Payment by cheque - cleared - but not cleared?

[crankedup]

Paid cheque in payment for Daughters car last weekend. The money has now left my account yesterday morning but the car dealer advises me this afternoon that the money has not cleared into his account? Cash in cyberspace?

[F458]

No thats how the banks have made £billions for years!!

[crankedup]

So its obviously the recipients bank thats enjoying the interest on the money. I was hoping this may not have been the case! how very quaint.

[F458]

What happens with me is Day 1 - Person pays in cheque - Day 2 It goes out of account according to online banking and then about Day 5 it clears in to the persons account as avaliable funds!! Great system isn't it?!!

[skeeterm5]

Should have paid by debit card - no delay

S