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What is clearing day-hold?

Clearing day-hold refers to the time taken for funds from the cheques which have been cleared to be credited into the payee's account.

The time taken would depend on the type of cheque deposited, that is, whether the cheque is a house cheque 1, local cheque 2 or outstation cheque 3.

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References
  1. House cheque means cheque belonging to the drawee bank of the same branch

  2. Local cheque means cheque drawn and deposited within the local clearing zone

  3. Outstation cheque means cheque drawn on banks outside the local clearing zone


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


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Notes
Knowledge Base ID :   1394
Last Reviewed :   April 30, 2014
Source :   BankingInfo
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