| 5-Day Clearing Week | | | | | | | | | | | | The Hong Kong banking industry will move to a 5-Day clearing week (5DCW) with effect from 4 September 2006. This means there will be no inter-bank clearing and settlement on Saturdays. The clearing and settlement of funds through cheques, autoPay, standing instructions or inter-bank electronic fund transfers will take place from Mondays to Fridays (except public holidays) only. Settlements to be executed on a Saturday will be treated the same as settlements to be executed on a Hong Kong public holiday.
This move to a 5DCW is in line with practices in other leading financial centres like the USA and the UK where there are no payment clearing facilities on Saturdays. It also reflects the move towards a 5-day work week in the HKSAR Government and in many companies in Hong Kong including HSBC.
Below is a summary of the key changes after the 5DCW is implemented:
1. Cheque deposit and clearing:
Our branch counters will not accept cheque deposits on Saturdays. Customers can deposit cheques using Cheque Deposit Machines, Drop-in-boxes and ATMs with a cheque deposit facility, but all cheques collected on a Saturday will be processed on the next clearing day, and this is when interest on interest bearing accounts will accrue.
2. AutoPay, standing instructions and inter-bank electronic fund transfer instructions:
There will be no crediting or debiting of customer accounts on Saturdays via autoPay, standing instructions or inter-bank electronic fund transfers. Month-end standing instructions that fall on a Saturday will be debited from / credited to customers' accounts on the clearing day immediately preceding the Saturday. Other standing instructions that fall on a Saturday will be debited from / credited to customers' accounts on the clearing day following the Saturday.
3. Mortgage loan drawdowns:
There will be no mortgage loan drawdowns on Saturdays.
4. Time deposits:
Instructions received on Saturdays will be processed on the next clearing day.
5. Gold transactions:
There will be no gold transaction services on Saturdays.
To help you better understand the implications of the 5DCW, we have prepared some Frequently Asked Questions.
We will also be happy to assist you with your queries. Please contact our Customer Service Hotline on 2748 3322. | |
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