Cheque clearance period !?

rolion

Hello,

Just used my first cheque book and i had a major problem...
i ran short of cash in account,lodged few cheques and isued out another cheques,hoping that clearance/lodgment period will cover.
In meantime,the mobile phone bill came through and took a big load...

However,the issued out cheque file to one of my supplier went through for clearance in ... 30 minutes next business day,despite what the guys from business online support saying that can take from 3 to 5 days !!!

So,i have now 4 working days waiting for my cheques waiting to be cleared while my cheques issued out are being presented for clearance !!!

IS that normal with any banks or is something silly going with my bank or with my account !?

Thanks in advance...

Kinetic^

AIB to AIB, BOI to BOI etc should only take about 2 days.

AIB to BOI etc will take 4-5 days to clear.

MyAmber

Talking about cheques - be extra careful when dealing with non-Irish cheques.
According to the bank legislation Irish bank has to give you the money from any cheque within 5 working days.
Although it usually takes longer to verify the cheque from UK for example.
Therefore the bank will give you the money, but after 2-3 weeks when gets the information from the original bank that the cheque is fake - bank will withdraw the money from your account.

It's a very common scam, frequently seen on carzone.ie for example.
Somebody from UK wants to buy your car (without even seeing it), sends you a cheque and after you received the money onto your account you send a car with DHL.
All cost covered by the buyer.
Well until the bank takes the money from your account and you don't have neither the money nor the car.

So be careful with foreign cheques.

maxer68

In the old days you could "spin" the cheques, but its a lot harder now as it goes to a central processing area and then entered into a electonic system rather than go to the individual branches like ti used to.

Same bank to same bank is usually instant as all their systems are now fully connected and they can clear it at the desk.

Ulster Bank allow you use the funds after 2 days, whereas NIB make you wait the full 5 days. Don't know about BOI or AIB. Ulster will allow immediate payment against cheques lodged if they know you well.

I usually find that if a cheque is being bounced, it shows up on my account on day 3 and I receive it back on day 4.

If I write a cheque (rare these days as online is so much easier) it comes out of my account on the second day after I wrote it. e.g. if cheque is lodged into supplier account today, it comes out of my account wednesday unless its same bank, then its instantaneous.


If the bank manager sees you spinning the cheques, he'll probably call you in for a chat. - Nothing serious, as they used to "advise" you to do this in the good old days when you needed a few bob for a couple of days.

maxer68

rolion wrote: »

In meantime,the mobile phone bill came through and took a big load...

Just on this - if you're paying over €95 a month, you need to immediately switch to an all you can use plan.

If you want data Three's plan is by far the best. All irish mobile, all irish landlines, all UK land & Mobile all data - €95 a month. Includes all roaming on 3's networks in UK and europe.

If just Irish calls, then e-mobile's €59 / month plan is the one for you. €49 if you have a home eircom line.