Hold on !!
Most banks should at this stage 'clear' their own cheques for same day value. That is not rocket science, just taken some of them years to do it.
The so called '5 day clearing' is a joke for this reason. First you get 'value' the next working day..but then given that it is not 'cleared' for use for 5 days, then this is only of benefit if you have the item in an account that pays interest or you are being charged interest.
This could be changed to make everything 'next day' by making it a criminal offence to issue a cheque where there are no funds; and by not allowing people to stop cheques unless lost or stolen.
By far the worst hoors on this are PTSB as it is well known that as little as 0.5% of cheques bounce. Ask yourself this ..when did you get a bouncer yourself and when did one of your cheques bounce. The banks simply ignore your track record whilst at same time electrify us with this 'customer focus' tripe.
So where is IFSRA on this?
Where are the dozy financial journalists who lift stuff off this site regularly?
Where is the Department of Finance on this?
Nowhere because none of them understand the smoke and mirrors cleverly positioned by the Banks!