Clearing of STG cheque through Irish Banks

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gerbuddymoll

Guest
Can someone please explain WHY it takes almost one month for a STG Cheque to be cleared through the Irish banking system. I have been receiving a month cq for past 15years. This is put into my a/c on the 1st of each month, funds are taken from the a/c of the sender on the 5/6th of each month & yet I cannot take funds from this until at least the 21st if not as late as 28th of that month? Where is the money in the 'interim' period?
 
There are no hard and fast rules on how long it takes to cleara STG cheque for value and the time can vary from bank to bank. You should ask the sender to electronically send you the money using BIC & IBAN.
 
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