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Frequently asked questions - Cheque clearance
Why have we introduced changes to cheque clearance times? What date will these changes take effect? Do all types of cheques have clearance? Does the cheque clearance time apply for multiple cheque deposits? What are the cheque clearance timeframes? What days are classified as business days? Do cheque clearance times apply to all accounts? Do cheque clearance times apply to cash deposited via a Teachers Mutual Bank office, NAB and Bank@Post? Do cheque clearance times apply to combined cash and cheque deposits processed at a Teachers Mutual Bank office, NAB and Bank@Post? How should I deposit cash and cheques at NAB? We have introduced cheque clearance times in order to minimise the risk of fraudulent activity as well as to reduce the number of overdrawn accounts due to dishonour charges.
This is also one of the ways we continually work to ensure the security of our members' assets, and ultimately to provide our members with strong and stable banking services. By reducing this risk, we are able to continue to provide products and services that make us more than a bank.
The changes will come into effect Monday, 25th July 2011.
Yes, all cheques are subject to a clearance timeframe.
Yes, when multiple cheques are deposited above a certain limit, cheque clearance times will apply to the proceeds of the first cheque deposit that takes the cumulative cheque total over the threshold amount. Any cheque deposits made after the threshold amount on the same business day will also have clearance times applied.
The clearance times will vary, depending on the channel used:
For cheques deposited at a Teachers Mutual Bank office, the clearance timeframe is three business days.
For cheques deposited at NAB, the clearance timeframe is three business days.
For cheques deposited at Bank@Post, the clearance timeframe is seven business days.
What days are classified as business days?
Business days are from Monday to Friday (inclusive). Public holidays and weekends are not considered business days.
Yes, cheque clearance times apply to cheques deposited in savings, investment and loan accounts.
No, Teachers Mutual Bank does not apply a clearance time to cash deposits.
Cheque clearance will apply to the cheque components at Teachers Mutual Bank offices and Bank@Post only if the cheque amount is over the threshold amount.
We recommend using separate deposit slips for cash and cheques rather than a single deposit slip. This is because NAB will process it as a single deposit when only one slip is used.