How long does it take to clear?

[katangel26]

When you pay in cash into a current account at the bank to a cashier, does it clear and is it available straight away?

My friend has asked me to pay something on my debit card as the people he's paying don't accept his type of card, he's planning to pay the money into my account in the morning, then pay the company he owes money to from my bank account an hour or so later with the money he's put into my account.

Will it be in my account and available to take? I only worry as it's a large amount he's going to deposit and if it's not cleared it will obviously make me overdrawn.

He says it will be available straight away and although I agree, I wanted to double check first.

Any ideas anyone please?

Thanks

Kate.

[naughty sue]

if you pay cash into your bank account it is classed as clear fund straight away ie. you could take it straight back out again if you wanted to hope this helps

[katangel26]

It certainly does, you're a star thanks naughty sue

[Kathyan]

I went to the bank one day to pay in a cheque and cash on the same paying in slip. I asked if the cash would be available straight away and she said no. I had to pay in the cash and cheque seperately for the cash to be available straight away. So if your friend is just paying in cash you should be OK.

[skingraft01]

only cash is available straight away, cheque's take 3 to five working days depending on type of bank, ie hight street or building socity.

[jrsmatthews]

With all the main banks hard cash banked into your bank account is credited immediately the cashier posts the deposit on their computer. It is normally done before you leave the counter, so it is an immediate transfer to your bank account and you can make a direct debit card payment virtually immediately.
You can always telephone your bank or go online to confirm and put your mind at rest BEFORE paying by debit card. Don't do it the other way round - pay an account for a friend on the basis that he will repay you 1 hour later!
One final word, if you do not bank with one of the main clearing banks (Barclays, Natwest, HSBC etc) contact your telephone banking first to confirm.