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View Full Version : saturday also a bank clearing day?????



aloy105
30-12-2005, 12:16 PM
Is saturday also a bank (cheque)clearing day for all banks now??? Saturday have been a non-chq clearing b4, even when banks are open for business.
:confused:

had issue a chq dated dec 24,(sat) but found ac overdrawn on dec 25,imediately cover ac.. :eek: Now being charged RM50-00 interest for TOD (temperory OD) for RM800-00 plus OD for 1 day.. :mad: WORSE THAN LOAN SHARK INTEREST RATE BY MAYBANK kawanku :(
previously had experienced TOD int charged of only RM5-00

any remedial actions available??? :confused: :mad:

CoryFan
30-12-2005, 01:16 PM
Is saturday also a bank (cheque)clearing day for all banks now??? Saturday have been a non-chq clearing b4, even when banks are open for business.
:confused:

had issue a chq dated dec 24,(sat) but found ac overdrawn on dec 25,imediately cover ac.. :eek: Now being charged RM50-00 interest for TOD (temperory OD) for RM800-00 plus OD for 1 day.. :mad: WORSE THAN LOAN SHARK INTEREST RATE BY MAYBANK kawanku :(
previously had experienced TOD int charged of only RM5-00

any remedial actions available??? :confused: :mad:

May be you should not have issued the cheque dated 24 Dec in the first place. :D :D :D

Just kidding :p

mykern
30-12-2005, 05:25 PM
You are not supposed to issue cheques when there is no funds in your account enuf to meet it ... since Maybank allowed the excess .. they have the right to levy an 'overlimit' fee ... however, you can appeal for a waiver ..
Still, they have the right to return the cheque the next working day ..
But since you 'covered' the excess .. they didn't, right?
BNM is very strict about such practices. :-I

aloy105
30-12-2005, 08:26 PM
Never expected chq to be cleared on saturday,, expected earliest will be 27th dec ,tuesday....but to be fleeced for such a big penalty,,,could hve just cover the exact amt.n let them close the ac..od due to their loan shark charges :mad:

wAISEKMAo
30-12-2005, 09:22 PM
Is saturday also a bank (cheque)clearing day for all banks now??? Saturday have been a non-chq clearing b4, even when banks are open for business.
:confused:

had issue a chq dated dec 24,(sat) but found ac overdrawn on dec 25,imediately cover ac.. :eek: Now being charged RM50-00 interest for TOD (temperory OD) for RM800-00 plus OD for 1 day.. :mad: WORSE THAN LOAN SHARK INTEREST RATE BY MAYBANK kawanku :(
previously had experienced TOD int charged of only RM5-00

any remedial actions available??? :confused: :mad:


I got overlimit on my checking account. Issued a check on 23th, dec and thought of putting it on 24th, dec. But the check got cleared saturday lar.
darn f maybank

pokemon
31-12-2005, 07:00 AM
Maybank could cleared the cheque and debit your accounts.. This is how they earn your interest (OD accounts). But the bank which you deposited the cheque will wait long long and probably when the BNM gave them the amount credited into the inter-bank accounts, they also would not credit your account so that they can earn 1 or 2 days interests.

Banks are money suckers....!

alexhay
31-12-2005, 09:07 AM
When come to clearing of cheques, I still prefer Maybank. If you bank in the cheques before 2pm. (but for local cheques only), you can get the money the very next working day.

But for their customer service, is a total failure...

kokomo
31-12-2005, 09:09 AM
I would like to know how long does it take to clear an international cheque? and which bank is the fastest in clearing it ?? can anyone provide me sum answers here?? plss ... :o

alexhay
31-12-2005, 09:46 AM
international cheque arr...hmm...i really dont know it takes how long...from what i heard larr is 10 days....but dunno how true is it

kokomo
31-12-2005, 09:47 AM
actually how long does it take a internation cheque to be sent over from that side ar? let's say we're not using any DHL / Fedex ..using their courier service is sumthing like poslaju here ..

alexhay
31-12-2005, 09:50 AM
aiya...why so troublesome...ask them to TT it into ur account larr...so simple...if the guy have SCB account..they can TT it into my account..then i can pass u the money lar...but there will be some service charge will be imposed...have to check out with the bank there

p/s : there will be service change impose by me also for using my acc ;)

kokomo
31-12-2005, 10:55 AM
so let's jz say if i really receive an international cheque and banked into my acc will there be a service charge impose too? :confused:

alexhay
31-12-2005, 11:03 AM
if I am not mistaken yes....remember that if there is outstation cheque we will be charge 50 cents...but for international, i dont know...

kokomo
31-12-2005, 11:08 AM
oke. thanks for the info ... i better get out of this thread b4 chang says we're hijacking another thread !!!

aloy105
31-12-2005, 12:02 PM
my point is when did saturday became a chq clearing day??
Y fleeced ac holder such a big 'overlimit' fee,rm50-00 for 1 day excess of rm800-00 :confused: Previously only Rm5-00, such increase was never inform by the bank to its ac holders in writting, or publish publicly.B4 any chqs paid in on a sat.is treated for clearing next working, monday
i knew my ac status when i issued the chq. n am prepare to cover b4 monday
:mad: shouldnt banks keep their customers informed of any changes to their various banking charges.Then at least the ac holders have a choice of staying on or moving to any bank in view of the changes

mad1126
31-12-2005, 12:36 PM
my point is when did saturday became a chq clearing day??
Y fleeced ac holder such a big 'overlimit' fee,rm50-00 for 1 day excess of rm800-00 :confused: Previously only Rm5-00, such increase was never inform by the bank to its ac holders in writting, or publish publicly.B4 any chqs paid in on a sat.is treated for clearing next working, monday
i knew my ac status when i issued the chq. n am prepare to cover b4 monday
:mad: shouldnt banks keep their customers informed of any changes to their various banking charges.Then at least the ac holders have a choice of staying on or moving to any bank in view of the changes

Okay lets put it this way you've issue a cheq on 24/12 and on 25/12 the cheque has been cleared. Saturday is consider as 1 working day if the cheque deposit before 11am. If the cheque that you issue is local branches cheque it will be cleared on the same day.
For normal working days local branches cheque will be cleared on the same day even if you bank in after 2pm.
Hope that might be help. As for the interest charges I'm not so sure. ;)

starrnorth
31-12-2005, 11:37 PM
SAturday is a clearing day for the cheque that you issue, but not a clearing day for the cheque that you receive.

Pets=Friends
01-01-2006, 10:48 PM
my point is when did saturday became a chq clearing day??
Y fleeced ac holder such a big 'overlimit' fee,rm50-00 for 1 day excess of rm800-00 :confused: Previously only Rm5-00, such increase was never inform by the bank to its ac holders in writting, or publish publicly.B4 any chqs paid in on a sat.is treated for clearing next working, monday
i knew my ac status when i issued the chq. n am prepare to cover b4 monday
:mad: shouldnt banks keep their customers informed of any changes to their various banking charges.Then at least the ac holders have a choice of staying on or moving to any bank in view of the changes
Check your current account statement, notice of changes are normally printed there, its a wealth of information that the everyday joes take for granted until something like this happens. Maybank is a big bank, they wouldn't leave their a** uncovered like that.