Hi @amisawyer, thanks for your question. The clearing times depend on how you deposit the cheque. If you check out our FAQ below, you can see the timescales for the different deposit methods.
So I posted 2 cheques in one of the provided freepost envelopes (which I was either told or read somewhere on Tesco Savings website that envelope would be treated as 1st class) on Thursday evening, it was collected by Royal Mail on Friday morning and 1st class would be expected to arrive at the address on Saturday. I understand that if received Saturday this would be classed as arriving Monday therefore the funds should be available by midnight on Tuesday, which is today. I have just checked my account and the cheques are not showing in either account balance or available balance so I get a feeling that the funds will NOT be added and available by midnight. The last time I posted was also a Friday, the 2nd Nov and from the websites given timescales this should've arrived Saturday therefore been classed as arriving on Monday 5th and funds available by midnight Tuesday 6th although the cheques were processed on Tuesday the 6th meaning they would be available by midnight on Wednesday 7th which indeed they were.
When I called to query I was told that my cheques hadn't arrived until Tuesday 6th. So my point being there is a delay somewhere; either there is a backlog of 24hrs from arrival to processing or Royal Mail are taking 3 days to deliver to its destination, which is more like 2nd class.
Whatever the reason, it maybe a good idea for Tesco to reconsider the timescales given and amend to suit what they are able to achieve. I've just opened the link ScottW provided and copied this paragraph .
'What about weekends and bank holidays?
If we receive your cheque at the weekend or a bank holiday, your money will be available to spend before midnight two business days later. So if we receive your cheque on Saturday, it will be treated as if we received it on Monday, meaning the money will be available before midnight on Tuesday.'
At the time of posting this 15:36 the 2 cheques posted on Friday still haven't been processed.
I have used the freepost service twice to pay cheques into my account, both times posting on a Friday so expected to arrive on Saturday, be classed as received on Monday to be processed and available in my account by midnight on the Tuesday.
However on both occasions this never happened and but they were cleared by the Wednesday.
So althought a day later than expected it was still a big improvement on the timescales when paying in cheques in store.
Hope this helps other people with what to expect.
Hi there, could you please message @CET directly with your full name, DOB and postcode so we can take a closer look?
Hi Kerry, I'm new to this forum, so do I just click on the @CET link to give name, dob etc? If I do that is all my information shown for all to see?
When I click on that link, do I then click on send message to have somewhere to type my details in?
That's correct! All you need to do is click on the @CET and it will allow you to privately message us with your personal details. This won’t show any of your information publicly – Keigan