You deposited a cheque and …. you wondered when the funds will be available after you drop the cheque at one of the Quick Cheque Deposit Box.
How long for cheque to clear local banks depends on what time the cheque is deposited. It typically takes 1 day.
Cheque Clearing Time
Cheques that are deposited via Quick Cheque Deposit Machine (QCM) (POSB) or Quick Cheque Deposit Box (QCD) before the collection time on Monday to Thursday will be available for withdrawal after 2pm the following day.
You will need to wait for a few more days for DBS/POSB cheque clearing time if you deposit after 3.30pm from Thursday onward as the funds will only be available the following week.
The following information applies to most of the banks in Singapore such as DBS, OCBC, UOB, Maybank, Standard Chartered etc.
The DBS/POSB cheque deposit cut off time is 3.30pm and the fund is usually available for use the following day after 2pm.
The collection timing is as show below:
There will not be collection on Public Holidays.
Information To Write
Provide the following information at the back of the cheque:
- Full name (Bank’s record)
- Bank Account Number
- Contact Number