19 posts. Most UK banks now use cheque imaging, which allows cheques to clear faster – by 23:59 the next weekday (except bank holidays) and in many cases, earlier (as long as the cheque hasn’t bounced). ONE of Britain's biggest banking groups is extending its cheque clearance time by two days. The time it takes for money orders to clear will be similar to that of cashier’s checks — so one business day. The current lockdown means our branch opening hours have changed. Halifax cheque clearing time? The profit motive simply doesn't apply to the basic cheque clearing process. Halifax and cheque clearing time. Over $1,500, 7 business days and 8 business days respectively. All sterling cheques are processed via the Image Clearing Scheme – this scheme is much faster than the previous Paper Clearing Scheme and operates a two-business-day clearing cycle. 20 November 2012 at 10:56AM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts 5 replies 122.2K views Example for Paper Clearing Process: Pay in a cheque on Monday before the Post Office cut off time. How long do the Halifax take to process a cheque? A quicker clearing time also means that when you have written a cheque, money will leave your account sooner than it did under the old '2-4-6' clearing process. ... Favourite answer. The basic cheque clearing cycle doesn't include any days at all where the banks skim off interest. The safest way to bank with us right now is from home either using our app or through Online Banking. Please check our branch locator if you need to visit for the latest information.. 24 February 2014 at 5:42PM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts. It depends on two banks - so if your account is with the Halifax it will also depend on which bank issued the cheque in the first place. 3 replies 8.5K views persil Forumite. Thus, if you have the overdraft available, you can actually withdraw the cash instantly - you'll technically be overdrawn until Day 4, but there'll be no charge since for interest/fee purposes you are in credit. You should always ensure you have sufficient funds in your account prior to writing a cheque. For current accounts, at least, Halifax operate under 0-4-6. If you mean the bank is holding the cheque for verification before releasing the funds, these are the regulations, For cheques under $1,500, if you personally had it to the teller, 4 working days, if by ABM 5 days. The money is always in one customer's account, or the other's (the recipient's or the payee's). It takes from three to five working days to clear cheques. 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