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Cheque clearance

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ORIGINAL POST
Posted by chinacrisis 18 yrs ago
how long does it take for a cheque (HK bank to HK bank) to be cleared funds once deposited? is it the same for all banks?

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COMMENTS
Claire 18 yrs ago
From Hong Kong Interbank Clearing Ltd:


Cheques presented to Hong Kong Interbank Clearing Limited (HKICL) on Day D are sorted and dispatched to drawee banks overnight. The drawee banks would process the Cheques and return unpaid items to HKICL on the next business day (Day D+1). The interbank settlement for CLG items will be taken on Day D+1 on a batch run basis except those items which are cleared on Friday will be settled on Monday morning.

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chinacrisis 18 yrs ago
Thanks - so "next day" in summary?

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Claire 18 yrs ago
Or to be a little more precise, interbank money settlement of cheques takes place between 14:45 and 15:30 on the business day following deposit of a cheque.

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