Cheque clearing times - is 5 days the norm?

D

Dinarius

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I bank with NIB (without doubt the worst service by far as compared to BofI and AIB - I've had accounts with all three) and last Wednesday I lodged a cheque with my brach at the counter.

The cheque was to be drawn on another Dublin based NIB (in Clondalkin: my branch is the 'flagship' - Ha! Ha! - College Green one).

I am a little concerned about the cheque so I just phoned to see if it has been cleared. I was told that the five working days are not yet up and it will be tomorrow before I know.

Are they for real? Can it really be the case that the same five days applies to one of their own branches a few miles away? Or is this the norm?

Is it any wonder that most banks are viewed with thinly veiled contempt?

D.
 
Bank of Ireland tell me that cheques from another bank take 5 days, and from Bank of Ireland take 2 days
 
Dinarius said:
.. Can it really be the case that the same five days applies to one of their own branches a few miles away?
Click to expand...

Geography isn't a consideration. The same rule applies for College Green as for Carndonagh.

My experience of this is dated but, FWIW, a cheque lodged last Wednesday should hit the account holding branch on Friday morning. After that they have a period of time to return it for credit or technical reasons (e.g. post-dated, signature). Your branch may not know until it opens the post today or tomorrow that the cheque has not cleared.

I know Bank of Ireland have improved the processing cycle for their own cheques. For example, I posted a cheque as deposit for holiday home rental to Donegal on a Monday. The cheque was debited from my BoI account in Dundalk the following day. I doubt that payee undertook a 200 mile round trip to get value for €50 so I assume he lodged my BoI cheque in his BoI branch in Donegal on the Tuesday which BoI were able to remit, same day, to my branch.

Hopefully NIB's new owners will apply improvement to their own processing cycles.
 
The information about TSB and BofI posted above merely confirms my opinion that NIB is the greatest crock of the proverbial in the Irish banking market.

Tossers does not begin to describe them.

On the issue of TSB, I presume that if you present at the counter with a cheque to be drawn on another branch, the teller looks up that person's account to see if there are funds to draw on? And presumably, he/she will take into account overdraft facilities etc. when deciding whether or not to clear it?

D.
 
"On the issue of TSB, I presume that if you present at the counter with a cheque to be drawn on another branch, the teller looks up that person's account to see if there are funds to draw on? And presumably, he/she will take into account overdraft facilities etc. when deciding whether or not to clear it?"

Exactly!
 
runner said:
"On the issue of TSB, I presume that if you present at the counter with a cheque to be drawn on another branch, the teller looks up that person's account to see if there are funds to draw on? And presumably, he/she will take into account overdraft facilities etc. when deciding whether or not to clear it?"

Exactly!
Click to expand...

Nice one! I'm impressed.

D.
 
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