Lodged a sterling cheque into Credit union which was returned unpaid, for this experience credit union are deducting €190 from account!!! How can this be? Anyone any experience/advise? They advised me this was bank fees - where do I go from here, am I powerless tostop them deducting?
Bounced sterling cheque
- Thread starter fsc
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Is that including the amount of the cheque or is that just the amount of the fee? They are probably passing on the fees from the UK bank, ask for the breakdown of fees, see which is UK & which is CU, you won't be able to do anything about the UK fee but they might have some leeway on the CU fee. Probably a loss on exchange rate too.
They are to ring me back with breakdown of the fee, but say they (CU) are charging a fee, I am a bit clueless with all this, exchange rate was mentioned tooWhen you lodged it the exchange rate on the day was applied and the euro amount credited to your account, now that it has gone through the system and been returned unpaid the debit to your account will be at the rate on the day of debit and as sterling has got more expensive this probably means that you have suffered a loss on that part of the transaction firstly, then there is the processing fee that the UK bank levied for the unpaid and finally the CU fee for a bounced cheque.
Your'e right! Have since been given detailed breakdown of fee & basically exchange rate on day lodged was better than on day of return so seems I have no choice but to pay this fee. Thanks for your time!
thedaddyman
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Bear in mind as well that the CU will be a customer of one of the main clearing banks. (AIB/UB etc). They are not members of the clearings in their own right and they probably will have been charged fees by whatever their bank is for the bounced cheque. It's a weakness of the CU's that in addition to their own costs in dealing with an item like this, they also have to pass on charges that they get hit with.