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Bank question - cheques

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  • 05-09-2002 9:06am
    #1
    RicardoSmith
    Closed Accounts Posts: 8,264 ✭✭✭


    I lodged a cheque into my account but not in my own branch. Money goes into account fine. Which I was surprised at since it should have taken a day or so to clear. Next day bank takes money out of my account because theres a problem with the cheque. Now they have sent me a letter to say they have done this, but is it legal for a bank to just take money out of your account like that?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    The two major Irish banks (BOI and AIB) have a new policy of lodging cheques to your account the day you lodge them. However typically these cheques can take 3 to 5 days to clear. Read the small print- they are perfectly within their rights to reclaim their money if subsequently there turns out to be a problem with the cheque clearing. In the good old days it just would not have been lodged until it had cleared at all- and then it took up to 2 weeks. Your next step is to track down whoever wrote the cheque and get alternate payment from them.

    Ps- your bank would also normally charge a fee for processing the cheque that bounced. If they did not, I would keep quiet about it.


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    #3
    RicardoSmith
    Closed Accounts Posts: 8,264 ✭✭✭RicardoSmith


    Oh ok I didn't know about the ploicy change. Thanks for the info. What if when they went to reclaim the money and it wasn't there? i.e. I'd moved or spent it? Oh yeah they charged €4 the blood suckers...


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Unfortunately thats banks for you- blood sucking vampires.
    There is no such thing as a free lunch though- its fair enough for them to charge a minimal charge for the cheque causing them paperwork. Make sure you get refunded by the guy who wrote it.
    If you were only charged é4 you did well- it used be IEP 10.

    Shane


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    #5
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    AFAIK, BoI and AIB will only lodge their own banks cheques (ie. AIB Cheque into AIB account) for you into your account on the same day. Otherwise it will take 2-3 days to clear.

    If its a foreign cheque (Sterling especially) it seems to take ages- I think I was waiting 10 days for a cheque from a London bank to clear a while back!!


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