Cheque clearance

MazzR

I lodged a aib cheque into my bank of Ireland account last Tuesday. When should it clear? It's on my app as being in the acccount but when I tried to withdraw cash it said insufficient funds.
Thanks

Toots

It'll take 5 working days to clear so should be available to withdraw on Monday.

chipfox

I've had them clear in one day. Just deposited one into a machine a few days back and it took 3 working days. Not really sure is there is a specific timing on them

newacc2015

chipfox wrote: »

I've had them clear in one day. Just deposited one into a machine a few days back and it took 3 working days. Not really sure is there is a specific timing on them

It depends on your bank. Same bank processing is a lot quicker, than intra-bank processing. It is even quicker if a cheque is from the same branch. Although I think cheque processing is now centralised and not per branch

Toots

chipfox wrote: »

I've had them clear in one day. Just deposited one into a machine a few days back and it took 3 working days. Not really sure is there is a specific timing on them

Cheques will either clear in 3 working days or 5 working days. Here's how it works:

Toots wrote: »

I wrote a post before on the cheque clearing cycle the info is here:


In the case where a cheque is lodged in the same bank as it is drawn on (BOI cheque lodged to BOI account) the cycle goes like this:

Day 1: Cheque is lodged by payee. Drawer's account is debited.
Day 2: Cheque has been debited from drawers account, but can still be returned unpaid if 1.The drawer requests the cheque be stopped
(this can be done the day after the cheque has been debited) or 2.the cheque is out of date, not signed, post dated, incomplete.
This can be discovered when the cheque goes through clearing on day 2.
Day 3: Cheque is cleared in payee's account.



In the case of the cheque being drawn on another bank ie: AIB cheque lodged to BOI account, it goes:

Day 1: Cheque is lodged by payee. Debit is sent through clearing to other bank.
Day 2: Debit reaches other bank, and is sent through to drawer account.
Day 3: Providing there are sufficient funds in the drawer's account, the cheque is debited, but can still be returned unpaid if 1.The drawer requests the cheque be stopped, or 2.the cheque is out of date, not signed, post dated, incomplete.
Day 4: Cheque has been debited from drawers account, but can still be returned unpaid if 1.The drawer requests the cheque be stopped (this can be done the day after the cheque has been debited) or 2.the cheque is out of date, not signed, post dated, incomplete.This can be discovered when the cheque goes through clearing on day 4.
Day 5: Funds are cleared in payee's account.

This is the case regardless of who the cheque is from, because no cheque is guaranteed until it clears.
In some cases your bank will have your account set up in such a way that you will be able to access the funds straight away - usually if you've had the account a long time and it is kept in good standing - however even if you're able to do this, the cheque will still take 3-5 days to clear. It's almost as if the bank is giving you the money 'on tick' until the cheque has cleared.