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Account Payee Cheques

  • 14-01-2016 9:27am
    #1
    759702345t
    Registered Users, Registered Users 2 Posts: 8 ✭


    Have a question 'hopefully' someone can help.

    I have a cheque I wish to cash its "Account Payee".. How come a bank can't cash it yet The Money Shop can for a fee of course, what's the difference?

    I am going to bring it in there and pay the fee due to the circumstances I need it cashed asap. Just curious to know how they can cash it (for a fee) yet the bank can't due to it being Account Payee.

    Many thanks guys!


Comments

  • #2
    Sirsok
    Registered Users, Registered Users 2 Posts: 2,808 ✭✭✭Sirsok


    759702345t wrote: »
    Have a question 'hopefully' someone can help.

    I have a cheque I wish to cash its "Account Payee".. How come a bank can't cash it yet The Money Shop can for a fee of course, what's the difference?

    I am going to bring it in there and pay the fee due to the circumstances I need it cashed asap. Just curious to know how they can cash it (for a fee) yet the bank can't due to it being Account Payee.

    Many thanks guys!

    Bank would be following the instruction on the cheque set out by the payer. The same way they would follow the amount instruction set out by the payer


  • #3
    Bank of Ireland: Sharon
    Closed Accounts Posts: 315 ✭✭Bank of Ireland: Sharon


    Hi 759702345t,

    Thanks for getting in touch.

    A cheque made out to 'account payee only' must be lodged to an account in the name of the payee. This is in line with cheque clearance procedures.

    We'd be unable to comment on the policy/procedures of other companies or financial institutions.

    If you do not wish to lodge the cheque to an account, you may be able to request that the payer issue another cheque to you.

    Thanks,

    Sharon


  • #4
    759702345t
    Registered Users, Registered Users 2 Posts: 8 ✭759702345t


    Bank of Ireland: Sharon wrote: »
    Hi 759702345t,

    Thanks for getting in touch.

    A cheque made out to 'account payee only' must be lodged to an account in the name of the payee. This is in line with cheque clearance procedures.

    We'd be unable to comment on the policy/procedures of other companies or financial institutions.

    If you do not wish to lodge the cheque to an account, you may be able to request that the payer issue another cheque to you.

    Thanks,

    Sharon

    Thanks Sharon.

    If I was to set one up with BOI today in branch, how long would it normally take to the point of when I can actually lodge the cheque into a valid account. How long does it take to get the account number?

    Cheers
    Ed


  • #5
    Bank of Ireland: Sharon
    Closed Accounts Posts: 315 ✭✭Bank of Ireland: Sharon


    Hi Ed,

    Can we ask are you based in ROI or the UK?

    Thanks,

    Sharon


  • #6
    759702345t
    Registered Users, Registered Users 2 Posts: 8 ✭759702345t


    Bank of Ireland: Sharon wrote: »
    Hi Ed,

    Can we ask are you based in ROI or the UK?

    Thanks,

    Sharon

    I am based in Dublin, Clondalkin.

    Thanks


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  • #7
    Bank of Ireland: Sharon
    Closed Accounts Posts: 315 ✭✭Bank of Ireland: Sharon


    Thanks Ed,

    The longest an account will take to be opened is 2 - 3 working days.

    You can open an account with us online at the link below or by calling our Account Opening Team on 1890 354 454. Once the account is opened an fully active, you will then be able to lodge the cheque.

    https://personalbanking.bankofireland.com/bank/current-accounts/personal-current-account/how-to-apply/

    Just to mention, a domestic BOI cheque can take 3 working days to clear, a non BOI cheque will clear in 5 working days.

    We hope this helps and if there's anything else we can help you with, please let us know.

    Thanks,

    Sharon


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