# revenue commissioner cheque takes 5 days to clear, why?



## nanogoo (16 Aug 2005)

Okay,

Can anyone tell me really how TSB or any other bank requires 5 days to process a cheque from the Revenue Commissioners ( tax relief ). This is
the first time I've had relieff from the revenue and it just seems a little unjustified. The bank teller could not explain it any more than say its because its not a TSB cheque and yet they seem to nurse you by also mentioning how they understand its annoying.....what?

I do not accept this and I want anyone to tell me how this can be justified by an bank. Is there a way round this other than moving banks? Can i ring the bank, probably NOT! 

nanogoo.


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## ClubMan (16 Aug 2005)

I would have assumed that c. 5 days for clearing a cheque was the norm regardless of who the payer is?


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## CCOVICH (16 Aug 2005)

nanogoo said:
			
		

> Can i ring the bank, probably NOT!
> 
> nanogoo.


 
Of course you can.  Ask them what they are doing to streamline the clearing process for the benefit of their customers.  I suspect that nobody in their customer service department will be able to help you, but someone somewhere knows the answer.


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## nanogoo (16 Aug 2005)

Well saying that a cheque takes 5 days would be acceptible if it was transparent as to why this is required. What causes the delay? I'd like to have someone answer this question for me. This makes me think of companies like the UPS who have an excellent system for tracking customer post across the world - surely the banks could do with something like this to provide visual detail to customers on pending business. If they can detail that its takes 5 days then they must be able to quantify exactly what contributes to this 5 day delay - so why do they not provide a feedback service to their MORE THAN LOYAL customers.....given that they are a service oriented business.


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## ClubMan (16 Aug 2005)

In my previous job we were paid by non electronic bank transfer which, it seems based on what they told us, involved cheques being posted in the regular mail even between branches of the same bank thus introducing delays before the salary cleared on the recipient's account. As far as I know the cheque clearance system is pretty archaic and/or inefficient (e.g. still largely paper based) hence the delays involved. For what it's worth there's a bit about the _Irish _inter-bank clearance system on .


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## nanogoo (17 Aug 2005)

Clubman,

The IPSO information is very helpful.

thanks,
Nanogoo.


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## WizardDr (17 Aug 2005)

There are two aspects to clearing cheques:
- cleared for value 
- cleared for use.
The 'value' aspect is normally on 2nd working day, and is for interest purposes.
The 2nd aspect is where the drawer can countermand payment and this is where the 5 days comes in.
Few cheques actually get returned - ask yourself when one of your own cheques bounced - or when you had one that you lodged returned. If we made the practice of bouncing illegal, OR simply forced the banks to exchange 'stopped' files this could be killed off.

Suits the banks for 'float' purposes and TSB are particularly wicked in that they also overlook that 'bank drafts' can only be stopped if lost or stolen.

Regulator and Finance have no interest in this and it would require a campaign from the Indo to drive it.


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## buttonmoon (17 Aug 2005)

Have a read of this

[broken link removed]


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## ClubMan (17 Aug 2005)

That article relates to what allegedly happens in the _UK _and presents no evidence that this is also the case in _Ireland_.


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## bond-007 (17 Aug 2005)

Ulster bank takes 3 days to clear a cheque. Reasonable considering.


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## CathyK (18 Aug 2005)

Hi,


I lodged a cheque to my PTSB account, from my BOI account, and the money left my BOI account on day 2 but did not clear my PTSB account till day 5, PTSB told me that was standard practice, more like they want a few days interesst on your money...


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## LexLuthor (19 Aug 2005)

>>Ulster bank takes 3 days to clear a cheque. Reasonable considering.
This is probably to clear an Ulster bank cheque - it is probably 5 days for a cheque drawn on another bank...


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## bond-007 (20 Aug 2005)

LexLuthor said:
			
		

> >>Ulster bank takes 3 days to clear a cheque. Reasonable considering.
> This is probably to clear an Ulster bank cheque - it is probably 5 days for a cheque drawn on another bank...


 none, this is for non UB cheques. UB cheques clear same day!


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## WizardDr (24 Aug 2005)

Cleared for value is not the same as cleared for use.

This is all sortable with a little effort. Banks will not do it as they will lose float. Would you? IFSRA dont understand it. Department of Finance swallowed the banking argument hook, line and sinker.

PTSB are bureaucratic and obnixious on this. Its actually a reflection of how they feel about you all. When did you last have a cheque bounced? They have no regard for your past record. I am sure if they did surveys they should know that their staff are now surly and bureaucratic (if they are not 'selling'); their compliance means they write everything down (they used have the slickest system until the bureaucrats got at it).. and unfortunatley Ifsra dont have the ability to take this fairly simple matter on.


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## texasgamer (24 Aug 2005)

In Canada here, if you show banks a cheque from a payer that you have never received payment before, they will take 15 days to clear it, period.

e.g if for the first time ever i get a check from a British company, they will take 15 days... once i receive this check a 2nd time, it is cleared automatically

so basically this is just to build trust and know that the payer will actually acknowledge the checks


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## WizardDr (24 Aug 2005)

Yes interesting point about 'trust'. None of the Banks operate that way here


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## dam099 (24 Aug 2005)

texasgamer said:
			
		

> In Canada here, if you show banks a cheque from a payer that you have never received payment before, they will take 15 days to clear it, period.
> 
> e.g if for the first time ever i get a check from a British company, they will take 15 days... once i receive this check a 2nd time, it is cleared automatically
> 
> so basically this is just to build trust and know that the payer will actually acknowledge the checks


 
Do they take 15 days to clear all cheques including Canadian ones? 15 days would be quite reasonable for a check from a British company if drawn on an non-Canadian bank as it would have to go through international clearing but would be way too long for a domestic cheque.


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