Cheque credited instantly

kirk.

I lodged a revenue cheque recently and the credit was instant

I thought there was always few days delay or would it be because it was from revenue ? Thanks

mulbot

https://www.boards.ie/discussion/2058327203/cheque-credited-instantly

Bank of Ireland? Ive banked cheques for years now that clear instantly, not sure why

kirk.

Ya lodged at Boi

I've a credit union check from aib to lodge in Boi would that take longer ?

Jim2007

https://www.boards.ie/discussion/2058327203/cheque-credited-instantly

You are correct in your understand, cheques must be sent for collection and it can take anything from a few days to weeks depending on the bank and the cheque. That said most banks take the view that certain cheques are highly lightly to be honoured and according will give you a temporary credit against the cheque. If for any reason the cheque is not honoured, the credit will be reversed and you might even be charged a fee for this. You'll find these rules buried somewhere in the banks terms and conditions.

coylemj

Your customer profile probably has a lot to do with it. I'd imagine that a student or someone with a history of lodging rubber cheques would be made to wait for the cheque to clear before the money was credited to their account.

One thing that would help with a speedy clearance is if you have a mortgage with the same bank because the mortgage acts as security for all loans you have with that bank. So the account holder doing a runner would not be an option if the cheque bounces.

kirk.

Lodged the CU check and the transaction is completed but the funds are not available

would that be normal ?

Jim2007

We have already explained to you how cheques are processed and the temp crediting that may or may not occur at the discretion of a given bank. We can't tell you more than that because we don't know the bank's view of your banking relationship. Some people will have all cheques credited immediately, so will have cheques from certain drawers credit and some may have none. Ask the bank, they are the only ones who can tell you how the treat cheques by lodge with them.