Cheques
Why don't all banks allow access to funds on the same day?
This issue is not driven by the clearing system but is a commercial decision for each bank or building society. Most high street banks allow customers to withdraw funds on the fourth or fifth day (i.e. if a cheque is paid in on a Monday, funds may be withdrawn on Thursday or Friday). Under The Banking Code, banks are required to provide clear details of their policies on this issue to their customers, and whether they add extra days to the central clearing cycle.
