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I supported Toymods
Location:
Sydney
Registered:
May 2002
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 Bank Cheques
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Thu, 29 August 2002 03:49
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They usualy take 3 working days dont they?
I deposited a wespact cheque into my commbank account yesterday before lunch.. and it apeared on my balance last night.. so it should be there friday night? or monday next week..
damm cheques sux
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I supported Toymods
Location:
south of the big smoke
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 03:57
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i think bank cheques only take 24hrs or 1 working day
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Location:
Adelaide
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 04:49
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if its already on your balance then the cheque has already cleared
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I supported Toymods
Location:
Sydney
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 04:51
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its in my balance.. but its not saying as credit
so its still not cleared until its credited?
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Location:
Melbourne
Registered:
June 2002
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Re: Bank Cheques
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Thu, 29 August 2002 05:02
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when you deposit a cheque, the amount goes to you balance straight away, but your AVAILABLE balance will stay the same until the cheque has cleared.
what it basically means is that the money is there, but you cant use it
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Location:
Sydney
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 05:06
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well i put a cheque in a bank just last week at commonwealth
and i just called up then and its been cleared.
So at most its something like 4 working days
just be patient
 
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Location:
Adelaide
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 05:06
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yeah i realise that after i wrote.
thats so not right for banks to that with banks cheques. i can understand it with personal cheques cos they dont always clear. but bank cheques are virtually cash
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I supported Toymods
Location:
Sydney
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 05:07
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reason why im stressing is.. rego is due monday 
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I supported Toymods
Banned User
Location:
Brisbane
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 07:14
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The check you get back from the tax man you should be able to deposit into your account and then draw it out right away! This is what I did last week!
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I supported Toymods
Location:
south of the big smoke
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 08:25
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| Cool1 wrote on Thu, 29 August 2002 5:14 PM |
The check you get back from the tax man you should be able to deposit into your account and then draw it out right away! This is what I did last week!
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cool1 the banks still say 24hrs, there excuse is they have to process it
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I supported Toymods
Banned User
Location:
Brisbane
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 08:31
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That is the case with most bank cheques but the one that comes from the the tax man is a non negotiable/non refundable type! There is no reason for the bank to process it!
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Location:
Ipswich QLD
Registered:
May 2002
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Re: Bank Cheques
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Thu, 29 August 2002 08:56
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Goes into u're balance in 24hrs( on working day), but doesn't get into u're available balance till 4-6 working days.
Thanks
Ben
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Location:
Melbourne
Registered:
May 2002
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Re: Bank Cheques
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Fri, 30 August 2002 03:06
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Being a bank person myself, I think I may answer the question. When you lodge a cheque into your account, on the third business day it will clear. So if you put it in on Friday, it will be available on Tuesday. Some banks may vary a little in this, but in theory this is the way it should work. The account balance will reflect the cheque straight away, but will not be accessible. SO it will say the balance including hte cheque, but the available balance will not include the cheque.
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I supported Toymods
Location:
Sydney
Registered:
May 2002
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Re: Bank Cheques
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Fri, 30 August 2002 03:21
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so wednesday.. and it apeared wednesday night around 7 in my balance.. 3 days later.. so maybe tonight? (crosses fingers pleeeeeeeeeeease its friday!)
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Location:
Brisbane / Gold Coast
Registered:
May 2002
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Re: Bank Cheques
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Fri, 30 August 2002 04:43
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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 .... 
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I supported Toymods
Location:
Adelaide
Registered:
May 2002
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Re: Bank Cheques
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Fri, 30 August 2002 13:59
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What's the saying...
Bank are in the business of making money from your money, then charging you for them making money off you.
GOTTA LOVE IT,
now, where do i get in on this action 
Jaz
And don't forget, it's illegal to 'make' money, that's counterfitting 
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Location:
Sydney- Sutho Shire &...
Registered:
June 2002
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Re: Bank Cheques
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Mon, 02 September 2002 13:54
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I work in that 'secret location' which is not the money market.
Anyway, a warning... No cheque is as good as cash, until you get the cash. Bank cheques can be dishonoured for a few reasons.
1 The cheque is stolen
2 The cheque is only a copy of a cheque. We all know what computers and printers can do nowadays.
3 The purchaser has reported the cheque he gave you as lost and got the funds back. Your chq is dead.
The processing time is coming down, but at the moment the drawers bank has a day after presentation to dishonour (known as day 2). The reply comes back to the payee bank (day 3). All that time the value is in your account, acquiring interest if applicable.
And Bill, if you could get the flights from &^%#$*% Norfolk Island 5 days a week instead of 2 , I would really appreciate it!! 
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Re: Bank Cheques
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Tue, 03 September 2002 05:36
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It is true, cheques have always had to be presented to be honoured in nsw.
My grandparents met in this way !!!
they were both bank clerks in Sydney over 50 years ago, back then every night in a differtnt secret location (usually dark car parks after hours) all the banks would send representatives to exchange the cheques. all the cars would park , boots facing inward in a big circle and they would without speaking, throw suitcases of cheques back and forth to the appropriatre banks and collect all your own suitcases of cheques to be processed.
Banking was terribly serious buisiness back then.
Somehow they managed to hook up and the rest is history !
Matt
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