Thread: Have Spanish banks gone mad?

Today has been a crazy day.. Here's some background: I run a 100K+ a month business here in Spain. Around 20% of my clients pay with international bank cheques... Everything has been running smooth for 4 years... Last month I was told that cheques would take a while to clear. Upon first instance I didn't take much notice until this morning. I had 87,000 euros on my account which was blocked!!! I go to my bank and enquire... The answer: Oh bank cheques can take up to 6 months to clear. I'm incredulous and ask what changed. The answer: This is regulation. To cut a long story short it turns out they changed directors last month and now I don't have any direct access that can answer my questions. All the other employees appear to know nothing of importance. All I know is I have 87,000 euros blocked on my account and that nobody knows why... is this normal? what's changed? what is the law about this? i've never heard about a cheque taking longer than a few days to clear????????

It doesn't make sense, does it? I have been told though in the past that a cheque is no longer valid after 6 months, so maybe they have got their facts mixed up?

Yes it does seem strange and I've certainly not heard anything about huge delays. Which bank are you with?

Originally Posted by Unregistered

The answer: Oh bank cheques can take up to 6 months to clear. I'm incredulous and ask what changed. The answer: This is regulation.

6 months? That's very odd... Don't take their word for it... In the worst case, go visit a couple of other banks and explain the problem. I'm sure with your turnover many banks will welcome you with open arms!