clearing bank cheque

[FAT-TOY]

  Sold one of my huskys last week and the buyer (a good bloke) has sent me a bank cheque as payment.  Now you would think that a bank cheque would be cleared immediately.  I mean he has to have the funds in his account to get it in the first place,  but no my bank has told me it will take 3 days to clear,  thats the same as a personal cheque, so why the hell do we have to pay for the bloody things?  I could pay a $20 fee to speed it up and that can still take 2 days.  The buyer doesn't have paypal and my bank tells me that even using a bank transfer can also take up to 2 days.  It seems these banks have us bent over the log and we hope they dont drive it into us but we have no control over whether they do or don't they are a law unto themselves. 

[mainline]

I may be wrong but I think it being a bank cheque means that the funds have to be available before the bank will produce the cheque. The delay is just them farking around to make money on interest etc

[mx250]

Yep, it true; the banks do it purposely and make money out of it  .

I had a friend who's job it was to calculate at the end of each business day how much was 'floating' in the system and he would then put it on the Short Term Money Market. What counts is the average for the year and it's the equivalent of hundred's of millions at 5% or such.

Mind you, neither you nor I could 'prove' anything  - and the potential whistle blowers are paid too much to rat the banks.

[lukeb1961]

you dare besmirch The Caring Bank?!

Be off with you and this crazy talk!

[montynut]

Another interesting details I found out sometime ago is that you can actually stop or cancel a bank cheque  This scared the bejeezes out of me as I always thought it was as good as cash except for the delay.  In the past I have sold cars and asked for a bank cheque thinking I was safe 

[matcho mick]

that happened to a good mate,sold a kombi,guy paid with bank cheque,2 days later it's back,parked across the road from his house,offsides squashed,guy got pissed, put it on it's side,cancells the cheque,took the guy to court,nailed him bigtime!,his insurance canned him for dui too,phark banks,go the cash ,

[Lozza]

you dare besmirch The Caring Bank?!

Be off with you and this crazy talk!

Exactly, checking bona fides is complex and demanding task, the bank would barely cover costs(fair and reasonable I might add) issuing that cheque. Let's not forget the untold god banks do for the community

[GMC]

There has been a few stolen and counterfeit bank cheque’s turn up over the years as well.
A bank cheque is not always a sure thing

[TM BILL]

Towings a cash business  be amazed at how many people think they can pay with a cheque  we dont even do eftpos were a womans organ business ie Cash Up No Tick

[Mick22]

This is one topic that gets up my nose!!

Bank cheques are bullshit and the worst thing of all is they charge for them when Bank Cheques offer less security than a personal cheque!!

Banks DO NOT guarantee bank cheques and you more likely to be stung in a scam involving a bank cheque than a personal chq.

When someone hands you a cheque how do you know it is the real deal?? in these days of laser printers and being able to buy the right sort of paper on the net any 15 year old can make a bank or personal cheque.

It was reported a couple of years back that one of the big four had done an audit and up to 200 Bank Cheques were going "missing" from their branches each week. Even where an employee of the bank had stolen one of these cheques and scammed someone with it the bank still didn't honor the cheque.

I know of a guy that sold a Plane for $170,000 to a guy with a stolen blank chq, never saw his plane or money again and the bank wiped their hands of it.

These days if someone wants to pay by bank cheque because they don't want to lug around a pile of cash, I just tell them we will drive down to the bank together and do a EFT on the spot with the teller