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What is "Special Presentation" of a cheque

  • 21-04-2016 1:56pm
    #1
    youtube!
    Registered Users Posts: 1,265 ✭✭✭


    ....and roughly how long does it take to clear? I lodged a check with UB but the check is from BOI , it is acc payee only which obviously is my account in UB. The teller gave me a copy of the check and I noticed these words on the photocopy so just wondering what it all means?


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,921 Admin ✭✭✭✭✭Toots


    Special Presentation is when the cheque is sent back to the drawing bank branch and the branch debit it from their customer and send the funds either by 'bankers giro' or EFT to the payee's account. There's usually a charge for this. One of the branches I worked in had a branch of all the banks right next to it, so if one arrived in for special presentation, we'd physically bring the cheque to the other bank and get the bankers giro on the spot, in which case funds would be cleared for our customer the next day. If the cheque had to be sent in the post, it would be about a week before it got there and then the EFT or giro reached us.

    Do you mind me asking why they sent your cheque on Special Presentation? It's not something that'd be really common anymore.


  • #3
    youtube!
    Registered Users Posts: 1,265 ✭✭✭youtube!


    Toots wrote: »
    Special Presentation is when the cheque is sent back to the drawing bank branch and the branch debit it from their customer and send the funds either by 'bankers giro' or EFT to the payee's account. There's usually a charge for this. One of the branches I worked in had a branch of all the banks right next to it, so if one arrived in for special presentation, we'd physically bring the cheque to the other bank and get the bankers giro on the spot, in which case funds would be cleared for our customer the next day. If the cheque had to be sent in the post, it would be about a week before it got there and then the EFT or giro reached us.

    Do you mind me asking why they sent your cheque on Special Presentation? It's not something that'd be really common anymore.


    It's as you said in your reply, the teller said to me that they would have to send it on to the actual branch on which it was drawn on and that they would pay me directly, does this mean that it doesn't go through the normal cheque clearing routine I wonder? Normally the bank would clear my account for funds but have the funds unavailable to use until it clears but in this case they say they won't do that. So does this mean I am at the mercy of the other bank as to when they decide to pay me? I lodged it on Tuesday first thing.


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