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Cheques

  • 20-12-2011 8:17am
    #1
    metamorphosis
    Registered Users, Registered Users 2 Posts: 4,991 ✭✭✭


    Warning: potential stupid question alert.

    I have a cheque with BOI made in my name from an employer. I also have an account with BOI but would like to cash the cheque instead of lodging it as quick access to cash would be handy for me at the moment instead of 3-5days waiting for it to clear in my account.

    If I go to the bank that the cheque is issued from and have ID like my passport, can it be cashed there in that branch. I know I could do this with AIB before even though I held no account with them.The cheque qould be about 1000e.

    Thanks,
    meta


Comments

  • #2
    harr
    Registered Users, Registered Users 2 Posts: 4,493 ✭✭✭harr


    Lodge it into your account and then make a withdrawal for that amount from your account.


  • #3
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    harr wrote: »
    Lodge it into your account and then make a withdrawal for that amount from your account.

    This may not work, it'll only work if the op has a prior agreement with his bank. Which it doesn't sound like he does.

    To get cash instantly go to the bank whose address is on the cheque with id. Its usually in the top corner.


  • #4
    harr
    Registered Users, Registered Users 2 Posts: 4,493 ✭✭✭harr


    I have done it before with BOI,but the funds will taken back from your account if cheque bounces,which is the risk you take.But i am sure when you lodge a cheque into your account the funds are there instantly.As Anxious said the best way to cash it would be to go to the bank that is on the cheque.


  • #5
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    metamorphosis wrote: »
    ... If I go to the bank that the cheque is issued from and have ID like my passport, can it be cashed there in that branch....

    The answer is yes - unless the cheque is crossed.


  • #6
    RossieGooner
    Registered Users, Registered Users 2 Posts: 105 ✭✭RossieGooner


    harr wrote: »
    I have done it before with BOI,but the funds will taken back from your account if cheque bounces,which is the risk you take.But i am sure when you lodge a cheque into your account the funds are there instantly.As Anxious said the best way to cash it would be to go to the bank that is on the cheque.

    The funds are only available instantly if the account has been set up that way. It is not standard that funds are immediately available, usually you have to wait for the cheque to clear.


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  • #7
    metamorphosis
    Registered Users, Registered Users 2 Posts: 4,991 ✭✭✭metamorphosis


    Thanks guys, il go to the bank the cheque is issued from.


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    The branch where you lodge it doesn't matter since all cheques are cleared centrally these days, I doubt very much that the branch will hand over cash given the number of forged drafts & cheques that are about these days.

    If you have had an a/c for a while with the bank, lodge it in your own a/c and they should allow you to draw the money straight away, they probably won't if you're a student or the a/c is only a few months old.


  • #9
    metamorphosis
    Registered Users, Registered Users 2 Posts: 4,991 ✭✭✭metamorphosis


    I have my account over a decade, but it takes 5 days to clear in my account so how could i withdraw straight away?

    Iv been told by BOI that they will cash it with ID, rang them before heading out tomorrow morning.


  • #10
    Tow
    Registered Users, Registered Users 2 Posts: 9,197 ✭✭✭Tow


    metamorphosis wrote: »
    it takes 5 days to clear in my account so how could i withdraw straight away?

    They can set a flag/field on your account to give you instant access to lodged cheques.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #11
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Tow wrote: »
    They can set a flag/field on your account to give you instant access to lodged cheques.

    Correct, the same way they can stick a flag on your ATM card to to let you withdraw cash even if the machine is offline, it's a matter of trust.


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