The Eastern Caribbean Automated Clearing House (ECACH) has advised that effective immediately, commercial banks operating within its system have agreed to the following maximum “Hold Funds” period for cheques deposited to clients’ accounts.

Access to these funds will occur as outlined below:

  • Cheques for amounts XCD $150,000 and over –
    • Funds available same day of deposit for all items processed and settled before the clearing cut-off time for the day (1:00pm).
    • For items deposited after the agreed time (1:00pm), funds will be available the next business day after deposit date.
  • Low value cheques (less than XCD150,000) deposited -
    • Within the same territory - funds available two (2) business days after the deposit date.
    • From other ECCU territories - funds available two (2) business days after the deposit date.
  • Customers are urged to ensure that sufficient funds are available on accounts to cover all cheques issued.
  • Cheques of $150,000 and over must be deposited at their bank by the agreed time in order to ensure clearing, settlement and same day funds availability.
  • Only properly printed/encoded cheques will be accepted from customers. If customers print their own cheques, they are asked to ensure that there is a supply of compliant cheques to be used going forward. Cheques which do not meet the standard requirements for the ECACH cannot be processed and will not be accepted for deposit.
  • Customers are reminded that they will no longer receive the physical cheques returned with their statements. Instead, copies of cheque images will be provided upon request.

Individuals and businesses should contact ACB for more details on how the new system may impact their banking operation.

ECACH is the result of collaboration between the Eastern Caribbean Central Bank (ECCB) and the commercial banks within the Eastern Caribbean Currency Union. ECACH is managed by Eastern Caribbean Automated Clearing House Services Incorporated (ECACHSI) which has been established to oversee the operation of a secure automated clearing system. This system facilitates electronic cheque image clearing and will eventually allow for electronic funds transfer among all commercial banks in the participating territories.

For more information please visit the website of the Eastern Caribbean Central Bank at www.eccb-centralbank.org