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Customer Information


Home > Savings > Customer Information

Leeds Building Society
Customer Information

Important changes to the Cheque Clearance Cycle
Effective from November 2007

From November 2007, changes to the cheque clearing cycle were introduced by APACS and have been incorporated into the March 2008 version of the British Banking Associations’ Banking Code. The changes now mean you can be sure that at the end of six working days the money from a cheque deposit is yours. The changes also set minimum times from when you start earning interest on money paid into your account and when it will be available for withdrawal.

An example of the new process for current accounts is as follows:

  • A cheque is paid into a current account on Monday morning.
  • The money begins to earn interest on Wednesday (+2 working days)
  • The Society will allow the customer to withdraw the money from the deposited cheque from his/her account by Friday morning (+4 working days).

Previously, current account customers could not access their money until the 6th working day.

An example of the new process for savings accounts is as follows:

  • A cheque is paid into a savings account on Monday morning.
  • The money begins to earn interest on Wednesday (+2 working days)
  • By the end of the following Tuesday (+6 working days), the customer can begin to withdraw money from their savings account.

For more information, please visit www.chequeandcredit.co.uk

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Important notes

Member of the Building Societies’ Association. Leeds Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum payment of £35,000 of an investor’s total shares and/or deposits in a society. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered, for example deferred shares – permanent interest bearing shares. Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request from the Society. Leeds Building Society is authorised and regulated by the Financial Services Authority.

The Society is covered by the Financial Ombudsman Service. The Society subscribes to the Banking Code which sets out standards of good banking practice for banks and building societies. Details of the Code are available at www.bankingcode.co.uk or in the leaflet "The Banking Code" published by the BBA/BSA. The Society offers some investment products that may be operated through branches and by post and certain products which can be operated by post only.

Leeds Building Society is authorised and regulated by the Financial Services Authority and our registration number is 164992.

Other taxes or costs may exist that are not paid by the Society.