I was waiting for a massive bank cheque to clear from divorce financial settlement, lawyers trust account was with Westpac, I’m with Nab.
Nab tells me a bank cheque from any bank can be cancelled, takes 3-5 days to clear into the recipients account, when the amount appears in the account but isn’t available, it can be reversed, once it’s showing as available it’s yours to place on red at the casino.
I was stuck with uncleared funds for a long weekend. Sucked worse then crank brothers wheels.
I asked both banks what was the point of paying for a bank cheque, it costs something silly like 30 bucks, takes days, and can be reversed, where as an eft is next day, or 90 seconds if both parties are osko enabled. Bank staff couldn’t give me any reasons beyond legacy system they make a profit from. Large amounts typically left in banks transfer accounts earning them 3-5 days of interest. The royal commission into banking triggered the osko system being born. Guess bank cheques weren’t criticised too heavily?
When I drove to Adelaide to get the turbo levo, I made payment on a Sunday, seller didn’t have osko enabled, so jumped in the car and headed back to Melb, noon the next day funds cleared so I turned around.
TL

R. Never ever release goods till money is cleared in your account, and you’ve moved it out of that account, to another bank.