POSB Cheque Clearing Time

Check POSB Branch Code Bank Code SWIFT Code

The question of what is POSB cheque clearing time might never appear in your mind. However, you will know it in this article.

However, before understanding the answer, it’s essential to know the definition of cheque clearing first.

Cheque clearing refers to the transfer of checks from the deposit to the drawing bank using a clearing cycle process.

You already deposited a cheque at Quick Cheque Deposit Box, and you wondered when the funds would be able.

This question is related to the inquiry of what is POSB cheque clearing time. Read on the following sections to find out the answer.

What Time Do Cheque Clears in POSB?

Here is the list of collection timing for all cheques that are deposited using QCD (Quick Cheque Deposit Box) or QCM (Quick Cheque Deposit Machine):

  • Cheques that are deposited from Monday to Thursday before 3.30 pm will be available on the following day after 2pm.
  • Cheques that are deposited on Thursday after 3.30 pm will be available on Monday after 2pm.
  • Cheque that is deposited on Friday before 3.30 pm will be available on Monday after 2pm.
  • Cheques that are deposited on Friday before 3.30 pm will be available on Tuesday after 2pm.
  • Cheques that are deposited on Saturday will be available on Tuesday after 2pm.

How Do I Deposit a Cheque in POSB?

You will need to input your full name as per POSB’s records, your account number, and contact number at the backside of the cheque before depositing it by using Quick Cheque Facilities.

You also need to make sure your full name, date, the amount in words, and the signature of the issuer are correct.

How Long Does it Take to Clear a POSB Local Cheque?

You will typically need to wait 1 business day after the day you deposit the cheque in for it to clear.

If you deposit the cheque on Monday before 3.30pm, it will typically clear by Tuesday.

How Long Does it Take to Clear a POSB International Cheque?

Local USD cheques are cleared with no charge. Meanwhile, the non-local USD cheques need to be cleared at least within 21 business days, and the clearing fee is 1/8{f2932573177a8f6d4126706c5260dc805538e77bc28162a6eeabcbd46e75fc12} of all the cheque value with a minimum of S$10.

How Do I Know If a POSB Cheque has Cleared?

Sign up for an online banking service with your bank. You can check your statement online when you log in to your POSB account.

POSB bank will put pending fees on there since they are delivered to the bank from the spending of your debit card. They will also put your cleared checks on there.

You may also like: How to transfer money from POSB to other bank

Does a POSB Cheque Expire?

There is no expiry date for cheques. However, it is not an uncommon practice for banking service to reject cheques that are longer than six months old in order to protect the party who has written the cheque, just in case the cheque has been stolen or the payment was made another way.

Leave a Reply

Your email address will not be published. Required fields are marked *