Cheque Cleared in less than 2 days.

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pudds

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I lodged a savings bond cheque in Waterford on Tuesday last 15th dec with UB and enquired as to when it would clear, and after checking was told it would clear on Wednesday 23rd dec of next week. The usual 6 days.

Checked my account just now and the money has cleared. Lodged 15th and Cleared 17th wow! That must be a record and for a non UB cheque and never mind the time of year.:)
 
The item will have been credited to your account but almost certainly is not cleared funds for either interest or fate. In effect if you lodged it on Tuesday 15th it would have been sent to the drawing bank overnight and they would get it on the 16th. The drawing banl have until the close of business on Thursday 17th to unpay it and that unpaid will not touch down with UB until either Friday 18th or Monday 21st. In effect, UB could still debit your account if it bounces. Having said that, since it is a savings bond cheque, that is extremely unlikely to happen
 
I've a BOI business account though I'm no longer a business and cheques get credited to the account on the same day.
They still have to clear in the background but I can draw from the account on the same day. It's a lifesaver at times.
I've never lodged a bouncer.
 
Banks have an option to pay funds against uncleared effects. I.e immediately following lodgments. This option is generally applied to satisfactory long-standing clients with a good track record. It is open to any customer to request that their bank agree to pay against uncleared effects. Bank may or may not agree.
 
pudds said:
I lodged a savings bond cheque in Waterford on Tuesday last 15th dec with UB and enquired as to when it would clear, and after checking was told it would clear on Wednesday 23rd dec of next week. The usual 6 days.

Checked my account just now and the money has cleared. Lodged 15th and Cleared 17th wow! That must be a record and for a non UB cheque and never mind the time of year.:)
Click to expand...

Cleared for value vs cleared for fate.

UB clear all non-UB cheques for value on day 3.
day 1 = 15th, day 2 = 16th, day 3 = 17th.

The cheque can still bounce and be debited back to your account. The latest this will happen is day 7 (allowing for postal delays).
day 7 = 23rd.
 
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