Moving funds between institutions, issued a cheque; am I liable for it?

[BrokeBroker]

i.e. say I have a cheque for 5000 euro.

If I lose it in between walking from institution X to institution Y, does that mean the money is gone?

I requested a format that would prevent this, but the cashier just said "no one can cash this but you" when I was issued it.

Presumably meaning they needed identification but if say, I just lost it, can I get it reissued as it hadn't been cashed?

It's a "security cheque".

Just FYI I haven't lost it, it's still safe and sound, but I'm freaking furious at the cashier for her incompetence at ignoring my request.

I just realized the time and effort in accumulating funds for future well being, could be gone if that cheque were misplaced etc.

 

[ClubMan]

If you lose a cheque then you can contact the payer and ask them to stop it. If it's crossed "a/c payee" only then it should only be possible to lodge it to an account in your own name. If it's a "security cheque" then there may be additional safeguards against misappropriation of the funds - although I'm not really sure what's necessary over and above a regular cheque crossed appropriately. I don't really understand your issue but you seem to be getting worked up about nothing or something theoretical/hypothetical.

 

[RedOnion]

Just FYI I haven't lost it, it's still safe and sound, but I'm freaking furious at the cashier for her incompetence at ignoring my request.

What did you expect her to offer? Were you not willing to use electronic transfer? That's the only other option, apart from cold hard cash.

What you have is what's commonly referred to as a 'Bank Draft'. If you lose it, they can be reissued, but requires you to indemnify the issuing bank against loss.

 

[BrokeBroker]

If you lose a cheque then you can contact the payer and ask them to stop it. If it's crossed "a/c payee" only then it should only be possible to lodge it to an account in your own name. If it's a "security cheque" then there may be additional safeguards against misappropriation of the funds - although I'm not really sure what's necessary over and above a regular cheque crossed appropriately. I don't really understand your issue but you seem to be getting worked up about nothing or something theoretical/hypothetical.

If I lost the cheque, dropped it in the street - is the money gone?
If it vanished into this air or say, someone pinched it - is my life savings gone, just like that?

And yes I'm worked up.

You're saying, if I lost it, I can just contact the issuing institution and have them reissue it?

And the money is still safe?

 

[BrokeBroker]

What did you expect her to offer? Were you not willing to use electronic transfer? That's the only other option, apart from cold hard cash.

What you have is what's commonly referred to as a 'Bank Draft'. If you lose it, they can be reissued, but requires you to indemnify the issuing bank against loss.

It doesn't say "bank draft", just "security cheque".

What does the latter part mean?

Indemnify the issuing bank against loss?

It was issued by a building society.

 

[RedOnion]

It doesn't say "bank draft", just "security cheque".

It was issued by a building society.

It was issued by EBS, drawn on AIB bank account? EBS don't have their own paper clearing.
It's effectively the same as a bank draft.

What does the latter part mean?

Indemnify the issuing bank against loss?

EBS will cancel the first, and reissue, but if somehow the original gets presented and paid out, then EBS can pursue you for the money.

What did you expect her to offer? Were you not willing to use electronic transfer? That's the only other option, apart from cold hard cash.

Not answering this part????
Despite calling someone incompetent?

 

[ClubMan]

If I lost the cheque, dropped it in the street - is the money gone?
If it vanished into this air or say, someone pinched it - is my life savings gone, just like that?

Did you read my post?

Moving funds between institutions, issued a cheque; am I liable for it?

i.e. say I have a cheque for 5000 euro. If I lose it in between walking from institution X to institution Y, does that mean the money is gone? I requested a format that would prevent this, but the cashier just said "no one can cash this but you" when I was issued it. Presumably meaning they...

www.askaboutmoney.com

 

[Sunny]

Sorry, what exactly did you expect?

Why didn't you do electronic transfer?

No offence but this is just a bizarre rant.

 

[BrokeBroker]

It was issued by EBS, drawn on AIB bank account? EBS don't have their own paper clearing.
It's effectively the same as a bank draft.

Don't know about AIB, I had an account with EBS, withdrew for a transfer to pTSB.

EBS will cancel the first, and reissue, but if somehow the original gets presented and paid out, then EBS can pursue you for the money.

If the first is cancelled, one would assume that prevents it being cashed?

But either way, what you're saying is, if I lost the cheque, that DOESN'T mean the money is gone just like that.

(right?)

Not answering this part????
Despite calling someone incompetent?

I presented my situation to her and emphasized the importance of ensuring security.

I was issued a "security cheque" which pTSB said, "keep that safe cause if you lose it you're screwed", and as my account with pTSB isn't yet active, I have to hold it until further notice.

