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Author Topic: Financial Brains (AMMENDED)  (Read 2314 times)

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alunonhisown

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Financial Brains (AMMENDED)
« on: 05 February 2010, 11:51:54 »
Who is the ££££ brains here.
As you are all aware I am waiting for that cheque to clear in America, been told by my acountant it will take up to 9 weeks, and should call her end of March. Is this correct?
« Last Edit: 05 February 2010, 17:44:42 by alunonhisown »
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mantahatch

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Re: Financial Brains
« Reply #1 on: 05 February 2010, 12:19:07 »
I am no financial wizard at all, but nine weeks for a cheque to clear, sounds more like two months in someones account earning interest.  ;D

Please don't take this seriously, I am really hopeless with money, my better half deals with that.  :y

« Last Edit: 05 February 2010, 12:19:25 by mantahatch »
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Allenm

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Re: Financial Brains
« Reply #2 on: 05 February 2010, 12:22:06 »
Don't know about USA, but over here iPSL (the largest cheque clearing org in the UK) take 3 working days to clear a cheque.  If required, it can be walked through the clearing in half a day.

9 weeks! sounds like someone having a laugh to me
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fletchesmrs

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Re: Financial Brains
« Reply #3 on: 05 February 2010, 12:22:45 »
Quote
Who is the ££££ brains here.
As you are all aware I am waiting for that cheque to clear in America, been told by my acountant it will take up to 9 weeks, and should call her end of March. Is this correct?


hi i worked for London Scottish Finance for a few years,different cheques take different times to clear, what sort is it , personal or business ?
got to say though, i have never heard of one taking 9 weeks!!!!
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bob.dent

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Re: Financial Brains
« Reply #4 on: 05 February 2010, 12:24:59 »
I'm an accounts manager for my company but don't have any direct dealing with cheques to the USA but 9 weeks sounds a bit unlikely for cheque clearance. Even if the cheque takes a week to get there I can't see how it can take another 8 weeks to clear. I would be asking questions if I were you. :-/
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alunonhisown

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Re: Financial Brains
« Reply #5 on: 05 February 2010, 12:38:07 »
Quote
Quote
Who is the ££££ brains here.
As you are all aware I am waiting for that cheque to clear in America, been told by my acountant it will take up to 9 weeks, and should call her end of March. Is this correct?


hi i worked for London Scottish Finance for a few years,different cheques take different times to clear, what sort is it , personal or business ?got to say though, i have never heard of one taking 9 weeks!!!!
It is a cheque from the IRS in USA for a tax rebate.
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waspy

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Re: Financial Brains
« Reply #6 on: 05 February 2010, 12:40:49 »
Does the cheque clear into your account or the accountants account?
She may be holding onto it for little while ;)
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PhilRich

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Re: Financial Brains
« Reply #7 on: 05 February 2010, 12:41:34 »
The Americans are a bit short of money at the moment, maybe that's why they're hanging on to yours? ;D ;D ;D ;D ;D ;D ;)
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fletchesmrs

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Re: Financial Brains
« Reply #8 on: 05 February 2010, 12:42:14 »
Quote
Quote
Quote
Who is the ££££ brains here.
As you are all aware I am waiting for that cheque to clear in America, been told by my acountant it will take up to 9 weeks, and should call her end of March. Is this correct?


hi i worked for London Scottish Finance for a few years,different cheques take different times to clear, what sort is it , personal or business ?got to say though, i have never heard of one taking 9 weeks!!!!
It is a cheque from the IRS in USA for a tax rebate.


so business then, longest i have known a cheque to clear is 4 weeks, think someone is taking you for a ride,they maybe earning some interest for themselves, if i were you i would ask a few questions mate.
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ians

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Re: Financial Brains
« Reply #9 on: 05 February 2010, 12:42:18 »
So its a dollar cheque from a US institution paying into a US bank account (is it?).   That should be routine, just the same as here.
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Marks DTM Calib

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Re: Financial Brains
« Reply #10 on: 05 February 2010, 12:47:07 »
Its a piss take.....so investigate further.

The USA made a change in law a few years ago via congress.

Previously a check wouldnt typically "clear" for 2-3 days (like ours) from deposit. Now, as long as the route and account # are recorded electronically, it will attempt to clear at 12:00 PM that day and will be recorded as deposit or bounce at 12:01 AM by every bank in America who belongs to the federal banking insurance program (All of them).

SO they actualy have a more streamlined system than us
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alunonhisown

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Re: Financial Brains
« Reply #11 on: 05 February 2010, 12:49:22 »
Quote
Does the cheque clear into your account or the accountants account?
She may be holding onto it for little while ;)
It clears into HER account and said she will WIRE to me as soon as it clears. (WIRE?)
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fletchesmrs

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Re: Financial Brains
« Reply #12 on: 05 February 2010, 12:49:41 »
you may be well contacting the FINANCIAL OMBUDSMEN SERVICE on 0845 080 1800 they may be able to advise you a bit more
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ians

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Re: Financial Brains
« Reply #13 on: 05 February 2010, 12:52:41 »
Wire is electronic transfer , presumably to your UK account.  It works fine - will cost a few quid (both by sender and your bank for receiving it) and takes max of about a week.

You need to ask why it should take so long to clear at the US end.
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Marks DTM Calib

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Re: Financial Brains
« Reply #14 on: 05 February 2010, 12:54:43 »
I assume you have the cheque and have not simply just filed the return?
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