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KBC bank and cheque clearance

  • 10-03-2014 3:40pm
    #1
    finnteme
    Registered Users, Registered Users 2 Posts: 970 ✭✭✭


    I deposited a cheque to KBC last monday (went in to the branch) and i was told that it takes 7 working days (it was a cheque from AIB) to get this credited to my account.
    Last thursday the cheque's amount appeared to my online banking, but as uncleared funds, and i cant use the money. Still same today.

    Never dealt with cheques before, but i find 7 working days littlebit too much, even if the cheque needs to be sent manually to AIB for clearance.

    Is this true that it is allowed to take 7 working days?


Comments

  • #2
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    this says 5 days (or maybe 6)

    http://www.ipso.ie/section/BusinessCentreChequesFrequentlyAskedQuestions


  • #3
    finnteme
    Registered Users, Registered Users 2 Posts: 970 ✭✭✭finnteme


    Yeah, i checked the IPSO page when i called them yesterday. They told me that because they are mostly online bank, the cheques will take 7-10 working days to clear with them.
    My cheque is due to clear tomorrow i was told..


  • #4
    sandra06
    Registered Users, Registered Users 2 Posts: 305 ✭✭sandra06


    Put check in one of there hub's they said up to 10 day rang there main ph no and they said 48 hour who to believe ?


  • #5
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Carawaystick wrote: »
    this says 5 days (or maybe 6)

    http://www.ipso.ie/section/BusinessCentreChequesFrequentlyAskedQuestions

    KBC are not a member of IPSO. They are a member of IRECC but not IPSO. Hence, there is no point quoting the IPSO here. It is completely irrelevant.

    There is the reality of the situation:
    KBC have set up a recent full service banking operation in Ireland. They are trying to be a cashless and cheque-less operation. They reluctantly provide cheque clearing services but they are not set up to do it. They must outsource it to an IPSO bank ( AIB, BoI, BNP, PTSB or Ulster Bank) which would delay the process further.

    I have heard other people reporting issues with KBC and cheque deposits. I know someones cheque deposit that got "lost in the system". Keep following up with KBC to ensure you cheque clears and ensure that you get good value date for the delay.


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