My Money Ralph

Last week we settled on the old house and Raelene deposited a Commonwealth Bank Bank Cheque into our Commonwealth Bank account.  That was Tuesday.  On Friday I sent an email asking why a Bank Cheque which is supposed to be as good as cash from what I remember, still hadn’t cleared.    Today I get this back from the Bank -“Dear Laurence,

My name is xxxx your Online Specialist, I am pleased to assist you today with your recent email enquiry in regards to clearance fo bank cheque.

First of all I would like to sincerely apologise for the delay in my response as our team are currently receiving a high number of online enquiries.

Laurence, it is a Business Rule for cheques to get cleared in 3 business days and not calendar days.

What I can suggest for further clarifications, you can contact us on 13 2221, 24 hours a day, 7 days a week or visit any of the nearest branches.
It has been a pleasure assisting you Laurence, I hope this information has assisted with your enquiry today and I wish you all the best for the rest of your week.
Sincerely, xxxx”

So I of course had to reply “I understand that but that was not the question. Your own website states – “Cheque deposits attract a number of clearance days as the cheque itself is a paper based payment instrument. This requires the physical cheque to be forwarded to the drawing institution to determine the payment decision after inspecting the cheque for authorised signatures”. However, in this case you were the drawing institution. Why does it take 3 days to forward a cheque to yourself to gain approval?”CBA if you monitor this sort of thing maybe you can reply.

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2 Comments

  1. Janine K said,

    September 20, 2011 at 11:30 am

    What a hoot "which bank was that", I love the non reply to your question, if you were a day late with your payment I wonder what they would say.

  2. River said,

    September 20, 2011 at 11:07 pm

    Banks!!Pfft!They do this to gain as much interest as possible for themselves before clearing the funds for the customers. Once the funds are moved to your account, any interest earned is yours. The longer it stays in their account, the happier they are. Just one more rip-off.How much profit did they make last year?


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