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1037 posts

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# 258635 14-Oct-2019 10:21
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I have sold a car on the weekend to buy another one. 

 

I did not realize Bank cheques actually take 5 days to clear even if it is from the same bank? I asked the buyers to issue me a bank cheque assuming it's safe and fast as the amount was large. 

 

ASB cheque to an ASB account and it apparently takes a week for them to verify they have the funds in their own account and to clear it for me.

 

I tried calling, asking around to fast track somehow and they removed the special answer service for $25 last year now, so I just have to wait or loose out on the car I am buying now. 

 

 

 

I find this very backwards from a bank perspective, specially considering their own issued cheque has cleared funds, and it's just a matter of verify and transferring. 

 

 

 

In future - please stay away from Bank Cheque as a means of doing any business. 


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  # 2336603 14-Oct-2019 10:22
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Put a $100 deposit on the car you want to buy and say you are waiting for bank cheque to clear




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  # 2336617 14-Oct-2019 10:38
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Linux:

 

Put a $100 deposit on the car you want to buy and say you are waiting for bank cheque to clear

 

 

 

 

Yes, done that, infact much more than that and its on hold. 

 

The inconvenience part is that I don't have a car to run around for a week. 


 
 
 
 


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  # 2336623 14-Oct-2019 10:45
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Special answer is cleared in 24 hours (I think)


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  # 2336637 14-Oct-2019 10:54
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Is it a personal cheque or a bank cheque? HUGE difference! A bank cheque cannot dishonour due to insufficient funds as it is drawn on the bank's own vast accounts, not the presenter's accounts - this is why the purchaser must have the funds upfront to purchase the cheque, and the bank deducts the funds immediately - and why you can feel confident you'll get paid once it's processed, unless the presenter calls the bank to cancel it. A personal cheque is different, and the reason it takes five days to clear is that it must be posted to the bank's processing centre, where it then needs to be sent to the issuing bank's processing centre for payment. Even if it's the same bank, it still needs to get sent for processing.


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  # 2336640 14-Oct-2019 10:55
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@Kyanar Bank cheque as mentioned in first post




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Uber Geek


  # 2336642 14-Oct-2019 10:59
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Linux:

 

Special answer is cleared in 24 hours (I think)

 

 

They stopped doing Special answers since last year. I am willing to pay for it if it was available. 

 

It is a Bank Cheque so I am safe, but the clearance time is highly annoying considering it's their own cheque and money is actually with them now. 


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  # 2336644 14-Oct-2019 11:01
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maxeon:

 

Linux:

 

Special answer is cleared in 24 hours (I think)

 

 

They stopped doing Special answers since last year. I am willing to pay for it if it was available. 

 

It is a Bank Cheque so I am safe, but the clearance time is highly annoying considering it's their own cheque and money is actually with them now. 

 

 

Next time get a bank transfer 5 days is nuts


 
 
 
 


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  # 2336648 14-Oct-2019 11:08
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Why did you ask for a cheque when an electronic transfer can be done almost immediately, and at the minimum overnight? I'm just curious as I work in banking and have an interest in cheques as a payment method. 




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Uber Geek


  # 2336650 14-Oct-2019 11:08
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Yes, never doing Bank Cheques anymore. 

 

Is there anyone in ASB that can shed some light here if this can "anyway" be fast tracked? 


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  # 2336652 14-Oct-2019 11:13
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paging @ASBBank 

 

 

 

(EDIT:  Can you cancel the cheque and just do an electronic transfer instead?)




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  # 2336653 14-Oct-2019 11:17
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sidefx:

 

paging @ASBBank 

 

 

 

(EDIT:  Can you cancel the cheque and just do an electronic transfer instead?)

 

 

You cannot cancel the cheque easily enough. The buyer (who now has my car already) needs to do that and validate with it etc.. it's actually a even more time consuming process. 


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  # 2336658 14-Oct-2019 11:23
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Kiwibank are stopping cheque service.
I wonder whether other banks will do the same?

Luckily I haven't had a cheque paid to me for several years but I will have to change what I put on my invoices...

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  # 2336659 14-Oct-2019 11:28
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Cheques should be long dead



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  # 2336662 14-Oct-2019 11:32
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afe66: Kiwibank are stopping cheque service.
I wonder whether other banks will do the same?

Luckily I haven't had a cheque paid to me for several years but I will have to change what I put on my invoices...

 

Yes, I agree with banks that are moving away from Cheques as a method of payment. However at the same time, they have to ensure their instant payments "between banks" is active and works and is not dependent on being a weekend or timing / amount etc.. 

 

If they can sort instant payments - surely they can cancel the cheques as a method of payment.

 

Until then "Bank cheque" is a reasonable way to accept payments "IF" they can reduce their dramatic wait times for clearance. 


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  # 2336671 14-Oct-2019 11:40
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maxeon:

 

I find this very backwards from a bank perspective, specially considering their own issued cheque has cleared funds, and it's just a matter of verify and transferring. 

 

In future - please stay away from Bank Cheque as a means of doing any business. 

 

 

 

 

You used a cheque (I hate that spelling of it!) - IMO that is backwards, and you are now seeing the result of that. They did notify that clearance times were going up on them a while back when they withdrew the special answer service.

 

They have a process in place for it which is now slower than before due to declining volumes of them. Kiwibank are ditching checks soon and I expect that once the others monitor the fallout from that then will follow soon after for the same reasons that they are intensive for manual processes, and people are reluctant to pay for the costs involved in those manual processes. You just have to look at the bitching and whining about being charged for over the counter actions vs using a machine to see how little people value those labour intensive processes.





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