Absa to Nedbank Cheque clearance time?

[rtm85]

I deposited a Absa cheque into my Nedbank account last Wednesday at 9:30 AM just came from the bank and the money is reflecting but is not available.


Any idea how long I still have to wait or do you think something has gone wrong?

 

[bwana]

Seven business days

 

[Venomous]

Seven business days

The last time I asked I got told 7-10 business days, but that its best to wait 12 business days before releasing goods.
And got told that that is std process with all banks.
They are a little less strict with regular cheques of the same amount.

 

[SauRoNZA]

Why on earth would you ever accept a cheque?

 

[Venomous]

Why on earth would you ever accept a cheque?

Haha,

I don't. But had a client that kept asking they wish to pay by cheque. I asked the bank a couple of questions.
Then informed the client that unless they give me an uncrossed cheque marked as cash, that I can go withdraw from their bank immediately, I don't want cheques.
He stopped asking after moaning that the fees for cashing cheques are high.