How long does it take for a cheque to clear?
The banks say cheques will clear in three to five days. We advise it’s best to know the status of the funds deposited before any trust payments associated with these funds are made. • This may be done by purchasing a special clearance for the cheque, or • Waiting the full five days for the cheque to clear then contact the bank to ensure this has occurred. The cost of the special clearance can be passed onto the client if the client has requested the payout of the funds. A deficiency will arise if the payment is made and the cheque is dishonoured. The practitioner is then responsible for the restoration of this deficiency.
