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Cashing/ Lodging dollar cheques

  • 11-11-2013 5:06am
    #1
    Logo
    Registered Users, Registered Users 2 Posts: 720 ✭✭✭


    I've had a dollar account with PTSB for a number of years, into which I was able to lodge dollar cheques of small amounts (dividend payments, ranging from $5 to $125 each). Last month I was informed of a new $85 charge (not by PTSB but by bank issuing the cheque) and was advised to request electronic payment.

    However, the charges for electronic euro or dollar transfers will cost more than the many of the cheque values.

    Any ideas of how to cash or lodge the cheques by any means or will I have to bin the cheques?

    Thanks in advance,
    Logo.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    What is the electronic payment cost?

    Which bank is charging these fees?


  • #3
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    85?

    https://www.permanenttsb.ie/legal-information/notices/change-in-foreign-exchange-services-july-2013/ says €8.50. Alone steep enough, but $85 seems unlikely.


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Very steep indeed. The OP says that the 85 USD is by the issuing bank and not the PTSB charge.


  • #5
    Logo
    Registered Users, Registered Users 2 Posts: 720 ✭✭✭Logo


    Thanks for the replies.

    Electronic payment is $10 (electronic fund transfer).
    When the bank teller mentioned $85 for lodgement I didn't believe it either so I asked Customer Services and was given a printout of the charges.

    BuffyBot - from your link:
    "A charge of €8.50 per cheque payable on acceptance by the Bank of each cheque. In addition, there will be charges levied by the financial institution on which the respective cheque is drawn. "

    I've attached a copy of the printout given by PTSB.

    Logo


  • #6
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Apologies, I misread the OP.

    It does look like there is very little you will be able to do if the amounts are that small.


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  • #7
    bc4tv
    Registered Users, Registered Users 2 Posts: 9 ✭bc4tv


    Like Logo I've had a US$ dollar with the PTSB dollar for years and was astonished to find out about the $85 charge a couple of days ago.

    I took my $ cheques to the the Ulster where they converted them at the prevailing rate and paid them into my current A/C. Thefe was a small commission charge but no mention of any other charge.


  • #8
    bacon?
    Registered Users, Registered Users 2 Posts: 784 ✭✭✭bacon?


    I've just had the same issue, I'm away, sent a $200 cheque home and they want to charge the same fee to lodge it!

    They said I should do electronic transfer, which I can't.

    I'll have to cancel it, get it sent to Thailand, sign it over to my mother, send it back to Ireland.

    Thanks PTSB!


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