how long does it takes for a bank cheque to be process ?

libralionel SG · 2007-08-14T00:35:20+00:00

yes, so write your phone number on the back of the cheque before dropping it into the box. on a related topic, beware when writing cheques, banks will charg...

libralionel SG

how long does it takes for a bank cheque to be process to the account?

btw what do u have to write on the cheque when u bank in? Account number???

eagle SG

next working day I think.
write acct num, name, and put double line on front side top left.

dragg SG

look at the back of the cheque.

just one working day to clear.

FireIce SG

by next day working day if u drop in the cheque before 3pm or 3.30pm
weekends no clearing of cheques.

behind the cheque, write ur name, account lumber, telephone lumber......

maurizio13 SG

No lah!

Reverse of cheque need to write, Name: Fifi, 888-3473423-001 (888-FIREICE-001), HP: 963473423 (96-FIREICE).

Hehehe

sEphIrOth SG

1 working day Razz

libralionel SG

thx to those who provide me with the information Smile

libralionel SG

can the payer of the cheque block the process?

Xcert SG

yes...provided that the cheque has not been cleared already...and need to pay admin fees...expensive.

Nikar2 SG

just curious.......why when we bank in cheque, we need to strike double-line at the top corner? if don't strike cannot meh? why got this kind of strange practice?
so that's called "cross the cheque" is it? Shocked

BabyRex SG

You are right. The top left corner must be crossed(draw 2 diagonal lines) and the bearer part must be cancelled. This is so that only the person whose name is on the cheque can bank in this cheque. This should be done by the person who signed/issued the cheque, not the receiver of this cheque.

Why? It's a standard practice worldwide for fraud prevention. That's why all corrections on a cheque must also be counter-signed by the cheque issuer.

To stop a cheque from being process, the issuer must call up the bank ASAP before it is cleared to cancel it. I think the admin charge is about $15 but I'm not sure if there is any changes.

joyanz SG

i dun understand this portion.... 'bearer part must be cancelled'? means? if i got a cheque fr other bank(etc UOB) i can bank into POSB bank(my acc)right? i nid to deposit the cheque into UOB office or POSB office?

BabyRex SG

Hi

1) Behind the name, there is always "or bearer". just strike off the "or bearer".

2) In the above eg. , drop the cheque into any POSB/DBS (ie. your bank) cheque deposit box before 3 or 3.30 pm and the clear should be cleared by next working day 2pm. Just note that there is a holding period (forgotten 1 or 3 days) by the bank before this money can be withdrawn.

Remember to put your account number, account name (must be same as name on cheque) and contact number. at the back of the cheque before dropping it into the cheque deposit box.

Nikar2 SG

but if we forget to cross the cheque etc., how?

Xcert SG

means that U have to take ur UOB cheque to a POSB branch and bank in ur UOB cheque into ur POSB account.

basically U cannot take the UOB cheque to a UOB branch and tell the teller U want to cash out the cheque.The cheque has to go into an account and since U have a POSB account...U deposit the cheque with POSB and wait for it to clear and the money deposited into ur POSB account.

Xcert SG

i believe that means the cheque dun have to be deposited into an account...say its a UOB cheque...then can go to UOB branch with the cheque and ur IC and cash out the cheque at UOB.The teller will have to see ur IC and U need to sign at the back of the cheque to make sure U are the person whose name is written on the cheque(unless the "or bearer" is not crossed out).

joyanz SG

oh... now i understand.. thanks BabyRex n Xcert! Very Happy

gerald_tan SG

it will still clear.

There are 2 parts to this:

1) Crossing the cheque in the top left makes it "account payee only", means that it can only be banked into an account. If u dun cross, u can withdraw cash.
2) Crossing (cancelling) the "or bearer" means only the person whose name is written can get the money. If u don't cancel it, ANYONE (i.e. the 'bearer') can take the money.

So if the cheque is written to "FireIce" for $1,000,000, but u dun cross the top left and cancel 'or bearer', I can take it, walk into the bank, and get $1,000,000 in cash (in theory anyway).

BabyRex SG

All the steps above are just in case you lost the cheque.

airgrinder SG

No such thing as holding period. As long as cheque cleared, money can be withdrawn immediately.