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5-day clearing week for banks from 15 May 2006

Source: www.abs.org.sg

SINGAPORE BANKS WILL MOVE TO A 5-DAY CLEARING WEEK WITH EFFECT FROM 15 MAY 2006

The Association of Banks in Singapore announced that the Singapore banking industry will be moving towards a 5-Day Clearing Week (5DCW).
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.
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.
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.
The 5DCW will result in some changes in cheque clearing and banking transactions:
(A) Cheques:

For cheques deposited on Fridays before cut-off time C funds will be available on Mondays after 2 pm.

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.

For cheques deposited on Fridays after cut-off time and on Saturdays C funds will only be available on Tuesdays after 2 pm.

More.....

Source: www.abs.org.sg Media Release 12 Jul 2005

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Thursday

14 July 2005