# cheque made out to cash



## rsta (18 Jan 2008)

do i need to lodge it to my account or can i cash this at any bank?


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## Stifster (18 Jan 2008)

It should be cashable though you mnay have to go to either your bank or the institution on which it is drawn. Your own bank knows where to get you if it bounces and the other bank can check if there are funds to meet it.


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## rsta (18 Jan 2008)

thanks a million, going to try to cash it at the bank down the road from me (my branch is in town so can't get in there), I'll let ye know how i get on

After:

Went to bank, had to lodge it to my account and withdrew full amount.  

I could only have cashed it in the actual bank where the cheque was issued from.


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## Crugers (18 Jan 2008)

rsta said:


> ...I could only have cashed it in the actual bank where the cheque was issued from...


 
Don't be too sure that they would have done it either...
I presented a company cheque payable to myself in the pTSB branch where the account is held. I co-sign the cheques so my signature is there authorising our bank to pay me the value. I also endorsed the cheque on the back on the counter in front of the teller and requested she cashed it for me. Teller insisted on me presenting photo ID, which she took a copy of, before she would cash the cheque. (BTW) I've been in the branch each week for about 20 years and the teller wasn't new to me...

Next time, to save me time, I made out the cheque to cash.
"Sorry, I can't cash that as it is made out to cash..." This post will be deleted if not edited immediately wept! I amended the payee from cash to my name, initialled the change and they cashed without ID.

Went in with a bank draft made out to the company. I wanted it lodged to the company account and cleared on the spot. It was a pTSB Draft.
"No, it is not possible to clear it straight away!"... "But we can cash it and lodge the cash!"
It all depends on which way the wind is blowing at the time...!


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## rsta (21 Jan 2008)

Crugers said:


> Don't be too sure that they would have done it either...
> I presented a company cheque payable to myself in the pTSB branch where the account is held. I co-sign the cheques so my signature is there authorising our bank to pay me the value. I also endorsed the cheque on the back on the counter in front of the teller and requested she cashed it for me. Teller insisted on me presenting photo ID, which she took a copy of, before she would cash the cheque. (BTW) I've been in the branch each week for about 20 years and the teller wasn't new to me...
> 
> Next time, to save me time, I made out the cheque to cash.
> ...


 
gosh.. guess it really does depend who you get at the till.  The girl in my bank told me I could go to the bank where the cheque originates and they would cash it for me.  But on the weekend i was sayin it to a mate and he said no they wouldn't as he had a cheque made out to 'cash' too and they would not cash it!


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## John Rambo (21 Jan 2008)

Just be aware you could be charged "clearing interest" by getting cash in this way. If you have insufficient funds in your account the bank may charge for the couple of days the cheque takes to clear as they are, in effect, advancing you the money.


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## navi5ie (22 Jan 2008)

I was told last week in a PermanentTSB ranch that a cheque made out to cash was illegal and was worthless and that I would have to return to the person who wrote the cheque to get my money. Is this correct?


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## Mpsox (22 Jan 2008)

The logic of making you lodge a cheque, payable to cash, to a bank account and then withdrawing the funds from that account is simple. If the cheque bounces, all they have to do is debit you back, whereas if they simply give you cash from the till and debit their own cash account, they have no comeback on you
If the cheque is drawn on themselves then most banks should be able to check to see if there are funds there, regardless of what branch it is drawn on(perhaps PTSB systems don't allow this, I don't know). 
If the cheque is drawn on another bank, they can ask the drawing branch if there are sufficient funds, but that branch is under no obligcation to tell them and indeed under their duty of confidentiality to the own customers, probably shouldn't
Remember as well, even if there are sufficient funds, depending on where the cheque was drawn, and given the length of time taken for a cheque to clear, there may still be a couple of days for a stop to be placed

Is a cheque made payable to cash legal. Very debatable as the definition of a cheque under the Bills of exchange act refers to a person or bearer, not to cash. However, it is a long standing practise for cheques to be writen to cash

Banks are very wary of cheques and drafts these days due to the amount of fraudulent items that are out there. There has been a spate of counterfiet drafts(which the bank is under no obligation to honour) and stolen/intercepted and altered cheques so they are right to be cautious


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## rsta (23 Jan 2008)

Interesting mpsox


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## L_earner (28 Jun 2008)

Mpsox said:


> The logic of making you lodge a cheque, payable to cash, to a bank account and then withdrawing the funds from that account is simple. If the cheque bounces, all they have to do is debit you back, whereas if they simply give you cash from the till and debit their own cash account, they have no comeback on you
> If the cheque is drawn on themselves then most banks should be able to check to see if there are funds there, regardless of what branch it is drawn on(perhaps PTSB systems don't allow this, I don't know).
> If the cheque is drawn on another bank, they can ask the drawing branch if there are sufficient funds, but that branch is under no obligcation to tell them and indeed under their duty of confidentiality to the own customers, probably shouldn't
> Remember as well, even if there are sufficient funds, depending on where the cheque was drawn, and given the length of time taken for a cheque to clear, there may still be a couple of days for a stop to be placed
> ...


 . . . and I thought the only reason that banks did that was that they could charge for two transactions instead of one. Must be my cynicism.


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