Sterling cheque lodged in ptsb

Scottm80

Hi, I lodged a sterling cheque in my ptsb acc last Tuesday & when I checked my acc this evening it hadn't cleared yet. I rang their customer service and was told it won't clear till the 4th of July....that's 4 weeks is that normal? Is there anything I can do about it or anyone I can contact. I have an acc with Aib, should I have lodged it with them, can i do that now??? Any info or advice would be great, thanks

Fred Swanson

This post has been deleted.

Scottm80

Thanks for the reply & info....

368100

A stg cheque can't go through the normal clearing system so that's why it takes longer. Some banks will allow you to draw on the cheque straight away depending on amount and if you have good account operation. I know BOI do this.

Scottm80

Thank you for the reply & info.

I understand it will take longer but personally I think 4 weeks is an excessive amount of time. Unfortunately I left Boi to go to Ptsb, ill call into the branch tomorrow to see if they can release some funds. Thanks again

368100

Scottm80 wrote: »

Thank you for the reply & info.

I understand it will take longer but personally I think 4 weeks is an excessive amount of time. Unfortunately I left Boi to go to Ptsb, ill call into the branch tomorrow to see if they can release some funds. Thanks again

You're right, in today's age it should be much quicker but it's a result of lack investment in cheque clearance systems due to it being a dying form of payment means it's still a very manual process.

VincePP

Its a manual and laborious process - branch to a central area, then sent by post to uk central system, then to bank it was drawn on, then all the way back if it bounces.

To be safe they say 20 working days - 4 weeks.

If you know the person who sent it very well (such as parents or other relative who don't like electronic banking) let them know - it might make a difference.

Fred Swanson

This post has been deleted.

ct5amr2ig1nfhp

Similar with FX. I lodged a 100 USD dollar note (just one) recently and they said 4 weeks to clear.

I understand they have to cover themselves but 4 weeks??!

RiseToMe

I get cheques regularly from the UK for expenses (University policy for international lecturers to be paid by cheque for whatever reason) and every single time it's 30 days with PTSB.

I don't mind so much those cheques but what really ticked me off was a cheque from Inland Revenue taking that long to clear! Seriously, that cheque wasn't going to bounce!

Fred Swanson

This post has been deleted.

VincePP

RiseToMe wrote: »

I don't mind so much those cheques but what really ticked me off was a cheque from Inland Revenue taking that long to clear! Seriously, that cheque wasn't going to bounce!

Stolen and fraudulent cheques are commonplace unfortunately, so every cheque and even bank drafts require clearance

Charles Babbage

VincePP wrote: »

Its a manual and laborious process - branch to a central area, then sent by post to uk central system, then to bank it was drawn on, then all the way back if it bounces.

To be safe they say 20 working days - 4 weeks.

Four weeks is ridiculous, if you lodge a cheque in Newry you get it in 3 days, why should one lodged in Dundalk take more than one day longer?

Of course electronic payment is the cure.

paul71

Charles Babbage wrote: »

Four weeks is ridiculous, if you lodge a cheque in Newry you get it in 3 days, why should one lodged in Dundalk take more than one day longer?

Of course electronic payment is the cure.

Because it is a completely different clearing system. 30 miles may as well be 3000 miles were manual international clearing systems are concerned.

dudara

Moved to Banking & Insurance & Pensions

dudara

daithibhoy76

Four weeks is absolutely ridiculous. I regularly deposit UK cheques in my AIB account, generally takes 5 working days to clear, sometimes a little bit longer but not much. I prefer to use electronic methods of payment, but not everyone can do that hence the cheques. UK cheques drawn on UK banks are usually cleared in 3 days (sometimes quicker), the only difference in clearing it here is that it has to be converted to Euro, and then the postal time might be 1-2 days longer.

There is no agreement on cross-border clearing cycles between Irish and UK banks, which is therefore a handy excuse for them to hold on to your money for at least 3 weeks more than they legitimately should. The banking authorities here (lol) aren't interested in such consumer issues. Irish banks get away with it for this reason, if you deposited a EUR cheque from Ireland or any other EU member state, you'd wait no more than 4/5 days for it to be cleared.

Electronic payments are the way to go whenever possible. Paypal is not a bad way to do it incidentally.

VincePP

daithibhoy76 wrote: »

Four weeks is absolutely ridiculous. I regularly deposit UK cheques in my AIB account, generally takes 5 working days to clear, sometimes a little bit longer but not much. I prefer to use electronic methods of payment, but not everyone can do that hence the cheques. UK cheques drawn on UK banks are usually cleared in 3 days (sometimes quicker), the only difference in clearing it here is that it has to be converted to Euro, and then the postal time might be 1-2 days longer.

There is no agreement on cross-border clearing cycles between Irish and UK banks, which is therefore a handy excuse for them to hold on to your money for at least 3 weeks more than they legitimately should. The banking authorities here (lol) aren't interested in such consumer issues. Irish banks get away with it for this reason, if you deposited a EUR cheque from Ireland or any other EU member state, you'd wait no more than 4/5 days for it to be cleared.

Electronic payments are the way to go whenever possible. Paypal is not a bad way to do it incidentally.

If you are a well rated customer of AIB they generally allow you draw down on cheques immediately or within a couple fo days, however in their terms and conditions they inform you that cheques drawn on foreign banks take upto 28 days to clear and any advance on those checques are at your risk. (or something along those lines)

As for the banking regulator - the new governor is quite different to the previous ones and far far far more customer focussed. Put it this way - he wouldn't have even made the list of those the banks wanted in the job. He's only there sonce November and already caused the banks mega headaches with his tracker review and very agressive style of commencing proceedings against the banks for wrong-doings.

Now if the ombudsman got some non banking friends into their office it would be great.

NiallerMc

Lodged a sterling cheque with BOI 5 weeks ago and still waiting and they've told me today it could take 12 weeks after originally telling me 4-6 weeks.....a joke