Nowadays, cheque is a transaction tool that’s becoming less and less frequent to be used. However, that doesn’t mean there is absolutely no one who still uses the slip of paper in order to conduct their transactions.
If you are one of the people who still uses cheque from time to time, it is necessary to learn about the policies about cheques, including the clearing time, which may differ slightly from one bank to another.
This article will explain to you how to deposit or issue a cheque, as well as the information of what is DBS/POSB cheque clearing time.
Read further to discover about how much time it takes to clear your cheque as the basic part you must understand about this particular transaction system.
How to Deposit/Issue a Cheque in DBS/POSB Bank
To deposit DBS/POSB cheque, whether to deposit some part or to cash some part, you may follow the steps below:
- Visit the nearest DBS/POSB Quick Cheque Deposit Box (QCD) or 24/7 Self-Service DBS/POSB branches.
- Confirm that your cheque is deposited or issued within the past six months. DBS/POSB cheques are only valid for six months since the issued date unless the cheque states otherwise.
- Input the bank account number you are going to deposit the cheque into.
- Fill in the date, your name, and address.
- Fill in the amount of funds that you’re going to deposit.
- To cash the deposit, fill your desired cash amount from the total of your deposit.
- After you have received cash, sign into the slip in the provided field.
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DBS/POSB Cheque Clearing Time
All financial institutions, including DBS/POSB Bank have their policies outlined when you open up a banking account. These policies include the hold time for cheque deposit.
It is necessary for the bank to set the hold time, in order to make sure the payer’s account has enough amounts of funds before the deposit is being cashed out.
It also helps to prevent any charges, especially if the funds are used straight away.
Now, what is DBS/POSB cheque clearing time? Each bank has different length of time for clearing time and it depends on the time of depositing the cheque. It takes approximately one day for DBS/POSB Bank.
|Cheque Deposited on||Funds available|
|Monday to Thursday (before 3.30pm)||The following day (after 2pm)|
|Thursday (after 3.30pm)||Monday (after 2pm)|
|Friday (before 3.30pm)||Monday (after 2pm)|
|Friday (after 3.30pm)||Tuesday (after 2pm)|
|Saturday||Tuesday (after 2pm)|
According to the DBS/POSB policies, if the cheques are deposited via Quick Cheque Deposit Box (QCD) or Quick Cheque Deposit Machine (QCM) on Monday through Thursday prior to collection time, the funds will be able to be withdrew on the next day after 2 P.M.
If the cheque is deposited on Thursday onward after 3.30 P.M, then you need to wait for several days because the funds will be available on the next week.
Pay attention on the date that’s indicated on the cheque. If the cheque is deposited before the date by only one day, then the cheque can be cleared on the following day without rejection.
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However, if it differs more than one day, then the cheque will be rejected by DBS/POSB bank and you need to re-deposit the cheque.