Question regards a cheques clearing time?

pop80_uk · 08-02-2009, 18:16

Hey all,
I need your helps, opinions....

I recently accepted a cheque for an item of some value after advertising it in the local paper (Â£600 to be exact) the guy travelled over and brought me the cheque.
I obviously said I would have to wait for it to clear before he had the goods, which he was fine with.

So paid the cheque in and then people started telling me horror stories regards cheques bouncing etc.

So my questions are:
1) Once a cheque has cleared, can it still bounce?
2) This was a business cheque does that make a difference?
3) If the cheque was written against a stolen account would this be reclaimed if it cleared and then the account was reported stolen?
4) How can I be sure that im covered?

Not really used to accepting cheques and due to the value just wanted some re-assurance.

Thanks!

**Stuart** · 08-02-2009, 18:18

Quote:

Originally Posted by pop80_uk

Hey all,
I need your helps, opinions....

I recently accepted a cheque for an item of some value after advertising it in the local paper (Â£600 to be exact) the guy travelled over and brought me the cheque.
I obviously said I would have to wait for it to clear before he had the goods, which he was fine with.

So paid the cheque in and then people started telling me horror stories regards cheques bouncing etc.

So my questions are:
1) Once a cheque has cleared, can it still bounce?

Don't know the answers to the others, but AFAIK, a cheque can only bounce before it clears (it clears or it bounces).

Hom3r · 08-02-2009, 18:20

If you still have your goods and the cheque bounces no problem you still have the goods.

08-02-2009, 18:20

appears things changed a couple fo years ago

http://news.bbc.co.uk/1/hi/business/7112829.stm

Quote:

Contrary to common belief, banks have always been able to recoup money from a customer's account if a cheque bounced or proved to be fraudulent.
This was the case even if the discovery took place weeks or months after the event, and after the cheque had been formally cleared and the money spent. In other words, cheques never really cleared with absolute finality. That will change from the end of the month

Dated nov 2007

pop80_uk · 08-02-2009, 18:26

Quote:

Originally Posted by zinglebarb

appears things changed a couple fo years ago

http://news.bbc.co.uk/1/hi/business/7112829.stm

Dated nov 2007

This was my concern.....
Now I am quite worried.

**Kymmy** · 08-02-2009, 18:29

Why, if you read the news article properly that David linked to it reads

Quote:

From 30 November (2007), cheques will clear with absolute certainty, six days after being paid in.

In other words after 6 days the cheque should be cleared and can NOT be claimed back..

marky · 08-02-2009, 18:32

According to Zings link you are perfectly fine

---------- Post added at 18:32 ---------- Previous post was at 18:31 ----------

I must learn to type faster

pop80_uk · 08-02-2009, 18:33

Super! Mis-read it!
Thanks! :0)