What is the clearing cycle for cheque deposits?
When you pay a cheque into your account we have to clear that cheque – this is called the ‘clearing cycle’. Deposits made by cheque at a Post Office® branch will take two days to reach the Bank of Ireland UK. Day of receipt by Bank of Ireland UK is classified as Day 1. This is the day on which the money will be credited to your account and you will start to earn interest on these funds. (Subject to a minimum balance of £500.) For cheque deposits sent by post, once your cheque has been received it will take two days for the cheque to clear. Day of receipt of your cheque is classified as Day 1. We will start to pay you interest on the value of these deposits from Day 3. (As long as you have a minimum balance of £500.)It takes four working days† for the cheque to go through the clearing cycle and during this time you can’t withdraw funds against any cheques deposited. Your money will be available on Day 5. If another bank decides not to honour a cheque that you have deposited, the cheque
