Lodging UK cheque in Ulster Bank Account

ton22

Hi all,

I have recently recieved a cheque from an individual in the UK for £21000 and wish to lodge it to my Ulster Bank account here in Ireland. The UK bank is Barclays.
I was just wondering what sort of issues I'm likely to run into concerning the following:

• Questions about where the money came from by Ulster Bank
• How long for the cheque to clear
• Implications for me if it bounces

spoonface

ton22 wrote: »

Hi all,

I have recently recieved a cheque from an individual in the UK for £21000 and wish to lodge it to my Ulster Bank account here in Ireland. The UK bank is Barclays.
I was just wondering what sort of issues I'm likely to run into concerning the following:

• Questions about where the money came from by Ulster Bank
• How long for the cheque to clear
• Implications for me if it bounces

How long - I've seen it take weeks when I put a similar sized Euro cheque into a UK bank account lately. So I wouldn't count on seeing the funds in 3 days or anything like that.

Questions - it's none of the banks business. No big deal, you could lodge it by quicklodge or post if you prefer not to look someone in the face. But it's over 12K so money laundering regulations mean the transaction could be reported to the authorities for them to look into should they wish to.

Implications if it bounces - you'll have to take it up with the individual who gave it to you i.e. it's your risk in accepting a cheque rather than a transfer which might be quicker.

ton22

Thanks Spoonface,

Thats a good idead about the quick lodge etc. its not that I'm doing anything wrong or anything, its just that sometimes banks make you feel as though your doing something criminal with your own money!!

As regards implications I was wondering would I be charged some fee or something if the check bounced.

spoonface

ton22 wrote: »

Thanks Spoonface,

Thats a good idead about the quick lodge etc. its not that I'm doing anything wrong or anything, its just that sometimes banks make you feel as though your doing something criminal with your own money!!

I hear you on that. I remember withdrawing the last 5K from my account before and being asked what it was for. None of their business whatsoever. We are their customers and we'll do whatever we like with our own money! I personally stay very anonymous with my bank - I do pretty much everything online and when I have a cheque to lodge I simply post it in to the branch and they take care of it. It saved me such an amount of time between getting to branches and queueing since I realised that banks will accept lodgements by post without hassle. Yes there's a slight postal risk but I've never had any problems. And when I need to transfer out an amount that exceeds daily limits, I just make several transfers rather than visit the branch.

ton22 wrote: »

As regards implications I was wondering would I be charged some fee or something if the check bounced.

Yes there could be something there. I guess the best thing is to just consult your bank about this - The info is likely to be on their website somewhere (list of fees and charges).

unclebill98

ton22 wrote: »

Hi all,

I have recently recieved a cheque from an individual in the UK for £21000 and wish to lodge it to my Ulster Bank account here in Ireland. The UK bank is Barclays.
I was just wondering what sort of issues I'm likely to run into concerning the following:

• Questions about where the money came from by Ulster Bank
• How long for the cheque to clear
• Implications for me if it bounces

As per Money Laundering they are allowed to ask for proof of the source of funds. Refusal to do this can mean they will not accept the chq.

The chq can take up to 6 weeks to clear. From your post it seems to be not something you get on a regular basis then the chq will be sent on collection. This can take up to 8 weeks depending on the originating bank. There will be UB charges and Foreign bank charges but they should not amount to much.

As for the chq bouncing, chances are it will be sent on a collection basis only so when funds come back your 100% safe. This protects the bank and you from a loss.

spoonface wrote: »

Questions - it's none of the banks business. No big deal, you could lodge it by quicklodge or post if you prefer not to look someone in the face. But it's over 12K so money laundering regulations mean the transaction could be reported to the authorities for them to look into should they wish to.

Wrong. It is the banks business. Banks caught helping individual to money launder can lead to fines that far out way the hassle of simply asking the question in the first place. It even goes down to land on the head of the person the op deals with in the 1st place. So staff are going to ask and do expect an answer. After all its there job. As for you "12K", banks do have varying limits on checking stuff but money laundering can be small amount too. Simple put, if its not in line with your normal day to day banking then expect to be asked questions.

OP: Do not use the fast lodgement service. You need to find out if its going on a collection basis. Also ask about the over all charges. Bear in mind that a 3rd party bank can levy fees for a chq sent to them on collection and UB have no control over this. If the chq is returned unpaid you can be charged a small fee also by the 3rd party bank.

kaiser sauze

Quick Lodge is normally for €2,000 or less, anything more may end up with you having to visit the branch again in person anyway.

ton22

unclebill98 wrote: »

As per Money Laundering they are allowed to ask for proof of the source of funds. Refusal to do this can mean they will not accept the chq.

The chq can take up to 6 weeks to clear. From your post it seems to be not something you get on a regular basis then the chq will be sent on collection. This can take up to 8 weeks depending on the originating bank. There will be UB charges and Foreign bank charges but they should not amount to much.

As for the chq bouncing, chances are it will be sent on a collection basis only so when funds come back your 100% safe. This protects the bank and you from a loss.



Wrong. It is the banks business. Banks caught helping individual to money launder can lead to fines that far out way the hassle of simply asking the question in the first place. It even goes down to land on the head of the person the op deals with in the 1st place. So staff are going to ask and do expect an answer. After all its there job. As for you "12K", banks do have varying limits on checking stuff but money laundering can be small amount too. Simple put, if its not in line with your normal day to day banking then expect to be asked questions.

OP: Do not use the fast lodgement service. You need to find out if its going on a collection basis. Also ask about the over all charges. Bear in mind that a 3rd party bank can levy fees for a chq sent to them on collection and UB have no control over this. If the chq is returned unpaid you can be charged a small fee also by the 3rd party bank.

I lodged the check today and as you correctly suggested Unclebill it was sent for collection. Can you explain to me exactly what this means and what happens if there are not sufficient funds in the Barclays account to meet the demand?:(

unclebill98

Hi,

It means that the chq is sent to the account holding branch on the chq for 100%
guaranteed payment.

If this is approved then the funds less 3rd party bank charges will be returned to you and the UB will deduct there fee and the funds will be lodged back into your account fully cleared.

If its bounced then the chq will be returned to you and a fee may be applied by the 3rd party and UB for this. This fee will be deducted from your account.

Depending on the bank this process can take up to 8 weeks. There are only a handfull of UK banks that take the full 8 weeks. Either way the UB branch can call anytime for an update and an estimate on its return. They may say the can't but they can call for an update.