ASB Bank Cheque clearance times !!

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Forums › Finance and wealth management › ASB Bank Cheque clearance times !!

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#2336672 14-Oct-2019 11:42

I agree, I should have NOT used that method of taking payment. This was my first and will be the LAST time I would ever do that.

Groucho

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#2336678 14-Oct-2019 11:49

I've found "personal" cheque clearance times at ANZ are usually overnight. The work account is with ANZ and for the last year or two found when I deposit the minimal cheques we receive (via a deposit envelope into a deposit box, not through a teller or ATM) they appear in Xero as available funds the business next day.

To a much lesser extent I'm personally with Westpac and the one cheque I deposited recently via an ATM cleared overnight. Don't know if it's consistent or coincidental as I only deposit cheques into my Westpac account once in a blue moon.

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#2336743 14-Oct-2019 12:38

I deposited one that I get as dividends for some shares that are too much effort to sell, and last time despite the cheque saying 12 month validity on it, turns out that it was 6 months, but the machine took it and cleared it so the bank sorted that one out for me,

The second time, they still have printed 12 months on them and ASB are taking a week to clear it. Got it in there within the 6 months this time. Seems absurd that hsbc would put 12 months on it when its actually 6 but oh well. One day I will get onto them to either put it into my account like normal people, or sell those shares.

Richard rich.ms

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#2336769 14-Oct-2019 13:51

Groucho:

I've found "personal" cheque clearance times at ANZ are usually overnight. The work account is with ANZ and for the last year or two found when I deposit the minimal cheques we receive (via a deposit envelope into a deposit box, not through a teller or ATM) they appear in Xero as available funds the business next day.

To a much lesser extent I'm personally with Westpac and the one cheque I deposited recently via an ATM cleared overnight. Don't know if it's consistent or coincidental as I only deposit cheques into my Westpac account once in a blue moon.

Those timings won't be for the actual "cleared" funds. While the deposit will show it will still take 3-5 days for the cheque to officially clear, and if it is dishonoured you will see the funds taken out of your account. I work for a business that deals with a lot of cheques, and I mean a lot of cheques, 50+ every week for one branch alone. While the funds will show immediately and be available, we always have to assume that some of those funds could be gone in a weeks time.

With the change on the 1st of October increasing cheque clearance time we were worried funds wouldn't show immediately like they used to, but that was not the case. We just now have to wait an extra day to ensure the funds are actually ours.

ASBBank

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#2336775 14-Oct-2019 14:20

Hi there, did you deposit the bank cheque today? If so can you send us a message and we can see if we can help at all. Thanks

Social Media team, ASB Bank Ltd www.asb.co.nz/social

maxeon

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#2336830 14-Oct-2019 15:25

ASBBank:

Hi there, did you deposit the bank cheque today? If so can you send us a message and we can see if we can help at all. Thanks

Hi,

The cheque itself was deposited in the branch on Saturday and waiting on cleared funds. I have just flicked you my details along with my phone number.

Hopefully it will clear today or tomorrow so I can get my new car as it's pending with some deposit paid to them and I am travelling in Uber :)

Appreciate your help in this regards.

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maxeon

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#2337272 15-Oct-2019 12:05

Update: There is nothing much anyone can do about clearance times apart from waiting till Friday is what I have been told by everyone including the social team here.

Appreciate their help in this though.

For others reading this - Please stay away from Cheques or Bank Cheques - they are a pain !!!

GSManiac

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#2337401 15-Oct-2019 13:29

I remember working at a bookshop and having a guy write a cheque to buy a 80cent stamp. Crazy.

GSManiac

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#2337402 15-Oct-2019 13:29

I remember working at a bookshop and having a guy write a cheque to buy a 80cent stamp. Crazy.

maxeon

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#2337403 15-Oct-2019 13:31

GSManiac:

I remember working at a bookshop and having a guy write a cheque to buy a 80cent stamp. Crazy.

wow, the amount of paper, ink and process used for 80 cents !!!!!

GSManiac

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#2337408 15-Oct-2019 13:38

maxeon:

GSManiac:

I remember working at a bookshop and having a guy write a cheque to buy a 80cent stamp. Crazy.

wow, the amount of paper, ink and process used for 80 cents !!!!!

he paid for everything via cheque. Think he needed the clearance times for the funds to become available at his end.
my boss was a wimp and would just accept the cheque even though they were always for minuscule amounts. I think the biggest cheque he wrote was for $20 for a prepaid top up.

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GSManiac

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#2337409 15-Oct-2019 13:38

maxeon:

GSManiac:

I remember working at a bookshop and having a guy write a cheque to buy a 80cent stamp. Crazy.

wow, the amount of paper, ink and process used for 80 cents !!!!!

richms

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#2337456 15-Oct-2019 14:56

We are actually talking about not taking them at all soon at work because they are a pain, and we are not in the business of offering short term finance to people at no cost.

Richard rich.ms

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#2337458 15-Oct-2019 15:01

richms:
We are actually talking about not taking them at all soon at work because they are a pain, and we are not in the business of offering short term finance to people at no cost.

That's a brilliant idea to be honest. It should also apply to all bank cheques even if it is the same bank as the processing time is ridiculous.

sen8or

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#2337471 15-Oct-2019 15:20

Its been a long time since I worked at a bank, but bank cheques (and IRD cheques) used to be deposited as cleared funds. It was nigh on impossible to cancel a bank cheque except in extreme and rare circumstances, and even then only if it hadn't been presented.

Perhaps its the change in anti money laundering laws that have necessitated the need to force clearance times on all cheques, but 5 days does seem a long time.

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