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.Continue Reading
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.Learn more about Bank Accounts
Some best-selling check designs, as of 2015, include cartoon characters, such as Betty Boop, popular landscape scenes, such as Arches National Park, and breast-cancer awareness checks with Hope for the Cure ribbons, according to Checks Unlimited. Two basic designs also rank as best-sellers: classic blue and executive gray, which have simple designs and color schemes. Floral designs make top-seller checklists, as well.Full Answer >
A check cashing fee chart explains how much it costs to cash different types of checks of varying dollar amounts, according to the chart at Check Center. Fees differ considerably depending on the dollar amount, the kind of check and what company cashes it, notes U.S. News Money.Full Answer >
Being listed in a bad-check database may prevent a consumer from being able to use checks for purchases in the future; may cause the bank on which the bad check was drawn to close the account; and may prevent the consumer from opening a checking account at another financial institution for years, as explained by HG.org. Ultimately, the consequences depend on the reporting rules used by the particular database and on who has access to the information.Full Answer >
Similar to cashing regular checks, a person can cash bank drafts, which are checks issued by a bank, by depositing it into an account. The issuing bank guarantees the availability of funds.Full Answer >