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Originally Posted by alantf
Obviously, I can't draw on it until the cheque has cleared.
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Sounds like it works the same way there as here......and the above is NOT true.
The banks have a set waiting period, depending in part on the amount of the check but NOT on where it was issued. Thus, in cases where the check was issued OUTSIDE the "local" clearing house area, their "rules" would allow you to draw before it actually cleared.
Think Nigerian scams.
They can't be bothered to FIX their system to track clearance of individual checks (it WOULD be rather complicated and expensive) so you have run into their quick and dirty "fix".
For you it sucks. Apparently the EU isn't as integrated as they would have you believe......and in many cases, that's probably good.