Cheque clearance

Seanachai

Does anybody have any experience of how long it takes for an AIB issued cheque to clear to the An Post smart account. It says 10 to allow ten days on the receipt which shocked me.

Seanachai

Also can the issuer of the cheque cancel the lodgement?, I just can't afford to wait ten days for money to go into my account. It's the only current account I have at the moment because the other one is in the red. I was thinking my employer could transfer my wages by EFT the account, but that could probably take ages also.

I don't know how they expect any working person to wait that long. It's a crap service and I'll be closing the account as soon as I can.

wonski

Bank transfer only takes 1 working day so definitely ask your employer if he can do that in the future.

Cheques are now thing of a past, take long time to clear and cost more. 10 working days is way too long, 5 was a norm last time I cashed one.

Seanachai

wonski wrote: »

Bank transfer only takes 1 working day so definitely ask your employer if he can do that in the future.

Cheques are now thing of a past, take long time to clear and cost more. 10 working days is way too long, 5 was a norm last time I cashed one.

But this is from a bank to An Post, cheque clearance from bank to bank normally takes three days, five at most. They promoted this account as if it was the bees knees and it turns out to be a sham.

CeilingFly

Instead of going on a rant, you should have just asked the question and waited for information before ranting.

Electronic transfer is ALWAYS quickest. Within the main clearing banks its same day or next day and funds are confirmed.

Cheques are a near obsolete form of payment and the banks have no interest in improving how they are cleared as they are being used less and less

An Post is not part of the clearing banks, so it goes from an post to their agreed clearing bank and then through the clearance system and then if not paid, it returns the same way. That's about 6-7days.

Its frustrating, but its an archaic form of payment and using an post (or kbc) adds additional time.

Yes, the issuer of the cheque can cancel payment up until end of day it hits their account - 2-3 days after you lodge it into post office account.

Get payments by eft, super quick and safe.

wonski

Transfer between all accounts, including anPost should take 1 working day so my advice would be to do that for all future payments.

As for the cheque currently issued your boss might cancel it, but there is a charge for it, and you might be charged a fee as well when it bounces.

CeilingFly

Seanachai wrote: »

They promoted this account as if it was the bees knees and it turns out to be a sham.

Seems you couldn't be arsed to read the terms and conditions of the account and now whine about it even though its very clearly stated.

Look in the mirror if you need to rant at someone and read terms and conditions of any financial service or utility you sign up to.

Jim2007

Seanachai wrote: »

I don't know how they expect any working person to wait that long. It's a crap service and I'll be closing the account as soon as I can.

It is nothing to do with the account or the service. And it is all to do with the antiquated method of payment used. Legally this method requires that the cheque is physically presented for payment at the issuer's bank. So they can't just jump in a car with your cheque and get it cashed. They have to come up with a process that meets the legal requirements at a reasonable cost and in a reasonable time. Hence the process you are experiencing.

If you want to rant at anyone then it should be your employer for not doing a transfer in the first place.