Tax Refund Cheque

EdgarAllenPoo

I got a tax refund from revenue in the form of a cheque today. Only trouble was it was a Bank of Ireland cheque and my account's with AIB so instead of the cheque being cleared in three working days I was told it will take five.

Now I'm in no urgent need of the money but am I the only one who thinks it's a bit odd that a cheque from a state body is is drawn from one particular bank and when someone has to lodge the cheque with another bank it takes longer.

Should there not be/is there not some dispensation when it comes to these kind of cheques?

parsi

It's too late now (and may be irrelevant) but the Med1 form allows you to nominate a bank account for the lodgement so the ability to do EFT is there.

In relation to the dealy - well the banks are archaic and like the system where they get to hold onto your cheque for a while. I doubt that they would like to idea to speed through cheques from State bodies.

Its strange about AIB taking three days to clear an AIB cheque - cheques that I draw on an aib account are debited on the day of presentation.

unclebill98

A irish euro chq will take 6 full days to clear. You should be able to get it out after 3 days. Thats as fast as its going to be.

Normally if you ldg a XYZBank chq into an XYZBank account it would be cleared funds asap, but it will still not be fully clear for 6 days.