not cashing cheques
Discussion
is it just me or does this wind anyone else up?
you give someone a cheque for an amount and they dont cash the cheque. they leave it sitting around until they can be arsed to take it to the bank. how long before banking a cheque is reasonable - 1 week, 2 weeks, 3 weeks+?
23 days so far...
you give someone a cheque for an amount and they dont cash the cheque. they leave it sitting around until they can be arsed to take it to the bank. how long before banking a cheque is reasonable - 1 week, 2 weeks, 3 weeks+?
23 days so far...
tinman0 said:
is it just me or does this wind anyone else up?..
Ohhhh don't get me started, especially if it's a significant ammount and might bounce if things don;t quite cross over right. If they can't do it online instead of giving them a cheque I ask them for a paying in slip, fill it in, put it and the cheque into any bank.
Yep six months usually.
What amazes me up is people who don't cash their cheques then send about half a dozen in a year later wanting them reissued as their bank won't accept them.
I work in Unit Trust admin and anything over six months old the money goes to the trustees. Therefore any client who comes back to us, we have to contact the trustees to get new cheques reissued. Some are for only a couple of pounds.
I had one the other month where someone has about 40 cheques that they had not cashed from about 1970-1993!!
They wanted them all reissued. Unfortunately we couldn't reissue them as after six years any outstanding moneys are paid back to the fund. Hence the client lost out between £400 & £800.
What amazes me up is people who don't cash their cheques then send about half a dozen in a year later wanting them reissued as their bank won't accept them.
I work in Unit Trust admin and anything over six months old the money goes to the trustees. Therefore any client who comes back to us, we have to contact the trustees to get new cheques reissued. Some are for only a couple of pounds.
I had one the other month where someone has about 40 cheques that they had not cashed from about 1970-1993!!
They wanted them all reissued. Unfortunately we couldn't reissue them as after six years any outstanding moneys are paid back to the fund. Hence the client lost out between £400 & £800.
tinman0 said:
is it just me or does this wind anyone else up?
you give someone a cheque for an amount and they dont cash the cheque. they leave it sitting around until they can be arsed to take it to the bank. how long before banking a cheque is reasonable - 1 week, 2 weeks, 3 weeks+?
23 days so far...
That drives me crazy too.
m1spw said:
I try and cash any cheques I get as soon as possible, but it is sometimes difficult to get to the bank, especially after all the branch closures. For example my nearest branch used to be a 5 minute walk away, but its now a 25-30 minute drive.
my bank is 25 minutes away through choice. the branch has always been so good that when we moved i stayed at the branch. i get to have 90 minutes out of the office each week when i do the banking.
Parrot of Doom said:
6 months usually before they expire?
I may be wrong (often am), but if they have a cheque card number on the back, they don't expire??
Can some banker enlighten me?
only based on some numpty gave me a cheque in January one year, dated the previous year, and despite appearing a year old the bank processed it on the basis I had the cheque card number on the back
2 sMoKiN bArReLs said:
6 months usually before they expire?
I may be wrong (often am), but if they have a cheque card number on the back, they don't expire??
Can some banker enlighten me?
only based on some numpty gave me a cheque in January one year, dated the previous year, and despite appearing a year old the bank processed it on the basis I had the cheque card number on the back
Interesting....we have a policy of not accepting cheques more than 3 months old......
The only reason a number is written on the back is if it is in conjuction with a Cheque Guarantee Card. This guarantees the cheque will be paid.
I am sure it is still liable to the six month rule though. Some cheques do have a valid for one year written on them, however these are few & far between.
I am sure it is still liable to the six month rule though. Some cheques do have a valid for one year written on them, however these are few & far between.
2 sMoKiN bArReLs said:
6 months usually before they expire?
I may be wrong (often am), but if they have a cheque card number on the back, they don't expire??
Can some banker enlighten me?
only based on some numpty gave me a cheque in January one year, dated the previous year, and despite appearing a year old the bank processed it on the basis I had the cheque card number on the back
Are you sure it wasn't just accepted in error, particularly with it being January and the teller being used to seeing '05 and not noticing it should be '06?
Smartie said:
6 months usually before they expire?
I may be wrong (often am), but if they have a cheque card number on the back, they don't expire??
Can some banker enlighten me?
only based on some numpty gave me a cheque in January one year, dated the previous year, and despite appearing a year old the bank processed it on the basis I had the cheque card number on the back
Are you sure it wasn't just accepted in error, particularly with it being January and the teller being used to seeing '05 and not noticing it should be '06?
Nope. I took it to the bank and said "I expect I'm wasting my time but....."
And the teller explained that since the cheque was guaranteed, it was exactly that.
Legally, I believe a cheque is valid forever (or maybe six years?) it is merely the bank's policies that they won't be passed through the automated system, I think you can pay extra for them to be manually processed.
For those who have a problem with money not coming out for weeks - surely you can just make sure you make a mental note that £XXX is due to go to somebody else and ensure the account has that much spare?
edit: I've looked up, here are the facts from APACS:
www.apacs.org.uk/resources_publications/faqs/cheques_10.html
Gareth
>> Edited by g_attrill on Monday 23 January 00:15
For those who have a problem with money not coming out for weeks - surely you can just make sure you make a mental note that £XXX is due to go to somebody else and ensure the account has that much spare?
edit: I've looked up, here are the facts from APACS:
www.apacs.org.uk/resources_publications/faqs/cheques_10.html
APACS said:
Is it true that cheques are only valid for six months?
It is common banking practice to reject cheques that are over six months old to protect the payer, on the basis that payment may already have been made by some other means or the cheque may have been lost or stolen. However, this is at the discretion of individual banks. It should not be assumed that cheques in excess of six months old would automatically be rejected — the only certain way to cancel a cheque is to request that a stop be placed on it (although cheques backed by a Cheque Guarantee Card cannot be stopped). It is recommended that, if possible, customers in possession of cheques that are over six months old obtain a replacement. A cheque remains legally valid for six years.
Gareth
>> Edited by g_attrill on Monday 23 January 00:15
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