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 11.59pm 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 depositYou can now pay in cheques by taking a picture using the HSBC UK Mobile Banking app
- Paperless transactionAn 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 clearanceSterling cheques that are imaged will clear faster than they do today
- Access funds within 2 daysThis means you will be able to access your funds within This means you’ll be able to access your funds within 2 working days instead of 6
Ways to deposit a cheque
You can now pay in cheques by taking a picture using the HSBC UK Mobile Banking App.
You won’t see any change in the way you pay in a cheque.
You’ll receive the funds by 11.59pm the next working day once the cheques are received at the processing centre (this may incur a slight delay).
Posted to HSBC
You’ll receive your funds by 11.59pm the 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 11:59pm 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.
Stopping a chequeExpanded press enter to collapse Collapsed press enter to expand
RepresentsExpanded press enter to collapse Collapsed press enter to expand
Special PresentationsExpanded press enter to collapse Collapsed press enter to expand
Cheque imaging statement transactions
Credit Transaction will appear on the account by 11:59pm on the weekday after the cheque deposited.
Credit and debit transactions will show on the account once unpaid decision has been received by 11:59pm on the weekday after the cheques deposited and a letter will be sent advising the reason.
Credit and debit transactions will show on the account once unpaid decision has been received by 11:59pm on the weekday after the cheques deposited and a letter will be sent advising the cheque will be represented for payment.