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Cashing wages cheque

  • 03-09-2018 9:34am
    #1
    jacksie66
    Closed Accounts Posts: 2,988 ✭✭✭


    This post has been deleted.


Comments

  • #2
    Quackster
    Moderators, Regional South Moderators Posts: 5,897 Mod ✭✭✭✭Quackster


    jacksie66 wrote: »
    Hi guys. I started a new job a few weeks ago and get paid every 2 weeks with a cheque. The cheque is a Bank Of Ireland cheque with the branch being in Roxboro in Limerick. I'm with permanent tsb and when I want to cash the cheque or lodge it into my account its taking 5 days to clear. I'm wondering, if I went to the BoI branch where my boss has his account and asked to cash the cheque there and then would they do that for me? 5 days is a ridiculous amount of time to wait. Cheers lads.

    Very doubtful. Open a deposit account at the same branch and lodge the cheque to that. Then use internet banking to transfer to your PTSB current account.


  • #3
    listermint
    Registered Users, Registered Users 2 Posts: 34,216 ✭✭✭✭listermint


    Have you considered asking the Boss to do electronic transfer....

    In this day and age its quicker for all concerned.

    He could do it from his phone standing in front of you if he wanted. Less time than finding a cheque book


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Quackster wrote: »
    Very doubtful. Open a deposit account at the same branch and lodge the cheque to that. Then use internet banking to transfer to your PTSB current account.

    Doesn't make any difference which branch the cheque is drawn on, it still has to go through clearing. Can't see that your suggestion is going to allow the OP to get faster access to the money.


  • #5
    jacksie66
    Closed Accounts Posts: 2,988 ✭✭✭jacksie66


    This post has been deleted.


  • #6
    Quackster
    Moderators, Regional South Moderators Posts: 5,897 Mod ✭✭✭✭Quackster


    coylemj wrote: »
    Doesn't make any difference which branch the cheque is drawn on, it still has to go through clearing. Can't see that your suggestion is going to allow the OP to get faster access to the money.

    When a cheque is lodged at the same bank branch as the account it's drawn on, it should clear immediately.

    At least that's how it was when I was in the same situation as the OP several years ago. I opened a deposit account at the same BOI bank branch and was able to lodge my pay cheque and then immediately electronically transfer the funds to my current account in a different bank.


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  • #7
    Quackster
    Moderators, Regional South Moderators Posts: 5,897 Mod ✭✭✭✭Quackster


    jacksie66 wrote: »
    Well I just went into the BoI branch where my boss has his account. They said I can cash the cheque there and then as long as I have ID with me. I can only cash it in that branch though. Good news to hear.

    I would still recommend my suggestion to avoid the security risk of walking out of the bank with a big wad of cash. You could then withdraw what cash you need and leave the balance in the deposit account to transfer to your current account.


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Quackster wrote: »
    When a cheque is lodged at the same bank branch as the account it's drawn on, it should clear immediately.

    I believe all clearing is done centrally. This means that the drawer's branch can't guarantee that there will be funds to meet that cheque when it hits clearing.
    Quackster wrote: »
    At least that's how it was when I was in the same situation as the OP several years ago. I opened a deposit account at the same BOI bank branch and was able to lodge my pay cheque and then immediately electronically transfer the funds to my current account in a different bank.

    I can see that the OP has said that he will be able to do the same. If the drawer is a person of good standing with the branch then the local officials can (at their discretion) allow you to draw on the money immediately. By default the money is locked, pending the cheque clearing.

    I have see posts on boards where a person goes into the drawer's branch and presents a cheque, expecting to be able to get the cash straight away and been refused.

    The situation is that the staff don't know what other cheques drawn on that account are going through the system so although the drawer's account may be in positive territory now, it may not be when that cheque is presented for clearing meaning that they are within their rights to refuse to allow the payee to draw the money straight away.

    It all comes down to the reputation of the drawer and his history with that branch. One bounced cheque and it may take several years for his reputation to recover.


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