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Cheque Imaging

A new, easier and quicker method of clearing cheques has now been introduced across the UK. Called the Image Clearing System, it enables images of cheques to be exchanged between banks and building societies instead of moving paper around the country. This new approach allows you to withdraw money much sooner than you do currently. So, if you pay in a cheque on a weekday (before our cut-off time) you can withdraw the funds by 23.59 on the next weekday (provided that the cheque has not bounced). However until all branches are updated, some cheques will still follow the traditional paper route and timelines. Check with your branch for details.

  • Introducing Mobile Cheque Deposit
    You can now pay in cheques by taking a picture using the HSBC UK Mobile Banking App
  • Paperless transaction
    An image of a paid in cheque will be taken, this image is the form of communication banks will use to transfer cheque information between themselves, instead of the physical paper cheques previously used
  • Faster cheque clearance
    Sterling cheques that are imaged will clear faster than they do today
  • Access funds within 2 days
    This means you will be able to access your funds within two working days instead of six

Ways to deposit a cheque

You can now pay in cheques by taking a picture using the HSBC UK Mobile Banking App.

Branch

You will still be able to pay in a cheque at a branch or cheque deposit machine as you do today. The money will be received quicker into your account, plus the funds will leave the sender's account quicker.

Post Office

You will not see any change in the way you pay in a cheque, you will receive the funds by 23:59 the next working day once the cheques are received at the processing centre (this may incur a slight delay).

Posted to HSBC

You will receive your funds by 23:59 next working day once the item is received.

Important: To protect your funds we would continue to maintain our fraud checks as we do today.

 

How your bank statement will change

Prior to Cheque Imaging you would have seen a cheque paid in as pending on your account until it had been cleared. Currently this could take 2-6 days This will change once imaging comes in and you will no longer see cheques paid in as pending, but when it has cleared. If it does not clear by 23:59 on the next working day the cheque has been returned unpaid and you will see a credit and debit cheque transaction. You will also receive a letter to explain the reason why the cheque was unpaid.

 

Ensure you have funds available

You need to ensure you have sufficient funds when writing your cheques and until the cheque has debited your account, as it could be as quick as the next day. If there is not enough money to pay your cheque at the start of day we may try to pay it again at 1.30pm. If there is not enough money it may be returned unpaid. This will apply to all UK sterling bank cheques.

 

Useful information

Clearing cycle

 

 

Cheque Imaging statement transactions

Paid cheques

Credit Transaction will appear on the account by 23:59 weekday after the cheque deposited.

Unpaid cheques

Credit and debit transactions will show on the account once unpaid decision has been received by 23:59 weekday after the cheques deposited and a letter will be sent advising the reason.

Represents

Credit and debit transactions will show on the account once unpaid decision has been received by 23:59 weekday after the cheques deposited and a letter will be sent advising the cheque will be represented for payment.

 

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