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

As I understand it, Monzo should be scanning cheques and then NatWest clears them digitally (i.e the next working day).

As such, I’m not sure why Monzo would/appear to be delaying crediting customers accounts after this. Unlike the old 2,4,6 system once a cheque has cleared digitally, it can’t be recalled and is ‘cleared for fate’

1 Like

Faster payments.

At least Monzo is still quicker than my local credit union who state cheques take 30 days to clear for withdrawal.

I agree though the timeframes don’t seem to add up.

Is it normal for them to ask questions about a cheque before processing it? Do they do it every time?

My cheque arrived today. It will be credited by next Monday noon apparently

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.