The money will only be taken from your EBS account when the cheque is presented to another bank
This whole topic seems to show a complete lack of knowledge on how bank cheques work
If you lose the cheque between now and lodging it to ptsb, then you will be able to get the issuer to stop it and reissue it.
No, you don't. No one else can cash it if it's made out to you.
I presume you did not request it to be made out to "cash".
Brendan
As I said in the first reply to this thread.If you lose the cheque between now and lodging it to ptsb, then you will be able to get the issuer to stop it and reissue it.
You are at virtually zero risk here.
The cheque/draft is made out to John BrokeBroker I assume and not made out to "cash".
For you to lose money
1) Someone will have to burgle your home
2) They will have to find the cheque
3) You will have to not realise that you have lost it
4) They will have to open a bank account early on Monday in the name of John Broke Broker
5) The bank accepting the lodgement will have to accept it without being suspicious
6) He will have to withdraw the funds immediately in cash
7) The banks will all have to deny liability
8) The FSPO will have to dismiss your complaint.
So rest assured you will not lose your life savings.
Brendan
As I said in the first reply to this thread.
Well it's definitely not possible to do an EFT to an account that isn't even open/activated yet!For those who queried why the OP didn't use EFT, some EBS accounts don't allow electronic transfers, so the only way to move money from one institution to another is by bank draft.
I've had to do this myself.
This may be why the EBS staff didn't offer the option - it may not be possible from the particular account.
Good idea - the incompetent nodding dog nimrods are everywhere and trying to mislead you, even here on Askaboutmoney...True, but I was looking for that to be seconded, which it now has.
Good idea - the incompetent nodding dog nimrods are everywhere and trying to mislead you, even here on Askaboutmoney...
The financial advisor in question had no knowledge of that, the account being open or otherwise.Well it's definitely not possible to do an EFT to an account that isn't even open/activated yet!
There's your mistake. EBS and PTSB are not modern financial institutionsNot 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.
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.
There's your mistake. EBS and PTSB are not modern financial institutions
If I wasn't sure about how things worked then I'd research it before asking for my life savings to be paid out in paper instrument form - not after the fact.Sure.
But if it came to your life savings, and by extension your entire future, you'd probably want confirmation/a-second-opinion (unequivocal clarity) also.
The financial advisor in question had no knowledge of that, the account being open or otherwise.
Simply at no point did they present an EFT as being an option (despite my emphasis on security of transfer).
It was never mentioned (alternative transfer methods), as I felt it should have been.
But as per the above, there may have been a reason it wasn't presented (which we've just been made aware of).
Who is the cheque made out to (payee name) ?
And yes, not made out to "cash", but in my name.
Worst case scenario being someone called "John BrokeBroker" happened to burgle my place, find the cheque and present at a financial institution over the weekend to cash it.
Who is the cheque made out to (payee name) ?
Is the cheque crossed and if so exactly what is written between the two crossing lines ?
Where do the words “security cheque” appear and how large is the lettering ?
In a somewhat related incident, I had a few thousand in a post office deposit account (the type with a passbook). It was at least earning a little bit of interest there, so I left it, despite not using the account for many years. I finally decided that it was time to move it to a normal bank account that I have, so, on my second visit (the first being to reactive it, as it hadn't been used for more than three years) I closed the account and was given the balance in a big stack of fifty euro notes. I had hoped that when closing the account they might instead give a bank draft, but apparently cash is the only option. Luckily I had thought to bring an envelope with me just in case. I clutched it very tightly as I walked down the main street to my bank branch to deposit it (and was thankful that they still accepted cash).
I wouldn't have thought a financial advisor would usually get into how exactly to transfer funds from one institution to another. They generally stick to advising on which products to put your money in.
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