In general banks have a next day policy which means that checks clear at midnight or after the end of the banking business day (such as 5pm). So funds may not clear the bank until Tuesday, just as deposits may not arrive until then.
So, how long does it take for a check to clear the bank?
Funds Availability. Depending on the amount of the check, you may have access to the full amount in two days. Some banks make a portion of the check available immediately or within one business day.
How long does it take for money to be deposited into a bank account?
You can access money immediately if cash has been deposited into your account at any Commonwealth Bank branch or transfered via NetBank or Telephone banking from your own or another Commonwealth Bank account. Money transfered from another financial institution can take up to 3 days to access.
Why does it take so long to clear a check?
The main reason that cheque clearing still takes up to 6 days upon first paying in the money is that cheques are physical pieces of paper. Some say that cheques take so long to clear because banks earn interest while cheques hang in limbo.