hong kong not manila, page-3

from the RBS website..processing time:

Clearance of funds under an IBAA.

* For IBAAs, value (via the credit clearing system) will usually be provided to the account-holding bank on working day 3, for both cash and cheques.
* Where there is no mechanism in place to confirm whether a cheque has been paid or not, unpaid cheques will normally be in a collecting banker's hands on working day 4. Under an IBAA, when the original credit has been forwarded to another bank, the advice to that bank (the account holding bank) will not be received by them until at least working day 5.
* At each step, the process may be shortened if information is provided by telephone.
* When RBS acts as a "collecting banker" for credits paid into accounts with other banks, it does so "with recourse" in the event that the underlying cheques may be returned unpaid.
* It is up to the account-holding bank to determine at which stage it will provide "cleared" funds to its customer. If the underlying transaction is cash paid in at the collecting bank, the account-holding bank should normally provide cleared value on working day 3. However, for cheques, although RBS applies a cleared value on working day 3, it cannot be certain at that time that the cheque will definitely be paid. The earliest occasion on which RBS would be aware of non-payment will be around 4 working days after deposit, although in some circumstances this period could be longer. For this reason, RBS recommends the account holding bank to require its customers to wait until at least working day 5, before allowing them to withdraw funds.