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• Cheques lodged to an account are subject to a clearing cycle so, unlike electronic credit transfers, funds are generally not immediately available
• Cheques can be returned unpaid for many reasons
• Cheques can be delayed in transit due to postal delays or other disruptions and can result in late receipt of payment
• Ireland’s heavy reliance on cheques, with delays in terms of both cash flow and certainty of payment, put Irish businesses at a competitive disadvantage to their European counterparts
• Cheques can be intercepted before reaching their destination and become subject to fraud
• Cheques must be brought/sent to your bank for lodgement to your account and will then be subject to clearing timeframes
• Cheques are unsuitable for making or receiving international payments. There is no agreed cross-border clearing cycle for cheques, therefore there is uncertainty around when funds will be available
• Some cheques may be guaranteed for payment under the Cheque Card Guarantee Scheme if the terms and conditions of the Scheme are complied with.
  

For further information on cheques please click on the menu to the left.