Cashing a bank of ireland cheque in bank of ireland

Colash

Hi I'm wondering can I cash a cheque in my name in the bank of ireland ? I don't want to lodge it , just cash it . It's also a bank of irekand cheque , just from another branch

alexlyons

you can only cash it from the branch it was issued from.

I know AIB require you to have an account with them to do it, which is a bit nuts. not sure about BOI

Colash

alexlyons wrote: »

you can only cash it from the branch it was issued from.

I know AIB require you to have an account with them to do it, which is a bit nuts. not sure about BOI

Thanks for the reply . I have a Boi Acc and lodge cheque regular with my branch but I guess I will have to go to the branch it was issued from to cash it

coylemj

alexlyons wrote: »

you can only cash it from the branch it was issued from.

I wouldn't be so sure. Cheques are cleared centrally, which branch you walk into is really irrelevant.

alexlyons wrote: »

I know AIB require you to have an account with them to do it, which is a bit nuts. not sure about BOI

The reason is so that they have some comeback if the cheque bounces. If you have no a/c with them, get cash across the counter, walk out the door and the cheque bounces, they are screwed, hence the policy.

alexlyons

coylemj wrote: »

I wouldn't be so sure.

I'm pretty certain, living with someone who worked in a bank for 20+ years...

coylemj wrote: »

The reason is so that they have some comeback if the cheque bounces. If you have no a/c with them, get cash across the counter, walk out the door and the cheque bounces, they are screwed, hence the policy.

This is the reason you can only cash in the same branch, so they can check there and then the account and signature, as it's all on file in that branch.

So having a policy of needing an a/c is a bit nuts as being in the branch where the cheque was issued allows for the security cheques to be carried out.

Colash

coylemj wrote: »

I wouldn't be so sure. Cheques are cleared centrally, which branch you walk into is really irrelevant.



The reason is so that they have some comeback if the cheque bounces. If you have no a/c with them, get cash across the counter, walk out the door and the cheque bounces, they are screwed, hence the policy.

Surely if its a Boi cheque , and the payee has an Acc in that bank , they can check for sufficent funds to cash the cheque?

coylemj

alexlyons wrote: »

This is the reason you can only cash in the same branch, so they can check there and then the account and signature, as it's all on file in that branch.

So having a policy of needing an a/c is a bit nuts as being in the branch where the cheque was issued allows for the security cheques to be carried out.

Colash wrote: »

Surely if its a Boi cheque , and the payee has an Acc in that bank , they can check for sufficent funds to cash the cheque?

But the people in the branch don't know what cheques are already in the system. There could be plenty of money in the account when they look at the balance but a cheque could go through that night and clean it out, then when the OP's cheque goes though on the following night, the account is empty so his cheque bounces.

When you check in to a hotel and swipe your credit card, they lock down the money they figure you will owe them when you check out, it means that even if you go wild spending money on your credit card in the meantime, they have ring-fenced their money. You can't do the same with a cheque, that's why banks are reluctant to hand over cash and insist that it's lodged to an existing account.

alexlyons

A cheque could be in the system, but if it hasn't cleared then there is nothing to worry about for the bank.

The branch has the power to clear a cheque issued from their branch. So once that cheque is cleared, the money is gone. So when the cheque in the system comes around that night, it will bounce if there is insufficient funds, perhaps due to the clearance of the cheque in the branch earlier that day.

P. Breathnach

alexlyons wrote: »

... The branch has the power to clear a cheque issued from their branch....

Not only has it the power, it has the duty, unless there is something wrong with the cheque or the status of the account.

unclebill98

There is a lot of variance in the ability to cash a chq in a branch when its issued by another branch of the same bank.

Basically the normal rule is it can be only cashed from the issuing branch. This made sense back before computers. The branch generally knew the customer, had their signature in the branch as a physical copy and could call the customer if need be to confirm they wrote it if something sussed appeared to be going on.

These days things a different. Correct me if I am wrong but customer signatures are generally now store electronically, allowing any branch to access this information. Cleared balances again are on a computer etc and normally as long a due care is taken a chq can be cashed. Banks have a process to follow to confirm if a chq can be cashed. Not going into them.

It would appear it generally is up to the cashier to decide if they will bother.

P. Breathnach

Let's say I go to my bank and seek to cash a cheque drawn by unclebill on some other branch. The teller can run some checks, determine that all looks okay, and give me cash. The cheque goes into clearing. But there are other cheques drawn by unclebill in clearing, and when my cheque arrives at unclebill's branch the situation has changed and his account has insufficient funds. So the cheque is dishonoured (they won't allow an overdraft because they don't really know unclebill well).

In the good old days, when banks actually had personal relationships with customers, my branch could contact me and arrange to recover the money from me (and, being an honourable person, I would have have paid it).

The changes over the past few years in bank culture mean that nobody in my local branch knows me personally, or that I am an honourable and solvent individual, and so they are unlikely to risk cashing a cheque for me.

Bank of Ireland: Elaine

Hi Colash,

Thanks for getting in contact with us.

Alexlyons is correct. A cheque can only be cashed by the person it was made payable to in the branch it was originally drawn from. If the cheque is crossed or has the term 'account payee' written on it, you will need to lodge the cheque first.

If you wish to cash the cheque, remember to bring photo ID with you and a representative will be more than happy to help you with this. You do not need to have a BOI account to cash a cheque in the issuing branch. You can also lodge this cheque to your own account at any BOI branch.

You can find details of opening hours and directions to all our branches here.

We hope this helps clarify everything for you.

Thanks,
Elaine 

Colash

Bank of Ireland: Elaine wrote: »

Hi Colash,

Thanks for getting in contact with us.

Alexlyons is correct. A cheque can only be cashed by the person it was made payable to in the branch it was originally drawn from. If the cheque is crossed or has the term 'account payee' written on it, you will need to lodge the cheque first.

If you wish to cash the cheque, remember to bring photo ID with you and a representative will be more than happy to help you with this. You do not need to have a BOI account to cash a cheque in the issuing branch. You can also lodge this cheque to your own account at any BOI branch.

You can find details of opening hours and directions to all our branches here.

We hope this helps clarify everything for you.

Thanks,
Elaine 

Hi Elaine . Thanks for your reply and clearing this up for me

unclebill98

P. Breathnach wrote: »

Let's say I go to my bank and seek to cash a cheque drawn by unclebill on some other branch. The teller can run some checks, determine that all looks okay, and give me cash. The cheque goes into clearing. But there are other cheques drawn by unclebill in clearing, and when my cheque arrives at unclebill's branch the situation has changed and his account has insufficient funds. So the cheque is dishonoured (they won't allow an overdraft because they don't really know unclebill well).

In the good old days, when banks actually had personal relationships with customers, my branch could contact me and arrange to recover the money from me (and, being an honourable person, I would have have paid it).

The changes over the past few years in bank culture mean that nobody in my local branch knows me personally, or that I am an honourable and solvent individual, and so they are unlikely to risk cashing a cheque for me.

That is why a check is done on cleared funds. If a chq is cashed its impact on the account is instant, it will show up on the systems in other branches that something has been debited from the account, hence why its cashed against cleared funds only. There are issues to what these db's may be as a overnight is needed to narrate the account correctly so some tellers may ring to clarify the situation etc.

The Clearing process has no bearing on it. A cashed chq should not bounce, teller must 100% ensure that this is the case. Thats why its important for the teller cashing the chq that the funds are there, cleared and ready to go.

I still think the ability to cash a chq in another branch is a simple process given todays tech. Agree with the personal touch these days but given the nature of banking its not going to change.