Slow Cheques In Irish Banks?

CptSternn

Is there a reason Irish banks take a full week to clear a cheque?

I just find this a bit mind boggling in todays day and age. In American and most UK banks cheques clear in 3-4 days, 4 days being the MAX and that is including the deposit day.

Here in Ireland the normal is 5 'business days' AFTER the deposit day. So if you put it in on a Tuesday, you get it at midnight on WEDNESDAY of next week.

Every other industrialised nation has no problem with this, what makes our banks so sloooow?

unclebill98

It's a physical piece of paper. It's been that way for decades. They are not going to invest money to make it quickly when it's a dying out format for making payments.

rahenyrover

CptSternn wrote: »

Is there a reason Irish banks take a full week to clear a cheque?

I just find this a bit mind boggling in todays day and age. In American and most UK banks cheques clear in 3-4 days, 4 days being the MAX and that is including the deposit day.

Here in Ireland the normal is 5 'business days' AFTER the deposit day. So if you put it in on a Tuesday, you get it at midnight on WEDNESDAY of next week.

Every other industrialised nation has no problem with this, what makes our banks so sloooow?

The 5 working days do start on the day you lodge in Ireland. Lodge on Tuesday and funds are available close of business Monday the following week. (Close of business being whatever time the bank run their close off, usually after 7).

As already pointed out its paper and dying out, not gonna change.

Legislator

Why do we still use cheques when they are the slowest and most expensive paymemt instrument that we have. Most European countries have all but eliminated cheques and the sooner we follow suit the better. It will bring significant benefits to all Bank customers.

Tar.Aldarion

Try sending a check in euros to the north, the bike shop I am buying from was told it will take 10 working days to clear, two weeks! Jesus.

Legislator

Tar.Aldarion wrote: »

Try sending a check in euros to the north, the bike shop I am buying from was told it will take 10 working days to clear, two weeks! Jesus.

Why send a cheque, send a SEPA Credit Transfer and it will be in the beneficiary bank next day.

Tar.Aldarion

It was with the bike to work scheme so my employer was paying, so they pay how they like I guess. Must look up SEPA Credit Transfer.

adox

If I lodge a cheque in to my account(which is once in a blue moon now) it clears just like lodging cash. It shows up straight away on my account.

CptSternn

adox wrote: »

If I lodge a cheque in to my account(which is once in a blue moon now) it clears just like lodging cash. It shows up straight away on my account.

Which bank? And can you actually withdraw from it immediately? See, my bank 'shows' the funds in my account right when I deposit it, but it then tells me I cannot withdraw those funds.

It's not just PTSB, I also have an account at BOI and it happens there as well.

Ron Burgundy II

If you lodge an UB cheque to a UB account you can withdraw money straight away. Is this the same with other banks?
I thought the UK changed the policy on cheques in that once lodged they had to process it within a day or two. (maybe that was one banks goal to customers)

kodoherty93

Well everyone I pretty know is aib( I'm Dublin and there is an aib on pretty every street in the city centre). If you lodge an aib cheque into an aib it clears fairly rapiedly.

Dont bitch about cheques. Use a electronic transfer

smcgiff

Some people/businesses have arrangements with banks to access uncleared cheques. They will pay interest on any payment that relies on uncleared cheques until they clear. It might be worth asking your bank for such a facility.