# Credit union 3weeks to cash cheque???



## mamababa (5 Nov 2012)

I received a credit union cheque and the signatory told me I could cash it straight away in the local bank as the crossed part had been initialed over. Anyway I didn't want to cash it so I took it to my local credit union to lodge into my own account. I was told it would take 15 working days to cash it to my account even though it was a credit union cheque that had been "uncrossed".
I was quite annoyed and just on principle will be lodging to my bank instead. I was going to leave it in the cu as shares but will put in in my bank savings account.

Is this the norm ?


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## Slim (5 Nov 2012)

Unfortunately, most credit unions are outside the usual banking facilities. They have to wait, as would a customer, for cheques to clear. Our own uses the 10 day rule. 15 seems a bit cautious.


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## julius128 (6 Nov 2012)

In most CUs they will lodge that to your shares and may benefit from dividend calculation however you will not be able to withdraw that till clearing period passed


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