Credit union 3weeks to cash cheque???

[mamababa]

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 ?

 

[Slim]

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.

 

[julius128]

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