How long does a cheque take to clear?
The clearance times will vary, depending on the channel used:
For cheques deposited at a Teachers Mutual Bank office, the clearance time frame is three (3) business days.
- For cheques deposited at NAB, the clearance time frame is three (3) business days.
- For cheques deposited at Bank@Post, the clearance time frame is seven (7) business days.
Does the bank clearance time apply for multiple cheque deposits?
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.