Cheque clearance problem

Heane

Hi, i am receiving my wages in a cheque form this week. The cheque is an aib cheque from the tuam branch in galway, but i will be lodging it in aib portlaoise, how long should this take to clear?

amdublin

Heane wrote: »

Hi, i am receiving my wages in a cheque form this week. The cheque is an aib cheque from the tuam branch in galway, but i will be lodging it in aib portlaoise, how long should this take to clear?

If aib are all online with each other it should clear immediately.

I know ptsb have been online since pre 1998 so i'd hope that aib would have caught up by now.

chris85

3 days. It will not clear immediately.

Whenever lodging cheques it generally takes 3 days if same bank and 5 if another bank's cheque.

amdublin

chris85 wrote: »

3 days. It will not clear immediately.

Whenever lodging cheques it generally takes 3 days if same bank and 5 if another bank's cheque.

PTSB clear immediately.

KillerShamrock

amdublin wrote: »

PTSB clear immediately.

They allow you to draw on the cheque straight away but it is not clear, all cheques take 2- 5 working days to clear depending on the bank the cheque is drawn on and where it is lodged. If you take the money and the cheque gets returned before its cleared you are liable for the funds you have taken out.

This notion of cheques clearing straight away is fiction and never happens.
Drawing on a cheque on the day of lodgement is entirely up to the bank of the person who lodges the cheque and on the status of their account not the cheque!

chris85

amdublin wrote: »

PTSB clear immediately.

As mentioned your bank may allow you to withdraw it but not the same as clearing. Most banks dont allow it to be withdrawn immediately, especially these days.

cookie1977

I think I've like a flagged account with AIB as I can access the money I lodge by cheque immediately but it does take a few days to clear. As at one point a cheque given to me bounced and I was penalised (so unfair that) after a couple of days. The company that gave it to me had used a cheque book from a closed account. Eventually got the money and they (the company) refunded the AIB penalty (think it was 9 euro something)

amdublin

.

chris85

PTSB even say it takes time to clear.

https://www.permanenttsb.ie/aboutus/news/august2011/whatischanging/

amdublin

chris85 wrote: »

PTSB even say it takes time to clear.

https://www.permanenttsb.ie/aboutus/news/august2011/whatischanging/

I'd take that to mean other banks chqs have to clear

amdublin

See note on ptsb on here:
http://joe.ie/business-money/personal-finance/cheque-clearance-thievery-003079-1

They are not just allowing you to draw on the funds that "could be available if the chq clears okay"
They actually transfer the money out of the ptsb account of which the chq is drawn (if funds are available) and lodge it in to yours.

They are in essence doing what used to take 3-5 days (clearing) through the magic of an online computerized system.

Nb. This is obviously only for ptsb accounts and ptsb cheques.

greenman09

PTSB chqs will clear straight away providing the teller withdraws the funds from the payers account when lodging. All cheques other than own bank chqs take 5 working days incl salary chqs (since start of month). if the funds are not available on an account u cannot draw on the cheque til it clears.