3 days to clear a cheque -here is the rason why :O)

Hiya's

I used to be a teller in a bank. I know how to not let a cheque go thru clearing. Some (not all) banks will allow you to 'split' a cheque, eg take this $1000 cheque and put $500 in a/c A and $500 in a/c B. If your bank allows this, put a nominal sum in your normal account, and the rest in a credit card account. It'll be available immediately. Go to the back of the line (or home to your online banking) and transfer the money from your credit card to your other account - it's yours :)

Food for thought ;)
 
Medine said:
The University where I'm doing my MBA supports the "short term money market" theory, for what it's worth.

Cheers, Medine.
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Medine, are you or the uni able to elaborate?

I used to work for a bank in a senior retail position and have since provided consultancy to several of them over many years. If there is a way that they directly earn income in the way you suggest it certainly isn't obvious or admitted. I can't add anything more to this thread than my earlier posts which are boringly long.....
 
Free Loader said:
I can't add anything more to this thread than my earlier posts which are boringly long.....
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Might be boringly long (not really) but your earlier post is correct.

"They" would all scream blue murder if "that bloody bank" allowed instant clearance on a cheque from "their" account that ended up being a forgery by someone other than themselves.

Cheques are the slow link in the sytem now and I do beleive banks would be very happy to do without them if only people wouild all get into the current century and use other methods that are available.
 
Hi Free Loader,

I had a look back at my texts after posting this and can't find a reference to it. It's not the sort of thing that I would write down without hearing it, but it must have been a lecturer's throw away line. My aplologies - I should check my sources before I type :eek: .

Rolf - I wish!!

Cheers, Medine
 
I also get very ticked off that I get charged a fee if a cheque I deposit bounces.
Possibly I wouldn't mind so much if it was a nominal fee, say a dollar, to cover the costs of posting me a letter to inform me of the default, but when it's $20, that sucks. :mad:
 
one of the reasons I bank with ANZ is that cheques are generally cleared immediately. eg I banked $5000 yesterday and transferred some of the money out that afternoon. Sometimes it is overnight, but pretty much always available straight away. My colleague banked with other banks where they would get charged an honour fee if they used the proceeds of the cheque before it was cleared, even if the cheque then cleared. which I thought was a bit rough.
 
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