If you’re a customer of OCBC and you’re wondering about the cheque deposit collection time in Singapore, you’ve come to the right place. In this article, we’ll provide you with a comprehensive overview of OCBC’s cheque services and the time it takes for your cheques to clear and be credited to your account.
OCBC is one of the largest banks in Singapore, offering a wide range of banking services to its customers. When it comes to cheque deposits, OCBC provides several options for you to choose from, including depositing your cheques at any of their branches or using their bulk cheque service. However, you may be wondering how long it takes for your cheques to be processed and credited to your account.
OCBC’s cheque deposit collection time in Singapore varies depending on the type of cheque and the time of deposit. In general, local cheques deposited before 3.30 pm on a business day will be cleared and credited to your account on the same day. However, for foreign currency cheques and cheques deposited after 3.30 pm, the processing time may take longer. Keep reading to find out more about OCBC’s cheque deposit collection time in Singapore.
Key Takeaways
- OCBC offers several options for cheque deposits, including branch deposits and their bulk cheque service.
- Local cheques deposited before 3.30 pm on a business day are typically cleared and credited to your account on the same day.
- Foreign currency cheques and cheques deposited after 3.30 pm may take longer to process and credit to your account.
OCBC Cheque Services Overview
If you’re an OCBC account holder, you can take advantage of the bank’s comprehensive cheque services. These services include cheque issuance and quick cheque deposit boxes that allow you to deposit cheques conveniently.
Cheque Issuance
OCBC charges a fee for each SGD cheque issued, and US$0.55 for each USD cheque issued. However, account holders aged 60 years old and above are exempted from this fee until 31 December 2025. Note that there will be a fee for depositing SGD-denominated and USD-denominated cheques at a later date.
Quick Cheque Deposit Box
OCBC’s Quick Cheque Deposit Box is a convenient way to deposit your cheques without having to queue up at the bank. You can deposit your cheques at any of the bank’s quick cheque deposit boxes, which are available 24/7. The cut-off time for cheque clearing is Mon – Fri, 3.30pm.
To deposit your cheque, simply fill in the deposit slip and enclose it with your cheque in an envelope. The deposit slip should include your name, account number, and the amount of the cheque. You can then drop the envelope into the quick cheque deposit box.
Please note that it typically takes two to three business days for the funds to clear when you deposit an OCBC cheque in Singapore. This means that the money will be available in your account within this time frame.
With OCBC’s cheque services, you can easily manage your finances and enjoy the convenience of depositing cheques without having to queue up at the bank.
Collection Times and Processing
If you’re depositing a cheque at an OCBC branch in Singapore, you may be wondering when you can expect your funds to be available. Here’s what you need to know about collection times and processing.
Business Days
OCBC processes cheque deposits on business days, which are Monday to Friday, excluding public holidays. If you deposit a cheque on a business day before the cut-off time, your funds will typically be available on the next business day.
The cut-off time for cheque deposits varies by branch, but is typically in the mid-afternoon. To ensure your cheque is processed as quickly as possible, make sure you deposit it before the cut-off time.
Public Holidays
If you deposit a cheque on a public holiday, your funds will not be available until the next business day. This includes both Singaporean public holidays and holidays in the country where the cheque was issued.
It’s important to keep this in mind when depositing cheques around holidays, as it may take longer than usual for your funds to become available.
Cheque Clearing
It’s worth noting that cheque clearing times can vary depending on the bank that issued the cheque. While OCBC processes cheque deposits quickly, it may take longer if the cheque was issued by a different bank.
In general, cheque clearing times in Singapore are relatively quick, with most cheques clearing within three business days. However, it’s always a good idea to check with your bank if you’re unsure about when your funds will be available.
Branches
OCBC has a network of branches across Singapore where you can deposit cheques. You can also use the bank’s mobile app to deposit cheques remotely.
If you’re depositing a cheque at a branch, be sure to check the branch’s opening hours and cut-off times to ensure your cheque is processed as quickly as possible.
Overall, if you’re looking to deposit a cheque at an OCBC branch in Singapore, you can expect your funds to be available within a few business days. Just be sure to keep in mind the cut-off times, public holidays, and cheque clearing times to avoid any delays.
Digital Banking Alternatives
If you are looking for alternative payment methods to deposit your cheques, OCBC provides digital banking options that are convenient and easy to use. Here are two options you can consider:
OCBC Mobile Banking
With OCBC Mobile Banking, you can deposit your cheques anytime and anywhere without having to visit a branch. Simply log in to the app, select “Deposit Cheque”, and follow the instructions to take a photo of the front and back of the cheque. The funds will be credited to your account within 2 business days.
Apart from cheque deposit, OCBC Mobile Banking also allows you to perform a range of banking transactions such as fund transfers, bill payments, and account enquiries. The app is available for download on both the App Store and Google Play.
