please, what does it mean if someone is given a cheque and he was told he can only cash it after two working days. Is it real or fraudulent?

ExcessKJ:
please, what does it mean if someone is given a cheque and he was told he can only cash it after two working days. Is it real or fraudulent?

What type of cheque is it?

If it is a crossed cheque.....it probably will take that long to clear....especially if it is paid directly into a bank account.

Here is a British article explaining more

More info here (british again....but hey....similar baking system and all!)

Modified at 9pm

Punch article from a few years ago...

The CBN said conditions were appropriate for the cheque truncation scheme to commence in the Lagos area.

It said in a statement obtained by our correspondent, “As part of our preparation for the introduction of the cheque truncation system, the CBN carried out a systems audit certification test on all banks to confirm their readiness for the commencement of the scheme in Nigeria. Our finding is that conditions are appropriate for the cheque truncation scheme to commence in the Lagos area.

“The implementation of the initiative will reduce the cheque clearing cycle from T+2 to T+1, and thus make it more attractive to users, as an alternative means of payments, instead of transacting in cash.”

Under cheque truncation, the clearing cycle will reduce by one day. It means if a customer deposits a cheque early on Monday; value will be obtained on Wednesday as against Thursday under the current clearing cycle.

See also here

Of course....if in doubt....SEE THE BANK MANAGER!

thank you@bushdoc

it all depends on the kind of cheque.so meet the customer care in the bank to tell you more