Quickest way to cash a cheque

PonderStibbons

I've been given my first wage payment from a new job as a cheque as they screwed up my bank details. It's from Barclay's Bank in Dublin and my current account is with Ulster Bank. I was wondering what the fastest way to get access to this money is. Can I go in to my branch with my ATM card and cash it/lodge it into my account straight away? If not, what is the usual amount of time they take to clear?

Kimbot

Quickest is to go to the brank that the chque is from because they can cash it on the spot.

unclebill98

Unless its crossed a/c payee only, then you must lodge and wait for it to clear.

If not follow jonny24ie's advice and bring ID with you.

martinr5232

Lodge it in your account and withdraw from the ATM.

The cheque wont be cleared but you can withdraw the funds.

PonderStibbons

Thanks for the quick replies. Unfortunately I can't go into the branch as I am in Limerick and it's in Dublin. I'll have to lodge it into my account, hopefully I can withdraw from the ATM as martinr says!

stepbar

There's no way a Barclays chq can be cashed in Ireland (unless there's an arrangement that I don't know of it). It's more than likely drawn on their Dublin office which is not a branch and is cashless.

Therefore it needs to be lodged to your account. Depending on your account, you maybe able to draw on the money straight away (i.e. it maybe cleared for funds)/ If not then you need to talk to your branch because they can only lift same and often times it has to be a manager which lifts same.

unclebill98

martinr5232 wrote: »

Lodge it in your account and withdraw from the ATM.

The cheque wont be cleared but you can withdraw the funds.

Incorrect, if you've nothing in your account and you lodge the chq, you'll not be able to get anything out until the chq has half cleared, normally 3 days. It will then be fully cleared in 7 days.

PonderStibbons wrote: »

Thanks for the quick replies. Unfortunately I can't go into the branch as I am in Limerick and it's in Dublin. I'll have to lodge it into my account, hopefully I can withdraw from the ATM as martinr says!

If you have money in your account then you can access that amount. But its not money from the chq that you'll be getting.

BC

unclebill98 wrote: »

Incorrect, if you've nothing in your account and you lodge the chq, you'll not be able to get anything out until the chq has half cleared, normally 3 days. It will then be fully cleared in 7 days.

Yep this is correct. You cannot withdraw on the cheque until it has cleared. Clearing times depend on the bank. I'm with PTSB and it always takes 5 working days.

LouOB

Lodge the cheque to your account
then ring your branch or go in if you can
Ask for accounts - then ask them to lift the clearing flag off your account - which means if you have been with bank longer than 6mths or have had regular payments you could access your cash before cheque clears.
Best call of action is to ring your branch and tell them which branch you lodged cheque in.
Failing that get loan off parents/friends for the next week i.e 5+ working days until it clears.
good luck

Toots

BC wrote: »

Yep this is correct. You cannot withdraw on the cheque until it has cleared. Clearing times depend on the bank. I'm with PTSB and it always takes 5 working days.

Incorrect, it depends on the account. Long standing or high volume accounts are often allowed to withdraw funds before they clear. I know in my own account I can draw cheques as soon as they are lodged, regardless of whether or not there are funds in my account. Stepbar's advice is right here. Your branch will be able to lift the indicator on the account that means cheques have to clear. However if your account is not there long or there is not a high turnover, they may not do it. It's branch discretion, and certain criteria have to be met before they will allow you to do it.

Also, be aware that if you draw on a cheque before it clears, you will be charged interest.

unclebill98

Ok, i guess its not correct or incorrect. Depends on the bank your with and the account you have. I know UB there is no such thing as removing a clearing flag, so maybe this is a different bank. Clearing times for banks differ to, UB 7 days, others are less. 3 days for funds to be free but the chq can still be returned unpaid on the 7th day.

So in saying...where all right

PonderStibbons

I went into the bank today, they told me I'd have to wait for it to clear Thanks again for everybody's help.

Tar.Aldarion

Hmm, in my bank I just said a cheque was from work, it wasn't, and I got the cheque cleared immediately. Unlucky.