Once the value of a foreign cheque has reached my account, can it still be dishonoured?
Foreign cheques processed ‘by negotiation’ can still be dishonoured even after they’re deposited to your account. Although the funds show in your account, you can’t withdraw them for a period of 21 days. This is to allow sufficient time for the issuing bank to let us know of any foreign cheques that are dishonoured. Even after the 21 day period has elapsed, foreign cheques can still be dishonoured (in which case you will need to return the funds to us).
In the event that a foreign cheque gets dishonoured, its value will be reconverted to the original foreign currency (using the ASB Sell rate at the time we process the dishonour) and that amount will be deducted from your account. Due to changes in exchange rates, the amount deducted from your account may be more-or-less than what was originally paid into your account.
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