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Lodging checks

  • 09-08-2020 2:26pm
    #1
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭


    Is it normal to lodge a check and not have instant access to what I have?

    The check I lodged showed up that I lodged it but it's not a pending transaction.

    I think I should have more in my account because of this check but I don't.


Comments

  • #2
    Sarn
    Registered Users Posts: 3,059 ✭✭✭Sarn


    If it’s a cheque from the same bank that you’ve lodged it to, the funds would normally be accessible straight away. Otherwise you’ll have to wait up to five business days for the funds to become available.


  • #3
    coylemj
    Registered Users Posts: 25,326 ✭✭✭✭coylemj


    Sarn wrote: »
    If it’s a cheque from the same bank that you’ve lodged it to, the funds would normally be accessible straight away.

    I'm not sure that's correct. Don't all cheques go to central clearing these days? Which means local cheques (drawn on the same branch) would get no special treatment vs. a cheque drawn on the same bank but a different branch.
    Sarn wrote: »
    Otherwise you’ll have to wait up to five business days for the funds to become available.

    If you're a trusted customer with no recent history of lodging rubber cheques, they might let you draw the money before the cheque clears. Otherwse, you'd have to wait the five days or so which you mentioned.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,987 Mod ✭✭✭✭Jim2007


    Away With The Fairies wrote: »
    Is it normal to lodge a check and not have instant access to what I have?

    A cheque is a physical instrument in a digital world and it does not play well. Legally speaking you or your agent (usually the bank) must physically present the cheque to the bank of the person who wrote the cheque to receive payment. There is no way around this from a legal point of view. So when you lodge a cheque you are doing is asking the bank to go collect the cash from the other bank and deposit it in your account.

    Obviously the bank can't go running off to collect just one cheque at a time as it would cost a fortune. So they are batched up and processed from time to time in a block. That is why it takes so long for the cash to appear in your account and is legally yours.

    Obviously in todays world this is not very satisfactory, so banks often take a gamble on the cheque being met and just allow you access to the funds, depending on the issuer of the cheque and your past history. Government, institution and MNC cheques are unlikely to go unpaid, so it is often easy to get access to the funds immediately, were as with other you may have to wait.

    If you want to get quick access to funds, ask people to pay you by IBAN as it is much quicker.


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