cheque clearance

H

Hal

Guest
Anyone got any idea on cheque clearance procedures. I went to a branch of my bank yesterday to lodge a cheque of approx €3,900 and asked about getting it cleared.

They informed me that as the cheque was from a reputable insurance company that usually they would have no problem clearing part of it or all of it immediately if requested.

However, as that was not my particular branch they advised me to go to my own branch (in a different town that I work in)
and I should have no problem.

No so Im afraid they would not entertain me at all stating that it is not their policy, even though I am with them for 14 years and have my mortgage with them Normally it would not bother me but I need the money sooner rather than later.

In this age of technology how can it take 5 working days for a cheque to clear ?????
Surely, in this age of
 
I found thatthey often say that to cover themselves, but all my cheques lodged actuallly cleared within 1 day. I'm with PTSB, and my sister is the same, she is BOI. She recently lodged a cheque for 18K and asked them if she could get a drat for k out of ths, they refused and told her she's have to wait about five days till the chq cleared. The next day, it was cleared!
 
A lot of trouble though.

You can always take the cheque to the branch of the bank where the insurance company has their account. In otherwords you present the cheque at their branch for payment. Technically speaking all as they have to do is "check for stops". Make sure that there are no stop payment instructions against your cheque.
You could ask them for "a bankers payment" in place of the cheque. This is effectively a banker to banker payment and as good as cash. Bring the bankers payment to your branch and lodge it just as you would lodge cash. It is cleared immediately.
 
You must log in or register to reply here.
Back
Top