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cheque clearing process

  • 11-06-2015 12:34pm
    #1
    Nanor128
    Registered Users, Registered Users 2 Posts: 10 ✭


    I find it hard to understand why it takes so long for a cheque to clear in this day and age.
    I lodged a cheque on the 5th June and it still hasn't cleared.
    I know it supposed to take 5 working days, so it wouldn't be due to clear until the 12th allowing for the weekend. Its from a financial institution so there is no doubt about the funds being available.
    I know I could have brought it to the relevant branch and cashed it.

    I just think this process should take 48 hours max, and the banks are obviously delaying this process on purpose to hold on the funds for an extra 3 days in their system.
    Shame on them, this need to be addressed.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Its Paper, no funds are as you say available. Its a donkey years old process, can't really make it go any quicker. The UK had planned a few years back to remove chi's but decided not to.


  • #3
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    I used to be faster in the past - 3 working days. Further, if you were in good standing with your bank, they didn't mind you drawing uncleared funds without penalty. But that was when a smaller proportion of the people had bank accounts, and bank customers were, on average, more reliable.

    Those good old days will never return.


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