Cheque from Revenue

retroactive

Hi All,

Really quick question, but one which will greatly help cashflow.

I'm due a tasty cheque from our taxation commissioner friends and, when I'm done licking it, I'd love to turn it into instantly spendable currency.

I hold bank accounts with each of the pillar banks and some of the shambling ones.

I know I should have given my bank details and had it transferred by EFT or wotever but this is the situation I'm in now.

Any advice on the quickest way to cash a cheque from Revenue?

R

JTMan

The cheque will take 5 business days to clear. Not much difference in clearing time between the banks.

retroactive

It's Revenue though. I thought one of the banks would trust them enough to cash it on demand.

12Phase

If it's drawing on the same bank it'll process straight away, if not they'll clear it.

Clearing doesn't take 5 days in most cases anymore.

Toots

Revenue cheques are drawn in BOI. You can't cash it, but it'll take 3 days to clear there as opposed to 5 in another bank. You may be allowed to draw on the funds before they're cleared but be aware that you will incur a small interest charge for doing this.

12Phase

Clears straight away in BOI

Toots

It will show in the account straight away, but it won't clear for 3 days (day 1 is the day it's lodged) No cheques clear straight away.

12Phase

I've regularly had both AIB & BOI cheques clear instantly in their own accounts.
Ive actually used the funds

Toots

You're able to use the funds but the cheques aren't cleared straight away. Just because you are allowed draw the funds doesn't mean the cheque has cleared. Cheques take 3 working days to clear if they are lodged in an account in the same bank they are drawn on. If it's lodged in a different bank, it takes 5 working days. Foreign cheques take weeks.

amber2

Take it to BOI ask them can you draw on the funds immediately, if your a longstanding customer of the bank,
The cleared for funds indicator should allow the cashier give you the cash there and then. Same criteria applies though it will have to be lodged and withdrawn as cash.

m5ex9oqjawdg2i

12Phase wrote: »

I've regularly had both AIB & BOI cheques clear instantly in their own accounts.
Ive actually used the funds

Could have been a check that was not crossed, so the cashier may have cashed it first and then lodged it? There may be some cases that the funds were available to you immediately, but that's a case per case issues (maybe you have a good standing with the banks, good credit rating, etc).

Otherwise the standard procedure is (unless things have changed in the last 5 years?):

- Same bank clears in 3 working days.
- Different banks clears in 5 working days.

retroactive

I've worked for a few banks in my time and BOI really seems to be the best. Thank you to those that noted that it would be quicker in BOI.

One final question, could I lodge it to a UK BOI account and draw in it as quickly as I would with ROI?

BuffyBot

No, it'll certainly take a LOT longer to fully clear.