Cheque Imaging has been fully introduced for all banks in the UK, enabling quicker and more convenient ways of depositing cheques, such as via the Mobile Banking app. This is because instead of exchanging physical cheques, banks will exchange digital images of cheques.
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. You should always ensure you have sufficient funds in your account prior to writing a cheque.
The table below explains what happens while the cheque is being ‘cleared’ (collected from the other bank).
If you pay a cheque in pounds into your account on a Monday, you will see it in your account the same day. It counts towards any interest and you can use the money on Tuesday by 11:59pm at the latest.
Cheque Clearing Process
When will the payment affect any interest you get or daily arranged overdraft fee you pay?
When will the payment be available for you to use?
When can the cheque be returned unpaid?
Cheques paid in using the Cheque Imaging process
By 11.59pm on the working day after we receive the cheque.
From 11.59pm on the working day after we receive the cheque, at the latest.
Up to 11.59pm on the working day after we receive the cheque.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Authorisation can be checked on the Financial Services Register at www.fca.org.ukVisit the Financial Conduct Authority website (Opens in a new browser window). Lloyds Bank plc is a member of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.