Cheque Deposits
Every day, we handle thousands of Australian cheques which are processed for payment through a cheque clearing system*.
All cheques (including counter cheques, customer personal cheques, “bank” cheques and government cheques) must be deposited through a Wide Bay Australia account for validation** and clearance – as we are not able to cash cheques due to increasing levels of fraud.
| Easy |
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Simply visit a Wide Bay Australia branch or send us a cheque in the mail with the details of the Wide Bay Australia account to be credited. |
| Interest savings |
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Funds from cheque deposits earn interest in deposit accounts or save you interest in loan accounts from the day of the deposit. |
| Funds availability |
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Funds will be available to you for withdrawal when cheque has been cleared. While there are no problems with the majority of cheques, some cheques are dishonoured for various reasons (including fraud, a lack of available funds in the account to be debited etc.) If the cheque is dishonoured, either before or after you have accessed the funds, your account will be debited with the amount of the cheque and a dishonour fee. It is then your responsibility to resolve the matter with the cheque writer. Check details of normal Cheque Clearance Times. |
| Early Clearance |
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If you receive a regular cheque for salary or wages you may apply for early access to these funds. Certain conditions apply. |
| Bank Special Clearance |
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May be arranged where you require early clearance on a particular cheque. |
| Cheque drawn from overseas |
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We will also convert cheques or cheque drafts that are made out in a foreign currency and/or drawn on a foreign bank or Australian bank into Australian dollars: Foreign Cheques & Drafts - Inward. |
*Cheque services are available by arrangement with Westpac
Banking Corporation ABN 33 007 457 141. **Cheque payee details will be confirmed
to the Wide Bay Australia Account Name in which the cheque is to be deposited. Should the cheque payee differ from the Account Name, we will require the cheque to be endorsed and the endorser's signature will need to be validated. We reserve the right to refuse to accept a cheque where the endorsement cannot be validated to our satisfaction and where the true owner of the cheque cannot be established.
