# How many days for a chq to clear?



## Mayarose (26 Jun 2008)

Good morning all,

Can anyone tell me how many days does it take for  a cheque to clear with Aib?  
I lodged a non aib chq to my account on Monday of this week. 


Thanks


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## homerjay (26 Jun 2008)

It normally takes 5 working days for a non AIB cheque to clear for funds


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## Mayarose (26 Jun 2008)

Thank you !


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## Towger (26 Jun 2008)

homerjay said:


> It normally takes 5 working days for a non AIB cheque to clear for funds


 
Just beware that it can still bounce after clearing / the 5 days. The delay is just to give time for the other bank to comeback if there are any problems.


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## adox (6 Jul 2008)

I`m sure you can request for a quicker clearance times on cheques lodged to your account.

I remember requesting this with BOI years ago when I was paid by cheque and they accomadated me by clearing the cheques on the same day.

My account still clears cheques nearly immediately, on the odd occasion that I do have to lodge one now.


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## bond-007 (6 Jul 2008)

The various banks have differing policies. PTSB are 7 days, Postbank 2 weeks.


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## Mpsox (7 Jul 2008)

You have to differentiate between clearing for funds and clearing for fate. Clearing for funds means clearing for interest purposes, clearing for fate is in relation to potentially how long it could take for the cheque to be bounced

If you lodged this cheque in AIB on Monday(Day1), they will forward it to the other bank on the morning of day 2 and exchange value with the other bank on the same day. The other bank then has until COB on day 4 to bounce the cheque for whatever reason they like, including payment stoped, lack of funds etc. 

The other bank will then send an electronic entry and the physical cheque out on the evening of day 4, these will, depending on the banks involved touch down on either Day 5 or 6, AIB would then debit your account back and that debit would normally show on Day 7. Therefore it is best to allow until Day 7 for cheques to be cleared for fate

The reason it takes so long is that antiquated banking laws require banks to send the physical paper to each other and all of the banks have centralised offices which handled this. In addition, as cheque volumes are declining, there is is no iniative for them to invest in speedier technology

Note most banks will backdate any interest to Day 1 or 2. You may be able to ask for the cheque to be cleared via special presentation, which would be faster but banks usually charge for this


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## bond-007 (7 Jul 2008)

Why do certain organisations such as Postbank and MBNA insist on a 2 week period before you can have value?


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## Mpsox (7 Jul 2008)

Postbank and MBNA are not clearing banks and are not part of the internbank paperclearing exchange, they get other banks to do it for them and hence there is an additional delay from their clearing bank passing the details on to them for them to update their records


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