UAE: Banks to clear cheques on same day
Starting November 14, banks in the UAE will clear cheques deposited before 10am by 5pm that day…
November 4, 2009 12:31 by kippreport
Starting November 14, banks in the UAE will clear cheques deposited before 10am by 5pm that day, the Central Bank announced on Tuesday. Cheques deposited after 10am will be cleared the following business day.
The bank also announced it may introduce an express clearing facility, which allows customers to have their cheques cleared within two hours for a fee.
“It was always intended to introduce same-day clearing as part of this program of continuous improvement. Therefore, with effect from 14th November 2009, it will be possible for cheques to be cleared in the same business day,” the Central Bank said in a statement.
The UAE’s banks process an average of 100,000 cheques per day.