General Information on the Clearing of Cheques
All banks in Singapore that clears SGD and local USD cheques have implemented an online image-based cheque clearing system called the Cheque Truncation System (CTS) since 12 July 2003.
With CTS, cheques will be scanned when deposited and its electronic image, instead of the physical cheque, will be transmitted throughout the entire clearing cycle. The CTS will enhance the operational workflow of banks by eliminating the need to move cheques physically from one bank to another. Newly-designed cheques, in a standardized size, are to be used under the new system.
5-Day Clearing Week (5DCW)
With effect from 15 May 2006, the Singapore banking industry will be moving towards a 5-Day Clearing Week. |
clearing of cheques related highlights |
| Frequently asked questions on the Cheque Truncation System which has been implemented since 12 July 2003. |
|
Frequently asked questions on 5-Day Clearing Week which will take effect from 15 May 2006. |
| |
|
consumer related sections |
|
A crystallization of the minimum standards of service that the consumer can expect when dealing with their bank. |
|
Find out more about money management skills such as budgeting and saving, and tips on the responsible use of credit. |
|
Find out more about the interbank Giro procedures as well as transaction codes used by banks. |
|
Here is a series of questions to raise to your bank when considering their products and services. |
|
|
