Why does it take so long for cheque to be credited after funds have left the issuing bank

I sent a cheque to Monzo. On the evening of the 2nd of December I got a message asking me a couple of questions about it, which I answered in the morning of the 3rd. On the 4th a line appeared in my transactions saying that they had received my cheque. On the 8th of December they debited the account account of the issuing bank. Today is the 12th of December and the funds have still not bee creditd to my account by Monzo. The issuing bank tell me the funds were credited to Monzo on the 8th (it’s another account I control). Monzo tell me it’s not due to be in my account until the 14th and to come back to them then if they aren’t. The only conclusion I can come to is that Monzo are holding my funds in a suspense account for as long as possible to earn as much on them as they can before giving me access and using ‘admin’ as the excuse for the delay. Anybody else had the same experience?

All of the banks I use (except Monzo and Starling) credit the funds on receipt of the cheque. With Starling, it’s usually 0900 on the next working day, if sent on a working day.

I’ve always advised against sending cheques to Monzo because their process has so many extra steps, and at each step there is a small but real chance for an error to occur.

I’m sure Monzo aren’t deliberately holding the money from you, though. It’s a cock up, not a conspiracy. They’ve said wait till the 14th, so you’ll have to do that.

In future, deposit cheques into a bank which is set up to receive them. In my experience, Nationwide will allow you to access the funds immediately.

Edit: You asked why it takes so long. You post the cheque to Monzo. Monzo checks it looks OK, and sends it to Nat West. Nat West then clears the cheque through the system, then sends the funds to Monzo. It’s bound to take longer than using clearing banks.


Why are you writing cheques to yourself??


So despite Monzo’s attempts to get me to treat them as my main clearing bank, they are clearly not ready to provide the service yet.

not relevant

It is, because you wouldn’t have had any delay if you hadn’t written yourself a cheque.

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If you want to receive cheques, deposit lots of cash, receive foreign funds, then, no, Monzo isn’t the bank for you. Starling might be.


The thought did occur to me, but it really isn’t necessarily relevant. The OP could, for example, have power of attorney over an account, where the account holder prefers to use cheques.

And Monzo could do cheques better. They just don’t want to.


I’ve always had cheques credited pretty quickly when I’ve sent them to Monzo but that was last year. I opened a Starling account a few months back for other spending so I make use of that nowadays for the rare cheque’s I get, I’m guessing Christmas Day be the next cheque I see :rofl:

How do you work that out? Anyway it wasn’t from an account in my name, it was from a company. It still doesn’t explain why the funds left the company account on the 8th and still havent been credited to min.

It was explained above

Welcome to the forum, @Dufsnr:grinning:

Possibly your cheque is not going through the 2018 imaging system entirely and is being cleared on the old 2-4-6 cycle, that plus manual processing time of the post. Also it would have to be a significant amount of money to have any material benefit to Monzo from gaining BoE interest. A very ignorant statement to make.

Do Monzo post it on to Natwest?

I’ve got a cheque going to Monzo from a family member

:joy::joy: What joyous conversation

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Brilliant. Well with my two incredibly limited brain cells I have done some maths. At the prevailing Bank of England interest rate at 0.1%, your cheque for £1,000,000 would net Monzo £2.80 per day.

Now with my last brain cell I figured it would a better business decision not to pay someone a salary for the privilege of processing your cheque.

But to the main point, just because the funds cleared Natwest on one day does not mean they are cleared by the receiving bank at the same time. The old clearing still impacts some old accounts.

So I still think you remain ignorant.


To be fair, your cheque has cleared a lot faster than any of the cheques I’ve sent in to Monzo!

And there was me being all nice …:face_with_raised_eyebrow:


To be fair to the OP the person they are replying to is clearly baiting them. The OP’s reasons for posting a cheque they’ve written has got nothing to do with the original question.

To keep this on topic though I do wonder if the reason Monzo is process is so onerous is to try and discourage people from actually sending them cheques. They clearly have no interest in them


Nah, I just think more and more Monzo’s just pretty incompetent in a lot of things.