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Bill Sherwood Forums Junkie Location: Brisbane / Gold Coast Registered: May 2002	Re: Bank Cheques Fri, 30 August 2002 04:43 The real reason it takes a few days for a cheque to clear is quite simple - It's the bank making money off your transactions. Anywhere in NSW, when you present a cheque the money is taken from the account almost immediately, then magically appears a few days later in the right place. What happens in the mean time is the interesting thing though ... There's an odd rule that's on in NSW that cheques have to be physically presented to be valid. AFAIK, in all otehr states they can do it electronically, but they all follow the same timing as NSW to avoid any apparent differences. What happens is that on the day that the cheque is presented, it's taken from the bank to the nearest airport - this happens all throughout NSW five days a week - then it's put on a small plane and either flown directly to Bankstown airport or flown to another airport where a bigger and faster plane picks up the bags and then flys them to Bankstown. Every weekday afternoon, about twenty or more planes fly into Bankstown between 5:30pm and ~6:45pm. About $60,000,000 to $80,000,000 in cheques shows up, and they're put into vans that take them off to a secret location for processing. That 'secret location' is the short-term money market, where your money is put to work for three to five days at a good percentage rate. The banks pick up the interest on the money, then at the end of that time the cheque payee gets the money. You can avoid the delay by paying the quick clearance fee, but I'm pretty sure it works out to be roughly the same as what they'd make if they put your cheque through the 'usual process'. How do I know this? Because I used to fly the said cheques, for a total of three years. First in a Cessna Citation jet, from Coolangatta Airport to Ballina, to Coffs Harbour, to Bankstown. Then a few years later with another company I did the same route, and occasionally as well as that one I did the return run in from Albury, Wagga-Wagga, (some place I can't remember) then into Bankstown. So there ya go, that's what really happens. Feel better? No, I didn't think so .... [Report message to a moderator]

	Subject	Poster	Date
	Bank Cheques	SW20R	Thu, 29 August 2002 03:49
	Re: Bank Cheques	CrAiGzEE	Thu, 29 August 2002 03:57
	Re: Bank Cheques	faulksy	Thu, 29 August 2002 04:49
	Re: Bank Cheques	SW20R	Thu, 29 August 2002 04:51
	Re: Bank Cheques	Cory	Thu, 29 August 2002 05:02
	Re: Bank Cheques	manipulate	Thu, 29 August 2002 05:06
	Re: Bank Cheques	SW20R	Thu, 29 August 2002 05:07
	Re: Bank Cheques	faulksy	Thu, 29 August 2002 05:06
	Re: Bank Cheques	Cool1	Thu, 29 August 2002 07:14
	Re: Bank Cheques	CrAiGzEE	Thu, 29 August 2002 08:25
	Re: Bank Cheques	Cool1	Thu, 29 August 2002 08:31
	Re: Bank Cheques	sbyder	Thu, 29 August 2002 08:56
	Re: Bank Cheques	LadySX	Fri, 30 August 2002 03:06
	Re: Bank Cheques	SW20R	Fri, 30 August 2002 03:21
	Re: Bank Cheques	Bill Sherwood	Fri, 30 August 2002 04:43
	Re: Bank Cheques	jazae86	Fri, 30 August 2002 13:59
	Re: Bank Cheques	TCHOON	Mon, 02 September 2002 13:54
	Re: Bank Cheques		Tue, 03 September 2002 05:36

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