque take to clear Lloyds TSB?

A:

Quick Answer

According to the Lloyd's Bank website, sterling checks issued from another bank are available on the fourth business day after Lloyd's receives the check. Although the money is available to be used after the fourth day, the bank can still return the check unpaid, if necessary, up until the sixth day after it is received.

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Full Answer

The Lloyd's Bank website explains that Lloyd's uses the 2-4-6 check clearance process that all U.K. banks and building societies implement. When a check is deposited, it is immediately reflected in the account holder's balance. On the second working day after the check is deposited, the check funds begin accruing interest. On the fourth day, funds are available to use. By the sixth day, if the check is returned unpaid by the issuing bank, the funds cannot be taken from the deposit account without the account holder's consent. The only exception to this is if the account holder has acted fraudulently.

The check clearing process is much quicker for checks that are paid from Lloyd's Bank. For a personal account, Lloyd's shows the deposited check as immediately available, and account holders can withdraw the funds right away. The funds also begin to accrue interest on deposit.

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