FUNDS DEPOSITED or transferred via the Multibanco network will be cleared either the same day or the following day, according to a new law.
Changes imposed by the government on banks mean that deposited cash or cash transferences must be cleared for withdrawal within 48 hours.
The exact information presenting the date and the values deposited or transferred is to be stated on each receipt, according to the Sociedade Interbancária de Serviços, the interbank service society, which manages the Multibanco network.
Receipts will also have to make clear when the funds will be available for withdrawal – either the same day or the next working day in the case of a weekend.
In the case of cash transferences, when there are sufficient funds in the debit account, amounts credited must be made available that same day between clients of the same bank. For clients of different banks, the money transferred must be available for withdrawal on the next working day. In the case of deposited cheques from other banks that cannot be immediately verified the same day, the deposit will be noted, but the clearance will still take up to three or five days to clear.
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