Cashing a cheque

jamesie_boy

Looking for a bit of advice on this one. I'm looking to cash a college maintenance grant cheque in the bank when it opens on Monday if thats possible? I'm seriously short of funds at the minute and I can't afford the 3-5 working days wait for the cheque to clear if lodged. I know that theres a facility in the bank you can use whereby you can withdraw uncleared funds subject to a fee. Not sure this would apply to me however as I have a student account. Any advice?

Rebel1977

jamesie_boy wrote: »

Looking for a bit of advice on this one. I'm looking to cash a college maintenance grant cheque in the bank when it opens on Monday if thats possible? I'm seriously short of funds at the minute and I can't afford the 3-5 working days wait for the cheque to clear if lodged. I know that theres a facility in the bank you can use whereby you can withdraw uncleared funds subject to a fee. Not sure this would apply to me however as I have a student account. Any advice?

If its crossed it has to be lodged to your account, and wait to clear. One option open to you is if you apply for a student overdraft, AIB one is €1500 interest free. some branches allow you get one for up to €600 without getting a guarantor.

Depends on the bank but you could withdraw before it clears but you would be charged uncleared interest. If it's a grant cheque it's safe so wont bounce they might not do it if it were a personal cheque

Kristopherus

In most banks you now have to lodge a cheque to your currene a/c first. Then withdraw the cash.

1966

Yeah - as other posters have said - most chqs must be lodged to accounts these days.

However, from personal experience, if you know someone in the Bank and have been with them for a while and track record is good ask them for cash against the uncleared cheque and explain that bills have to be paid that day etc. Believe it or not they do oblige - ask to speak to the Manager if you must........................good luck!!

jamesie_boy

Rebel1977 wrote: »

If its crossed it has to be lodged to your account, and wait to clear. One option open to you is if you apply for a student overdraft, AIB one is €1500 interest free. some branches allow you get one for up to €600 without getting a guarantor.

Depends on the bank but you could withdraw before it clears but you would be charged uncleared interest. If it's a grant cheque it's safe so wont bounce they might not do it if it were a personal cheque

I applied for one last year and was declined because my account had signs of gambling activity so I don't think that'd be an option. Although there is no such activity recently and I'd probably be approved this time doesn't it take a day or 2 to be finalised with the credit checks etc? this is a right pain in the hole Wouldn't mind but I'd have lodged the chaeque ages ago if I wasn't 10 or 15 minutes late because of the banks closing at 4 or half 4 on a weekday. It's a joke of a system really.

Rebel1977

How much is the cheque for ?

jamesie_boy

It's sizable enough. Lets say were not talking in hundreds

Rebel1977

best option would be to check and see when you go in if they can give you some cash back on or else try for a temporary overdraft which would expire when the cheque clears

amdublin

Yeah you'll need to lodge that to clear for 3-5 working days.

Unlikely they'll give you any cash against it without it clearing considering the gambling history on your account.

unclebill98

Only chq's that are cross need to be lodged. Non crossed chq's can be cashed only at the issuing branch, but your local BM can decide to cash another branches chq's but normally unlikely.

amdublin

unclebill98 wrote: »

Only chq's that are cross need to be lodged. Non crossed chq's can be cashed only at the issuing branch, but your local BM can decide to cash another branches chq's but normally unlikely.

A chi still needs to clear.

If you want to cash a cheque you will need to have funds which the bank can put a hold on which in this case I assume the op does not.

Only exception some banks make is for wages cheques.

Alternatively you would need to go to the bank and branch that the cheque is drawn from and that bank may be able to "cash" it for you.

jamesie_boy

Cheers for the replies everyone. Hopefully I'll be able to sort something out

unclebill98

amdublin wrote: »

A chi still needs to clear.

If you want to cash a cheque you will need to have funds which the bank can put a hold on which in this case I assume the op does not.

Only exception some banks make is for wages cheques.

Alternatively you would need to go to the bank and branch that the cheque is drawn from and that bank may be able to "cash" it for you.

Not if its being cashed. The OP has not stated if its crossed. The OP was also told chq's needed to be lodged, which is not always the case.

With the exception you mention that's called a "Credit Established Agreement", this is where one branch allows another to cash its chq without the need to always refer up to a set amount. This allows for a business to use a local branch which is not there main branch to cash staff wages.

As you said, If the OP goes to the branch on the chq with ID and the chq is payable to him and is not crossed in any way then the branch has no right unless it suspects forgery/fraud to cash the chq, subject to minimum cash holdings. OP if the chq is above 5k, ring the branch to arrange the funds.

Rebel1977

If it's a grant cheque, from a gov dept/county council etc odds are it probably will be cashed and will have to be lodged cant cash a crossed cheque