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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



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.



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1 Comment

  1. Ramzi on November 6, 2009 10:49 am

    and what about the cheques issued from other emirates – dubai to be cleared in abo dhabi or the oppsite / and other countries
    and there is a fees for this serviece.

     

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