Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Clearing a cheque

Options
  • 08-04-2009 5:34pm
    #1
    maxwell smart
    Registered Users Posts: 1,939 ✭✭✭


    My brother lodged his first cheque from the dole since going on a 3 day week, and it took 5 days to clear. Now I know the government's credit rating is poor......but come on!!

    I rang the bank on his behalf and was given the usual "cheques take up to 5 working days to clear" blah blah we love our customers. Its the Permanent TSB he's in.
    Seriously though, anyone else come up against this?


Comments

  • Options
    #2
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    AIB customer, experienced the same. Though its credited to my account, I just run the risk of it bouncing :P No idea why it takes so long, different banks different lengths. You would think with todays technology it would not take so long!


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


    Chq's have a clearing cycle. Simple. It will take a bank 5 working days to clear any chq.
    Them there are the rules.


  • Options
    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    See here for an explanation of how the cheque clearing cycle works.

    AFAIK, the dole cheques clear through BOI so if you've got a PTSB account, the cheque will take 5 working days to clear. Sometimes your branch will let you draw on funds from your account before they clear, but this is at their discretion, and you will also be paying interest for the days until the cheque clears.


  • Options
    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    See here for an explanation of how the cheque clearing cycle works.

    AFAIK, the dole cheques clear through BOI so if you've got a PTSB account, the cheque will take 5 working days to clear. Sometimes your branch will let you draw on funds from your account before they clear, but this is at their discretion, and you will also be paying interest for the days until the cheque clears.

    Social welfare chq are drawn on a BOI a/c (@ Toots - actyually at the last branch I worked in would you believe). Toots has explained the rest.


Advertisement