How many days does it take for a Bankers cheque to clear? I enquired with Standard Chartered Bank (Saadiq) and they told me need 2 or 3 days to clear, is this true?

My KFH FD matures today and I want to transfer to SCB for the FD promotion, now I'm stuck. Giro only limits 5k a day.

I don't want to use cash.

Anyone with any ideas?

Updates:

I went to KFC to ask, the officer told me to do a "Rentas" transfer which cost me RM8.00 but transfer to my SCB account would only take an hour.
If I had gone before 12.00pm, I could have transferred using Giro @ RM2.00, the money would be reach my account after 3.00pm the same day.

This post has been edited by matow: Sep 17 2014, 01:01 PM

Hi aeiou228,

Thank you for your advise. No, your reply did not reach me but I appreciate your effort to let me know, I have done the Rentas transfer.
If what you say is true, the SCB Saadiq officer have given me the wrong info.

Anyway, the bankers cheque issue by KFH will cost me RM3.00+ (around there), so I'll be paying a little more for the "Rentas" transfer.

After rushing the "Rentas" transfer, I went to SCB Saadiq after 2.00pm to apply for the FD and you know what, the bank officer says because the cut off time is 3.00pm for FD placement and they need to submit the FD application by 2.15 or 2.30pm, they are unable to process the FD application and advise me to come tomorrow morning instead. No matter what I say, they would not do the FD application for me !!
It is fortunate that my office is just above the bank. Really frustrated with this bank, got money oso don't want.
Somemore the bank officer trying to tell me to put my money in their investment plan where 50% will be placed with Maybank FD and 50% for investment in sharemarket. Told her a big NO!!.

Hi bbgoat,

I'm the one who did the RENTAS transfer yesterday from Kuwait Finance House to my SCB account. It was about 12.45pm when I did the transfer at KFH, they told me that it will take about an hour. So when I went into SCB at 2.15pm to check, the money was already in my SCB account. Cost of transfer was RM8.00.

This morning went to SCB for the FD placement, it really took the service officer about half an hour or more to process the FD.

I have an existing SA with SCB Saadiq. But when I first open a SA with them, it was RM200, if I'm not mistaken .

Did anyone who place FD with SCB for the 4.25% received an sms from the bank on something about "Plastic Resins"?

Mine did, from KFH to SCB. But then again I might be lucky
You'll have to do it before 1.00 or 1.30pm, for same day transfer.

It is best that you confirm with the bank officer.

I have an FD with Affin, matures today, called up to ask if can uplift to the 2yrs @ 4.38%, officer says no, have to be fresh funds. Sigh, next choice is the ambank 3yrs@ 4.5%, since small amount, I think I go for that.

Thank you Cybpsych for your advise.
But I went ahead to place FD in Ambank since the amount is not much.
Interest will be credited to the SA every six months which I think it's good.