banking cheques?
Jo Reed
I've recieved a cheque from a buyer I don't trust, lets say for example the
cheque is drawn on an account at Lloyds. Is it possible to go to LLoyds,
with passport and birth certificate, and cash the cheque there and then?
any ideas?
Peter P
says...
sure whether some of these odd finance places you see about these days
might give you cash (less a hefty commission) though.
spuorg...@gowanhill.com
No. Almost all cheques issued by banks are crossed with two vertical
lines. This means that the cheque can only be paid into a bank account
and cannot be cashed over the counter.
If the cheque is for a large amount you can ask your bank for Express
Presentation, but there will be a fee. You can also ask your bank to
telephone the issuing bank and ascertain whether the cheque would be
met (implied: funds in the account) if the cheque were in their hands
now and 'regular on the face of it'. That does not guarantee the cheque
will be paid, if eg the signature did not agree or funds were not in
the account by the time the cheque was presented, but gives you some
protection against the cheque being stolen, if it has been reported by
the owner.
Owain
Toby
"Jo Reed" <jo....@gmail.com> wrote in message
news:NjPhe.11420$he1....@newsfe6-gui.ntli.net...
*should* be able to exchange it for cash. Identification would of course be
required.
I have not done this for some years and rules may have changed.
HTH
Toby
pwrb...@yahoo.co.uk
TSB cheque then i can usually draw oin it on the same day ( ie it
clears immediatly ).
Jo Reed
>telephone the issuing bank and ascertain whether the cheque would be
>met (implied: funds in the account) if the cheque were in their hands
>now and 'regular on the face of it'.
This seems to be the advice I was looking for. Thanks, I'll try it.
btw, to the person who said a cheque clears on the first day with lloyds....
I wouldn't put any faith in this, I suspect it could still bounce.
What a shitty banking system we have though.
steeler
I suspect only if both customers are with Lloyds.
> What a shitty banking system we have though.
No no, the banking system is very efficient and works perfectly. Your
misconception is over the point of said system. It is in place to make the
most money for the clearing houses (all of which are in turn owned by the
banks) and in those aims it succeeds admirably in keeping your money in
their accounts for as long as possible.
Masha
it, which was years ago) - and it clears a day later rather than 3,
expensive but if it's a big cheque might be worth it.
"Jo Reed" <jo....@gmail.com> wrote in message
news:NjPhe.11420$he1....@newsfe6-gui.ntli.net...
Jo Reed
>
> No no, the banking system is very efficient and works perfectly. Your
> misconception is over the point of said system. It is in place to make
> the most money for the clearing houses (all of which are in turn owned by
> the banks) and in those aims it succeeds admirably in keeping your money
> in their accounts for as long as possible.
hee hee, yes, you're quite right of course.
I suppose I should call my stock broker and buy some banking shares!
Sue
<pwrb...@yahoo.co.uk> wrote in message
news:f1mf81h8rvmhoq5ku...@4ax.com...
> Im with LLoyds TSB and if i get a cheque from a buyer who pays wtjh a
> TSB cheque then i can usually draw oin it on the same day ( ie it
> clears immediatly ).
Be careful as 'cleared for funds' is not the same as cleared generally. My
HSBC bank clears for funds within 24 hours yet has clawed back cheques after
several days (weeks in fact) where there was an error on the cheque.
This link is a bit old but it sort of explains what I mean:
http://news.bbc.co.uk/1/hi/programmes/moneybox/3727162.stm
Soo
Peter Parry
Being able to draw funds and clearance are not necessarily the same
thing. Banks may make funds available before clearance (and reclaim
them if the cheque does not clear). A stolen cheque or bankers draft
can also be recalled by the bank even after the funds have gone
through the clearing cycle and are showing on your account.
--
Peter Parry.
http://www.wpp.ltd.uk/