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What is the cheque clearing process in Malaysia? How does the cheque clearing process work? How long does it take for a cheque to clear? Self-Help

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What is the cheque clearing process in Malaysia? How does the cheque clearing process work? How long does it take for a cheque to clear?



Cheque Clearing Process


When you deposit a cheque into your account, your bank which is the collecting bank will send it to specific clearing centres to be sorted and dispatched to the drawee bank for payment.

The time taken for the money from the cheque to be credited into your account will depend on the number of days required to clear the cheque.

The number of clearing days may be affected by public holidays which fall within the clearing period.

Generally, cheques can be divided into 3 categories:

  • House Cheques
    Cheques belonging to the drawee bank of the same branch

  • Local Cheques
    Cheques drawn and deposited within the local clearing zone

  • Outstation Cheques
    Cheques drawn on banks outside the local clearing zone



Cheque Clearing Time


Generally, house cheques do not go through the clearing process. As such, you will receive your money the next day.

However, the time taken may vary from bank to bank depending on the duration required to verify the particulars of payment.

Local and outstation cheques however, need to go through the clearing process and the time required for your cheque to be cleared would depend on the location of the branches.

Generally, local cheques would be cleared within 2-3 working days.

The clearing period for outstation cheques may take 3-8 working days.

However, you are advised to check with your bank as to the actual date the funds will be available.

Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Tags: cheque clearning process, check clearing process, house cheques, local cheques, outstation cheques, current account, cheques, checks

Knowledge Base ID:1378
Last Review:September 12, 2010
Source:BankingInfo

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