OCBC Pay Anyone
OCBC Pay Anyone is another digital banking option that allows you to deposit your cheques using your mobile phone. To do so, simply log in to the app, select “Deposit Cheque”, and follow the instructions to take a photo of the front and back of the cheque. The funds will be credited to your account within 2 business days.
In addition to cheque deposit, OCBC Pay Anyone also enables you to make payments to your friends and family, pay bills, and transfer funds. You can also use the app to view your account balances and transaction history. The app is available for download on both the App Store and Google Play.
By using digital banking alternatives, you can save time and effort and enjoy the convenience of banking on-the-go. With OCBC Mobile Banking and OCBC Pay Anyone, you can deposit your cheques quickly and easily without having to visit a branch.
Fees and Charges
If you are an OCBC account holder, you may need to pay a fee for cheque encashment services and ATM withdrawals. Here are the details of fees and charges that you need to know:
Cheque Encashment Service Fee
OCBC charges a fee for cheque encashment services. According to their website, from November 1, 2023, a fee of $0.75 will be charged for each SGD cheque issued, and US$0.55 for each USD cheque issued. This fee will be waived for account holders aged 60 years old and above until December 31, 2025. However, at a later date, you will be charged a fee for depositing SGD-denominated and USD-denominated cheques.
ATM Withdrawal Charges
OCBC also charges a fee for ATM withdrawals. If you use an OCBC ATM, there is no withdrawal fee. However, if you use an ATM that is not owned by OCBC, you will be charged a fee of $5 per transaction. This fee applies to both local and overseas withdrawals.
It is important to note that the fees and charges mentioned above are subject to change. Therefore, it is always a good idea to check the latest fees and charges on the OCBC website or by contacting their customer service.
Branch and ATM Network
When it comes to depositing cheques with OCBC in Singapore, you’ll be pleased to know that there are plenty of branches and ATMs located throughout the country. This means you can deposit your cheques quickly and easily, without having to travel too far from your home or office.
Next-Generation ATMs
One of the most convenient ways to deposit your cheques with OCBC is by using one of their next-generation ATMs. These ATMs are designed to be faster, more secure, and more user-friendly than traditional ATMs. They allow you to deposit cheques, withdraw cash, and perform a range of other banking transactions quickly and easily.
OCBC’s next-generation ATMs are located at various locations throughout Singapore, including shopping malls, MRT stations, and other public areas. They are available 24/7, so you can deposit your cheques whenever it’s convenient for you.
Mini Branches
If you prefer to visit a physical branch to deposit your cheques, you’ll be pleased to know that OCBC has a network of mini branches located throughout Singapore. These mini branches are smaller than traditional branches, but they still offer a range of banking services, including cheque deposit.
OCBC’s mini branches are located in various locations throughout Singapore, including shopping malls and other public areas. They are open during regular business hours, so you can visit them during your lunch break or after work.
Overall, OCBC’s branch and ATM network in Singapore makes it easy and convenient to deposit your cheques. Whether you prefer to use a next-generation ATM or visit a mini branch, you can be sure that you’ll be able to deposit your cheques quickly and easily.
Frequently Asked Questions
What are the operating hours for OCBC cheque deposit machines in Singapore?
OCBC cheque deposit machines in Singapore are available 24/7, so you can deposit your cheques anytime, day or night. You can find these machines at various locations throughout the city, including at OCBC branches and ATMs.
How soon can funds be accessed after depositing a cheque at OCBC on a weekday?
If you deposit a cheque at an OCBC branch or ATM during business hours on a weekday, the funds will usually be available in your account within two business days. However, if you deposit a cheque after business hours or on a weekend, it may take an additional day for the funds to be available.
What’s the latest I can deposit a cheque at OCBC for same-day processing?
If you need to deposit a cheque for same-day processing, you should do so before 3:30 PM on a weekday. If you deposit a cheque after this time, it will not be processed until the following business day.
Are there any differences in cheque clearing times at OCBC on weekends?
Yes, there are differences in cheque clearing times at OCBC on weekends. If you deposit a cheque on a Saturday, Sunday, or public holiday, it will not be processed until the next business day. This means that the funds will not be available in your account until at least two business days after the deposit.
How does the cheque deposit process work at OCBC automated machines?
The cheque deposit process at OCBC automated machines is simple and straightforward. First, insert your cheque into the machine. Then, follow the on-screen instructions to enter your account number and other details. Once you have confirmed the details, the machine will process the deposit and provide you with a receipt.
Can you tell me the expected wait time for an OCBC cheque to clear if deposited on a Friday?
If you deposit a cheque at an OCBC branch or ATM on a Friday, the funds will usually be available in your account by the following Tuesday. However, if the cheque is from a foreign bank or is for a large amount, it may take longer to clear. In these cases, it is best to check with OCBC customer service for more information.
Overall, depositing cheques at OCBC is a convenient and hassle-free process. With 24/7 access to cheque deposit machines and quick processing times, you can be sure that your funds will be available when you need them.