Taylor Scott
While some cheques clear straight away, it generally takes three working days for a bank cheque to clear at NAB. During this time, the funds are kept as uncleared by the bank. This means that while your account will be immediately credited with the proceeds of the cheque, you will not be able to withdraw the value of the cheque until it has been cleared.
| Characteristics | Values |
|---|---|
| Time taken to clear a cheque | It usually takes three working days for a cheque to clear. However, some cheques clear overnight or straight away. |
| Cheque amount | Cheques up to $990 clear straight away. NAB allows mobile cheque deposits of up to $5,000 in cheques every seven days. |
| Cheque clearance | Special clearance is no longer available. |
| Cheque security | To avoid fraudulent alteration, a cheque must be completed properly, with a full signature against each alteration and the date it was signed. |
| Cheque replacement | NAB no longer issues bank cheques to non-NAB customers. |
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What You'll Learn
Cheques can be deposited via the NAB app
To deposit a cheque via the NAB app, you will need to have downloaded the latest version of the app and granted camera permissions. Log into the NAB app on your device, and if using iOS, tap "More" in the menu. If using Android, tap the menu icon. From there, tap "Cheque Deposit" from the menu list. After reading and accepting the terms of use, choose the account that will receive the deposit and enter the cheque details, including the amount and an optional description.
Next, scan the front and back of the cheque by holding your phone's camera above it. Review the details and confirm the deposit. After depositing the cheque, ensure you keep the physical cheque for 10 business days, as NAB may request it during this time.
It is important to note that there are deposit limits when using the NAB app. You can deposit up to $5,000 in cheques over a seven-day period for both personal and business banking. Deposits made to business accounts may incur fees. Additionally, any cheque deposited before 10 pm (AEST/AEDT) on a business day will typically clear within three business days.
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Funds may take up to three days to clear
While depositing a cheque, it is important to note that you will not be able to withdraw the value of the cheque immediately, even though your account will be credited with the proceeds of the cheque. This is because the deposited funds may take up to three business days to clear.
The time taken for a cheque to clear depends on various factors. If you deposit a cheque before 10 pm (AEST/AEDT) on a business day, the cheque will usually clear within three business days from that time. However, if you submit a cheque after 10 pm or on a non-business day, it may take longer. For example, if you deposit a cheque on a Friday night, the cheque will be processed on the following business day, which is Monday, and it will clear within three business days from Monday.
Additionally, the geographical distance between the issuing and depositing branches can impact the clearing time. Historically, cheques were physically transported to an exchange point, sorted by the owning bank, and then sent to the respective bank's processing centre. This process could take a few days, especially if the branches were located in different cities.
To deposit a cheque, you can either use the NAB app or visit a branch. Using the NAB app, you can deposit up to $5,000 in cheques every seven days. For larger amounts, a visit to the branch is required. It is important to keep the physical cheque for 10 business days after depositing it.
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Cheques can be purchased from a NAB branch
NAB treats bank cheques in the same way as ordinary cheques. Bank cheques are usually requested because there is a higher likelihood that they will be paid. However, bank cheques should not be regarded as equivalent to cash. You may be unable to withdraw the value of a bank cheque until it has cleared. Generally, it takes three working days from the time you deposit the bank cheque until the proceeds are available as cleared funds in your account.
You can deposit cash and cheques at NAB branches or Australia Post outlets with staff assistance. All you need is a PIN and chip-enabled NAB debit or credit card linked to your NAB transaction account. You can also deposit cash and cheques at NAB branches using self-service options.
It is important to clearly identify the cheque by providing the account name and number, the cheque number and amount, the date of the cheque, and to whom the cheque is payable. When writing a cheque, you should take care to reduce the opportunity for forgery and fraud. For example, do not leave gaps between the words or figures, and never sign a cheque before it is used or filled out.
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NAB no longer issues cheques to non-NAB customers
As of 18 November 2024, the Australian Government has decided to phase out cheques. NAB is encouraging its customers to move away from cheques and adopt alternative payment methods. NAB offers guidance and support services to help customers manage banking with alternative payment methods to cheques. Customers can bank online, in person, or by using NAB's smart ATMs and deposit machines. NAB also offers secure and convenient digital payment methods, including digital wallets and wearables, as well as telephone banking services.
NAB no longer issues bank cheques to non-NAB customers. Bank cheques can only be purchased by NAB customers or customers of a NAB agent bank from a NAB branch. While bank cheques issued by NAB are treated the same as ordinary cheques under the law, they are not equivalent to cash. Generally, it takes three working days for the proceeds of a deposited bank cheque to become available as cleared funds in an account.
To ensure security, NAB recommends clearly identifying a cheque by providing the account name and number, cheque number and amount, date of the cheque, and the payee. Additionally, when signing a cheque, it is important to follow proper procedures, including providing a full signature against each alteration and dating the cheque accordingly. NAB also offers the option to set up a PayID to get paid or pay someone faster online.
It is worth noting that special clearance for cheques is no longer available at NAB. In cases where a bank cheque is stolen, lost, or bears a forged signature, NAB will dishonour or refuse to pay the cheque. NAB may provide a replacement cheque for a fee. Customers can visit their local NAB branch or speak to their banker for assistance with any cheque-related concerns.
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Cheques must be signed and dated
When issuing a cheque, it is important to ensure that it is completed properly and with care to avoid fraudulent alteration. This includes providing your full signature and the date of signing. The signature must be in accordance with the signing authority you have been given by NAB.
When signing a cheque, you must provide your full signature against each alteration you make. This means that if you make any changes to the cheque after signing it, you must initial those changes to indicate your approval. The date of signing the cheque is also crucial, as it helps to identify the validity of the cheque and can be used to track its processing.
Additionally, it is essential to clearly identify the cheque by providing the account name and number, the cheque number and amount, the date of the cheque, and the name of the payee. This information ensures that the cheque can be processed accurately and helps to prevent fraud or misuse. It is worth noting that special clearance is no longer available for cheques.
While the Australian government has announced plans to phase out cheques, they continue to be a common method of payment, particularly among older individuals. It is important to understand the proper procedures for issuing and receiving cheques to ensure secure and efficient transactions. Cheques can be deposited via the NAB app or at a NAB branch, and they typically clear within three business days.
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Frequently asked questions
It usually takes up to three business days for a cheque to clear at NAB.
No, you will not be able to withdraw the value of a cheque before it clears. However, your account will be immediately credited with the proceeds of the cheque.
You can deposit a cheque at NAB by using the NAB app or by visiting a branch.
To stop a cheque payment at NAB, you need to log in to NAB Internet Banking and select the "Stop Cheque" option from the Account Information section. You will then need to select the account and provide a reason for stopping the payment.
If a cheque you deposit at NAB bounces, your account will be debited for the amount of the cheque.
