Clearance of cheque USA

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Susiesue

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Any idea how long it takes to clear a dollar cheque sent from bank here to bank in USA also any idea of what American bank may charge.
 
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Hi,

I'd expect it to take about six weeks to clear, and you'll be hit with fees from both Irish and US Banks (probably €30 plus, betwen the two banks).

People should be avoiding payment by cheque from Banks outside of Ireland, at almost all costs, imho.
 
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MrEarl said:
Hi,

I'd expect it to take about six weeks to clear, and you'll be hit with fees from both Irish and US Banks (probably €30 plus, been the two banks).

People should be avoiding payment by cheque from Banks outside of Ireland, at almost all costs, imho.
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Yes fees here are about that but lady in bank didn't know how much fees over might be.
 
If your account is in good standing, the bank can give value straight away. My brother regularly gets dividend cheques from the US and I've had to lodge them into our joint account at BOI a few times. They told me we can draw against them immediately on the understanding that "it could still be returned unpaid weeks later and if so, we will debit your account".

When I check the app after lodging, they appear in the cleared balance so obviously the bank can use their own discretion on whether to give value immediately or instead sent the cheque for collection and wait until the US bank clears it.
 
@New Scottman my cheque was sent to the US five weeks ago for payment on a collection basis. It cleared the bank over there 2 weeks ago and money has been taken out of account but its still not back over here . Where does it go in-between.
 
It actually goes snail mail back into the clearing system here via the same journey it went to the local US bank.

The cheque system worldwide is archaic and as it's no longer a popular payment method, there's no chance of investment in a modern clearing system.

So 3 weeks to get there and probably 3 weeks back.
 
If the check was in the post the money wouldn't be gone out of the US bank account until it got back here I would presume.
 
The money goes out of the account in the US the day it gets presented.

The money goes into your account the day your bank gets the official confirmation.

It's an archaic expensive laborious system that should be avoided at all costs.
 
The money is gone out of the account with about 2 weeks but bank here hasn't had correspondence from them to say that. I'm presuming the onus is on the bank here to contact them and follow up on the money.
 
Susiesue said:
The money is gone out of the account with about 2 weeks but bank here hasn't had correspondence from them to say that.
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Read my post above.

Cheque clearing is not a bespoke service. They do not contact a bank individually or send an email (or fax). It flows very slowly in an archaic system and your bank will effectively receive a letter confirming that the cheque has been cleared. That takes up to 2 weeks. Not your bank's fault that the US system does this.

Tell the person who sent you the cheque to in future transfer the funds instead. Funds will be in your account hours later.
 
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