No bank just clears the cheque as soon it is deposited , there are types of clearance
1st .normal domestic clearance 2/3 days, depending on bank, branch but max 3 days.[is governed by the country banking laws]
2. bank might purchase the cheque on a few conditions, [1] the previous track record of the customer. [2] local manager calls the other bank to verify if the cheque is legit . [3] if you know the branch manager well enough for him to ask for urgent clearance [ happens in very rare cases in small towns, but does happen. this case most likely belongs to the 1 or 3rd category , in no way the bank is responsible for this.
3] urgent clearance or high value clearance , this applies to cheques above a certain amount which have to deposited before a certain time in the morning and is only applicable to local intra city banks , in that case the cheque is send via hand to the issuing branch or bank for immediate clearance , totally safe , rules change from country to country .
there is no loophole to fixed . also you people are debating this from the American banking laws which are very different from the one in question. each country has it's own rules regarding clearances of cheques.
Techdirt has not posted any stories submitted by oldskoolgunner.
(untitled comment)
what loophole ?
No bank just clears the cheque as soon it is deposited , there are types of clearance
1st .normal domestic clearance 2/3 days, depending on bank, branch but max 3 days.[is governed by the country banking laws]
2. bank might purchase the cheque on a few conditions, [1] the previous track record of the customer. [2] local manager calls the other bank to verify if the cheque is legit . [3] if you know the branch manager well enough for him to ask for urgent clearance [ happens in very rare cases in small towns, but does happen. this case most likely belongs to the 1 or 3rd category , in no way the bank is responsible for this.
3] urgent clearance or high value clearance , this applies to cheques above a certain amount which have to deposited before a certain time in the morning and is only applicable to local intra city banks , in that case the cheque is send via hand to the issuing branch or bank for immediate clearance , totally safe , rules change from country to country .
there is no loophole to fixed . also you people are debating this from the American banking laws which are very different from the one in question. each country has it's own rules regarding clearances of cheques.
Techdirt has not posted any stories submitted by oldskoolgunner.
Submit a story now.