Check Deposits

[OnMyWay]

I did a quick search and did not find a specific answer to this question.I understand that many use personal check deposits to transfer money from their US bank account to their PI bank account. Cost is free but it can take a month or 2 for the check to clear. I will use that method as well.My question is, does that apply to any US check I deposit? For instance, if a person or business in the US writes me a US check, and mails it to me in PI, can I just deposit it in my PI account and wait for it to clear?Thanks!

[Mike S]

It has been my experience that any checks I receive including my check from the IRS will be held for the 22 working days by the bank same as my monthly deposited check .... of course any holidays and weekends are NOT included in the 22 days ..... I have never had my check held for a whole month ..... although darn close to it ..... :cheersty: :no: ...... it is very annoying to see my check clear the US bank by the 5th of the month but my deposit doesn't show up in my Phil account until the end of the month ..... but once you get used to it ..... it's all good .... :mocking:

[i am bob]

I know I can get my Canadian Military Pension deposited directly into my Philippine bank account (once I have one) and in Philippine Pesos...I wonder if they would make me wait the 22 days as well?(Of course I don't think I will be proceding this way - I was just wondering if they would make me wait if I did)

[OnMyWay]

It has been my experience that any checks I receive including my check from the IRS will be held for the 22 working days by the bank same as my monthly deposited check .... of course any holidays and weekends are NOT included in the 22 days ..... I have never had my check held for a whole month ..... although darn close to it ..... :cheersty: :no: ...... it is very annoying to see my check clear the US bank by the 5th of the month but my deposit doesn't show up in my Phil account until the end of the month ..... but once you get used to it ..... it's all good .... :mocking:

Thanks Mike! That is what I needed to hear. I don't really care how long it takes as long as I know that any type of (good) check will eventually clear.

[Mike S]

I know I can get my Canadian Military Pension deposited directly into my Philippine bank account (once I have one) and in Philippine Pesos...I wonder if they would make me wait the 22 days as well?(Of course I don't think I will be proceding this way - I was just wondering if they would make me wait if I did)

Bob .... not sure how they do it in the far north .... but in the US I believe any governmental check can only be accessed by you personally if you are banking outside the US and they will not tie a credit or debit card to that account ..... so if you get married your asawa will NOT have access to your funds and you must go there personally to with draw money ..... if you are sick and can't get to the bank you are SOL ....... but i am not sure how they do it in Canada ..... you might want to check just to be sure

[i am bob]

I know I can get my Canadian Military Pension deposited directly into my Philippine bank account (once I have one) and in Philippine Pesos...I wonder if they would make me wait the 22 days as well?(Of course I don't think I will be proceding this way - I was just wondering if they would make me wait if I did)

Bob .... not sure how they do it in the far north .... but in the US I believe any governmental check can only be accessed by you personally if you are banking outside the US and they will not tie a credit or debit card to that account ..... so if you get married your asawa will NOT have access to your funds and you must go there personally to with draw money ..... if you are sick and can't get to the bank you are SOL ....... but i am not sure how they do it in Canada ..... you might want to check just to be sure

thanks Mike! I did check - and I just need a regular account for mine.

[Jake]

It has been my experience that any checks I receive including my check from the IRS will be held for the 22 working days by the bank same as my monthly deposited check .... of course any holidays and weekends are NOT included in the 22 days ..... I have never had my check held for a whole month ..... although darn close to it ..... :cheersty: :3_8_14[1]: ...... it is very annoying to see my check clear the US bank by the 5th of the month but my deposit doesn't show up in my Phil account until the end of the month ..... but once you get used to it ..... it's all good .... :mocking:

I really don't why the banks are holding checks deposits for that period of time. But I suspect thatit's an internal bank policy to keep your money longer in their system. Time equals more interest.Does this apply to sperm banks as well......he, he.

[Ashanti]

I really don't why the banks are holding checks deposits for that period of time. But I suspect that it's an internal bank policy to keep your money longer in their system. Time equals more interest.

Not strictly true, although, it also depends on the individual banking policy.You have to understand how the cheque clearing system work. In theory it sounds simple of – just you receiving a cheque and depositing said cheque to the bank. But in actuality, there are a lot of things involved than the simple visual transactions."Banks hold cheque for several reasons, all based on the need to ensure that the cheque will be honoured by the bank on which it was drawn. This wait, sometimes called the "clearing period," prevents the funds from being used by the customer right away. When a person deposits a check into his or her account, the bank must then present that check to the bank on which it was issued. While most of this is done electronically in many places, banks still hold checks to test for fraud or insufficient funds on the part of the check writer."Then add to the mix a foreign bank ………….Heres an animation of how cheque clearing works.http://www.chequeandcredit.co.uk/files/candc/flash_files/candc_animationv6.swf Edited April 3, 2012 by Ashanti

[earthdome]

Heres an animation of how cheque clearing works.

Nice that you included an animation to explain check clearing, annoying that it included audio that started playing when I viewed this page.

[Jim Sibbick]

I really don't why the banks are holding checks deposits for that period of time. But I suspect thatit's an internal bank policy to keep your money longer in their system. Time equals more interest.

As odd as this will seem, some people and businesses write out cheques on their account when they don't have money in them.As odd as this will seem, some people steal other people's cheque books and use them as their ownAs odd as this will seem, some people steal other people's cheques out of the mail and deposit them to their own account.Banks being aware of this, have to make sure that the cheque deposited to your account will be honoured. This process takes time as the bank issuing the cheque needs to have it back in their hands before they can confirm the cheque was issued legitimately and they have had no stops placed on it because it was stolen etcThen, just because the issuing bank has paid the cheque, that does mean the bank in the Philippines will know because no one will have told them. If you want some one to tell the Philippines bank that your cheque has been paid, you will have to pay money for the service. So what the bank in the Philippines does instead is they wait a set period of time to see if the cheque is returned. All banks figure this differently. A sensible period of time in my experience is 6 weeks. So If this process is only taking 22 business days (one month) for a Philippines bank, I would call that reasonable.Regards: Jim