Maximum amount on cashable cheque?

Dr Strange

Hi all,

I hope you can help me. I'm wondering if there is a limit to the amount you can put on a cheque made out to Pay Cash?

It would be around the 1500 Euro mark and the bank is BOI. Can the whole amount be paid out in cash when it says so on the cheque or is there a limit, e.g. 250 or 500 Euro etc.?

Thanks for any help. It is quite urgent!

penexpers

I'm not sure if there's a set limit. Generally if you go to a bank they will only "cash" it if you are the payee and you lodge it into your account. If you go into a shop, they probably wouldn't even look at it these days.

Victor

If you want to walk in with a cheque and get cash, they would likely ask for photo ID.

BOI withdrawals from your own account of €5,000 or more need overnight notice. There may be a lower limit as you are withdrawing form someone else's account. I'm not that you can't, but that they'll have boxes to tick.

Dr Strange

Thanks guys. I got it sorted since I posted my query!

Avns1s

Preusse wrote: »

Thanks guys. I got it sorted since I posted my query!

And for the benefit of others, the outcome is??

Dr Strange

Avns1s wrote: »

And for the benefit of others, the outcome is??

I've resorted to make it out to the person in question. That means they'll have to lodge it to their account. We came to an agreement after I posted.

P. Breathnach

Preusse wrote: »

I've resorted to make it out to the person in question. That means they'll have to lodge it to their account....

Not necessarily. The payee can ask the bank to cash any cheque unless it is crossed.

Dr Strange

P. Breathnach wrote: »

Not necessarily. The payee can ask the bank to cash any cheque unless it is crossed.

Yep, it's crossed. I had a look at How Banking Works

and they explained the different options when crossing a cheque (particularly the last paragraphs on what to write between the crossing lines):

http://www.howbankingworks.ie/index.php?option=com_content&task=view&id=16&Itemid=32 wrote:

Crossing a cheque

Crossing a cheque reduces negotiability. Legally, it's a bit complex. If an uncrossed cheque issued by you is payable to Mr A, and he endorses it and gives it to Mr B, and the cheque later bounces, then Mr B can seek payment from either Mr A or from yourself. If the cheque was crossed, Mr B's rights here would be reduced or eliminated, depending upon the precise nature of the crossing. In simpler terms, the effect is that a bank, seeing a crossed cheque is immediately on guard, and will not cash it. As mentioned above, the negotiability of a cheque has been progressively reduced in recent years, and banks, pubs, supermarkets, etc. are unlikely to cash a cheque nowadays in any case, and so the relevance of crossings is less than in the past. Nevertheless, our advice is:-


· Don't cash a crossed cheque; and definitely don't cash a cheque with a further limiting crossing e.g. a cheque crossed with the words "account payee only".


· If you get a cheque from a credit union, it will likely not be crossed - keep it safe, treat it as cash


· If you are issuing a cheque to a limited company, then crossing is irrelevant - the cheque must be lodged to the account of that company and cannot be negotiated.


· If you know that the payee does not have an account with a bank or credit union, then you may wish to make it possible for him to cash it; leave it uncrossed, but recognise the risk you are taking. If the cheque falls into the hands of an unscrupulous person then he/she may be able to negotiate it in certain circumstances, and it may be difficult or impossible to recover the amount


· If you are issuing a cheque to an individual who has a bank account, and there is a risk that the cheque might fall into wrong hands, then you should cross it. You should cross it by putting two clear diagonal lines on the face of the cheque, with or without any of the following - usually also written diagonally:-


"& Co" or "Not Negotiable - generally interpreted as requiring that the cheque should be lodged to an account

"Account Payee Only" -requires that the cheque should be lodged to an account in the name of the payee

"Account payee only - XXX Bank, YYYY Branch - requires that the cheque be lodged to an account in the name of the payee in the specified branch

dudara

Moved to Banking & Insurance & Pensions

dudara