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Source:
www.abs.org.sg |
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SINGAPORE BANKS WILL MOVE TO A
5-DAY CLEARING WEEK WITH EFFECT FROM 15 MAY 2006 |
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The Association of Banks in Singapore
announced that the Singapore banking industry will be moving towards a
5-Day Clearing Week (5DCW). |
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This means that on Saturdays, there will be
no crediting or debiting of customer accounts through clearing of
cheques, GIRO or Interbank funds transfers. Therefore, clearing of funds
will be from Mondays to Fridays only. The change will take effect from
15 May 2006. |
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The move to a 5DCW is in line with practices
in leading financial centres like the US, UK, Switzerland, Germany and
Australia where there are no payment clearing facilities on Saturdays. |
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Asian countries that do not have Saturday
clearing include Thailand, China and Indonesia. It is also in line with
the present move towards a 5-day work week among many companies in
Singapore. |
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The 5DCW will result in some changes in
cheque clearing and banking transactions: |
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(A) Cheques: |
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For cheques deposited
on Fridays before cut-off time ¨C funds will be available on
Mondays after 2 pm. |
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For cheques deposited
on Thursdays after cut-off time ¨C funds will only be available on
Mondays after 2 pm as these cheques will be deemed as Friday
cheques. |
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For cheques deposited
on Fridays after cut-off time and on Saturdays ¨C funds will only
be available on Tuesdays after 2 pm. |
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More..... |
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Source:
www.abs.org.sg Media Release 12
Jul 2005 |
5-day clearing week for banks from 15 May 2006
