Cheque Deposit ENC Days

[jacksonc]

I deposit a few local and foreign cheques in my bank account and local cheques usually take 4 -8 days to clear while foreign ones take 21 working days to clear. My questions are.

• Why does it have to take sometimes 10 days for the cheques to clear when banks get their money the very day i have deposited them.

• With foreign cheques sometimes I have to call the bank to remind them that the 21 days is now over then they release the funds, isnt it a set feature which is automated which release the funds after 21 days

and lastly how are bank business days counted ?

 

[fonoi]

I am not sure if it still works this way but I have seen a place where they clear cheques a few years ago. Basically the checks are sent from the bank to a "clearing house", here they recieve the checks and manually verify everything that is needed to release the funds.

There was a huge number of bags waiting to be processed when I was there, so I would assume this is why it takes up to 10 days to clear. The days counted would normally be Monday to Friday excluding public holidays etc. I am pretty sure the international ones take longer to process as they need more due dilligence because of the risk and contacting the other banks etc.

 

[sal12344]

Standard bank per chance?

 

[jacksonc]

I actually use FNB