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Are banks like Macquarie Bank able to take 3 days to

Customer Question
Are banks like Macquarie...

Are banks like Macquarie Bank able to take 3 days to recognise and process a Westpac bank cheque, ie not a normal company or personal cheque?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Nsw

Lawyer's Assistant: What steps have been taken so far?

Deposit 22 December and Macquarie bank saying funds will be available in normal 3 working day processing time. Bank Cheques are meant to be treated as cash

Submitted: 7 months ago.Category: Australia Law
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Answered in 5 minutes by:
12/27/2017
Solicitor: John Melis, Lawyer replied 7 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,564
Experience: Principal Lawyer at Legal AU Pty Ltd
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Dear customer, my name is***** solicitor in Melbourne, thank you for using Just Answer, I will assist with your question today.

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Customer reply replied 7 months ago

Are banks like Macquarie Bank able to take 3 days to recognise and process a Westpac bank cheque, ie not a normal company or personal cheque?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Nsw

Lawyer's Assistant: What steps have been taken so far?

Deposit 22 December andMacquarie bank saying funds will be available in normal 3 working day processing time. Bank Cheques are meant to be treated as cash

Solicitor: John Melis, Lawyer replied 7 months ago

the standard clearance time on bank cheques is 3 days, and private cheques 7 days.

However, these time frames can be fast tracked through paying an extra fee to bank to clear the cheque.

in both cases you will be able to see the funds but not draw against them until the funds have been cleared.

Does this answer your important question.

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Customer reply replied 7 months ago
what about a cheque provided at a property settlement which is what this cheque was for?
Solicitor: John Melis, Lawyer replied 7 months ago

was the cheques bank cheques and which bank issued the cheque, example CBA ?

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Customer reply replied 7 months ago
no question not answered
what about a cheque provided at a property settlement which is what this cheque was for?
Customer reply replied 7 months ago
westpac issued a bank cheque or in your terms do i have to call it a bank's bank cheque?
Customer reply replied 7 months ago
is this being answered?
Solicitor: John Melis, Lawyer replied 7 months ago

I have extended a special offer to talk on the phone to answer your more clearly if you prefer ?

The bank cheque once deposited will show in your account, but the funds will not be cleared funds until after 3 clear business days.

does this answer your important question today ?

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Customer reply replied 7 months ago
no question not answered
what do you mean by "was the cheques bank cheques"?
Solicitor: John Melis, Lawyer replied 7 months ago

at a property settlement the purchaser needs to present a bank cheque.

As example CBA bank cheque. The cheque will say on the cheque that it is a bank cheque.

this cheque takes three days to clear once deposited into the bank.

did you have a lawyer or conveyancer acting for you at settlement ?

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Customer reply replied 7 months ago
thanks question answered
Solicitor: John Melis, Lawyer replied 7 months ago

you are most welcome.

wishing you a safe 2018.

You can come back to this post any time to ask questions and there will be no further charges to you.

Don't for get to rate me for 5 stars as this will allow me to continue to answer your important questions.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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