Naturally my conclusion was the the "cheque" issuer was a hapless nimrod for overlooking my emphasis.

If I have to eat my condemnation of her, then all is well.

 

[BrokeBroker]

Why didn't you do electronic transfer?

They didn't inform me this was an option (another indicator of their incompetence).

 

[BrokeBroker]

Did you read my post?

Of course but in predicaments such as this, I need unequivocal confirmation.

As per the other poster, do you agree this was actually a "bank draft", not a cheque? (which would afford more security, if so).

 

[ClubMan]

I'm freaking furious at the cashier for her incompetence at ignoring my request ... They didn't inform me this was an option (another indicator of their incompetence). ... Naturally my conclusion was the the "cheque" issuers was a hapless nimrod for overlooking my emphasis.

If that's the sort of attitude that you approach bank staff with then I would not be surprised if they didn't go out of their way to help you.
Not that there's any evidence of the latter here in any case.

 

[ClubMan]

As per the other poster, do you agree this was actually a "bank draft", not a cheque? (which would afford more security, if so).

How on earth should I know?
You said that it was a "security cheque" but now you don't seem to know?
Bizarre.
Anyway - I addressed your query in my first post.

 

[RedOnion]

They didn't inform me this was an option (another indicator of their incompetence).

You're just being arrogant now!

You've already said your PTSB account that you want to transfer the money to isn't even open, so of course you couldn't do a transfer.

Calling someone incompetent because they can't satisfy your ever whim is a stretch.

I'm glad I don't have to deal with customers as part if my job.

 

[BrokeBroker]

You're just being arrogant now!

You've already said your PTSB account that you want to transfer the money to isn't even open, so of course you couldn't do a transfer.

Calling someone incompetent because they can't satisfy your ever whim is a stretch.

I'm glad I don't have to deal with customers as part if my job.

Every whim?

We're talking about the categorical security of my life savings.

I was as thorough as possible with the cashier, yet all of a sudden I'm being told what they issued is the equivalent of carrying around cash (i.e. a cheque).

This thread has informed me it's more of a "bank draft" (despite that term not being printed on it), so there's more security than a conventional cheque and if it's lost I can have it reissued by the institution.

i.e. not a fraction of a liability exists with it I had thought.

 

[BrokeBroker]

How on earth should I know?
You said that it was a "security cheque" but now you don't seem to know?
Bizarre.
Anyway - I addressed your query in my first post.

"Security cheque" is printed on it.

"Bank draft" is not.

Regardless, other posters are claiming, "it's actually a bank draft".

 

[ClubMan]

A bank draft will have "bank draft" or "draft" or similar printed on it.

 

[Sunny]

Why did you withdraw the money before you knew your new account was open? Like I say, just bizarre.

Still not sure what you wanted. You wanted to take your money away from the bank but make the bank still responsible for it??? Cheques/drafts can all be used for fraud. Its why banks hate them.

 

[ClubMan]

Why did you withdraw the money before you knew your new account was open? Like I say, just bizarre.

Yes - this is a/the key issue.
Bizarre to request payment/encashment of one's life savings when one doesn't have anywhere to move them to.

Anyway - on the basis that you're saying that it explicitly has "security cheque" and not "[bank] draft" printed on it, there is some info about the former here:

High Security Checks - Bank Cheques Ireland

I’ve been using regular cheques to pay suppliers that don;t want to process an online payment. Sometimes they want the cheque marked out as ‘cash’. But I know this presents a security risk if the check fell into the wrong hands. In the US businesses can use high security checks. Is there...

www.askaboutmoney.com

 

[BrokeBroker]

Why did you withdraw the money before you knew your new account was open? Like I say, just bizarre.

Not bizarre, simply a mistake.

I had assumed pTSB would want funds deposited ASAP upon opening the account as it's a term deposit account.

But they stipulated it must be within 14 days.

I simply didn't know pTSB would actually refuse the money until the account confirmation had been processed, thought I'd get everything handled in one day.

But now they're telling me "hold that cheque safely, lose it and the money is gone".

Between all the "how the hell do I know" and "why did you do that? How bizzare" comments, and the fact "bank draft" is not printed on the "cheque", I really don't have more clarification at this point than I did before I started.

Still not sure what you wanted. You wanted to take your money away from the bank but make the bank still responsible for it??? Cheques/drafts can all be used for fraud. Its why banks hate them.

I was perfectly clear with the cashier in that I was transferring to another institution.

I was issued a piece of paper that pTSB said, "keep that safe cause lose it and you're screwed".

I would have thought modern financial institution would have these bases covered and it should be an easy process.