Depositing a cheque involves a standard verification process between your bank and the institution that issued the payment. Because cheques are physical documents that must be processed and verified, the funds are not available for immediate use once you hand them over at a branch or through a deposit facility.
In most cases, the time it takes for a cheque to clear depends on the internal processing cycles of both the issuing bank and Bendigo Bank. While digital transfers have become the primary method for moving money, cheques still follow a traditional clearing cycle that generally spans several business days.
Key Cheque Processing Information
| Category | Details |
|---|---|
| Deposit Methods | In-branch or via specific deposit-enabled Smart ATMs |
| Processing Time | Typically 3 to 5 business days for full clearance |
| Eligibility | Primary and secondary account holders |
| Key Requirements | Valid cheque, signed and endorsed, and active bank account |
Cheque Clearance Time
Bendigo Bank typically requires up to three business days to clear a cheque. This means that after depositing a cheque, the funds may not be available for withdrawal or use until the clearance process is complete. It's advisable to plan accordingly to ensure you have access to your funds when needed.
Factors Influencing Clearance Time
- Deposit Method: Deposits made via Bendigo Bank ATMs or over-the-counter at branches may have varying processing times.
- Cheque Type: Personal cheques, bank cheques, and other financial institution cheques may have different clearance times.
- Deposit Timing: Cheques deposited after cut-off times or on weekends and public holidays may experience delays in processing.
Troubleshooting Common Issues
- MFA or login issues when checking status
- Cause: If you are trying to check your pending transactions in e-banking but cannot log in due to a missing security SMS, you won't be able to see if the cheque has cleared.
- Simple fix: Ensure your phone has stable signal, wait two minutes, and request a new code.
- Fallback action: Call Bendigo Bank support to check the status of your account balance manually.
- App or browser errors viewing pending transactions
- Cause: Temporary server maintenance or a poor internet connection can prevent your transaction history from loading correctly.
- Simple fix: Close the app entirely, restart your device, and try viewing your history again after a few minutes.
- Fallback action: If the app continues to display errors, log into your e-banking profile via a desktop browser.
- Locked account preventing withdrawal of funds
- Cause: If you have accidentally locked your digital banking profile by entering the wrong password, you may be unable to access funds that you believe have cleared.
- Simple fix: If you only have a soft lock, wait 15 minutes before attempting to log in again.
- Fallback action: Visit a branch in person with your photo ID to verify your identity and access your cleared funds.
Pro-Tip: Before depositing a cheque, write your account name and BSB on the back of the document. This serves as a secondary reference for bank staff, which helps prevent errors and ensures the funds are directed to the correct account if the deposit slip becomes detached during the transit process.
Frequently Asked Questions
Why hasn't the money appeared in my account yet?
If you deposited a cheque on Monday, it is common for the funds to remain unavailable for several days. This happens because the cheque must physically travel through the clearing system, where the issuing bank verifies that the account has sufficient funds. A common limitation is that weekends and public holidays do not count as "business days," which can extend the waiting time. If it has been more than five business days since your deposit, your practical next step is to call Bendigo Bank with your receipt reference number to confirm if the cheque has been dishonoured or if there is a processing delay.
What happens if a cheque is "dishonoured"?
A cheque is dishonoured when the issuing bank refuses to pay it, typically because the sender had insufficient funds, or the signature didn't match their records. When this happens, the bank will deduct the amount (if it was provisionally credited) from your account and may charge a fee for the returned item. This process can be frustrating, but it is part of the standard financial rules governing paper-based payments. If your cheque is returned, your next step is to contact the person or business who wrote the cheque to explain the situation and request a new payment method, such as an electronic funds transfer.
