I thought it was just New Zealanders that held on to checks for months before finally depositing or cashing them. I don't get it. You give me a check and I will get it cashed or deposited before the ink is dry. I wrote a check for $750 USD to a individual in June and this morning I see on the computer that my checking account was credited with $700 because the check was never cashed. The person that I wrote the check to is not a FAT CAT that doesn't need the $700. I called him thinking that he misplaced or lost the check and he said "no I just didn't get around to it". This has happened to me quite a few times in the past couple years when I am in New Zealand but now it seems to be happening here as well. Checks that aren't cashed is idle $$$$ not working or being productive.
Do you hold on to checks for a long time?
Check Cashing
Check Cashing
Lon;1371187 wrote: I thought it was just New Zealanders that held on to checks for months before finally depositing or cashing them. I don't get it. You give me a check and I will get it cashed or deposited before the ink is dry. I wrote a check for $750 USD to a individual in June and this morning I see on the computer that my checking account was credited with $700 because the check was never cashed. The person that I wrote the check to is not a FAT CAT that doesn't need the $700. I called him thinking that he misplaced or lost the check and he said "no I just didn't get around to it". This has happened to me quite a few times in the past couple years when I am in New Zealand but now it seems to be happening here as well. Checks that aren't cashed is idle $$$$ not working or being productive.
Do you hold on to checks for a long time?
The system must work differently here.
To us, a cheque is just a piece of paper until it is cashed. There can be no monies returned to your account because the cheque expired because no money is deducted from the account when you write the cheque so the money is not idle, it is in one account or the other all of the time. For the bank to hold onto the money for three months in expectation that the cheque will be cashed is outrageous - it is not their money.
The other difference is that here, a cheque is valid for six months from the date you write on it, not three months ¿from the date you write it?
Do you hold on to checks for a long time?
The system must work differently here.
To us, a cheque is just a piece of paper until it is cashed. There can be no monies returned to your account because the cheque expired because no money is deducted from the account when you write the cheque so the money is not idle, it is in one account or the other all of the time. For the bank to hold onto the money for three months in expectation that the cheque will be cashed is outrageous - it is not their money.
The other difference is that here, a cheque is valid for six months from the date you write on it, not three months ¿from the date you write it?
Check Cashing
Bryn Mawr;1371189 wrote: The system must work differently here.
To us, a cheque is just a piece of paper until it is cashed. There can be no monies returned to your account because the cheque expired because no money is deducted from the account when you write the cheque so the money is not idle, it is in one account or the other all of the time. For the bank to hold onto the money for three months in expectation that the cheque will be cashed is outrageous - it is not their money.
The other difference is that here, a cheque is valid for six months from the date you write on it, not three months ¿from the date you write it?
When said Idle I mean't idle for the recipient or the person writing or authorizing the check, not the bank. Obviously the bank benefits from uncashed checks.
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
To us, a cheque is just a piece of paper until it is cashed. There can be no monies returned to your account because the cheque expired because no money is deducted from the account when you write the cheque so the money is not idle, it is in one account or the other all of the time. For the bank to hold onto the money for three months in expectation that the cheque will be cashed is outrageous - it is not their money.
The other difference is that here, a cheque is valid for six months from the date you write on it, not three months ¿from the date you write it?
When said Idle I mean't idle for the recipient or the person writing or authorizing the check, not the bank. Obviously the bank benefits from uncashed checks.
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
Check Cashing
Lon;1371197 wrote: When said Idle I mean't idle for the recipient or the person writing or authorizing the check, not the bank. Obviously the bank benefits from uncashed checks.
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
That's what I meant by outrageous - it is not the bank's money so they should not be holding it.
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
That's what I meant by outrageous - it is not the bank's money so they should not be holding it.
Check Cashing
Bryn Mawr;1371200 wrote: That's what I meant by outrageous - it is not the bank's money so they should not be holding it.
Agreed At least this particular bank that I deal with has none of the nickel and dime charges of many banks. There is free checking with no minimum balance requirements and interest is paid (Ha. 1 percent) on balances, also, they will reiburse any ATM charges imposed by other institutions for cash withdrawals. They are a Online Only Bank .
Agreed At least this particular bank that I deal with has none of the nickel and dime charges of many banks. There is free checking with no minimum balance requirements and interest is paid (Ha. 1 percent) on balances, also, they will reiburse any ATM charges imposed by other institutions for cash withdrawals. They are a Online Only Bank .
Check Cashing
Who uses cheques these days anyway ?
This what most Brits think a check to be Clicky
This what most Brits think a check to be Clicky
I thought I knew more than this until I opened my mouth
Check Cashing
Bruv;1371204 wrote: Who uses cheques these days anyway ?
This what most Brits think a check to be Clicky
How do you pay bills Bruv?
This what most Brits think a check to be Clicky
How do you pay bills Bruv?
Check Cashing
Lon;1371205 wrote: How do you pay bills Bruv?
I cannot remember the last time I wrote a cheque.
Super Markets and most shops don't take them here, anything I pay would be a card payment or cash.
I am sure I read somewhere cheques will be phased out, not too sure if that was accepting them in certain shops etc. or the Banks themselves.
I cannot remember the last time I wrote a cheque.
Super Markets and most shops don't take them here, anything I pay would be a card payment or cash.
I am sure I read somewhere cheques will be phased out, not too sure if that was accepting them in certain shops etc. or the Banks themselves.
I thought I knew more than this until I opened my mouth
Check Cashing
Bruv;1371206 wrote: I cannot remember the last time I wrote a cheque.
Super Markets and most shops don't take them here, anything I pay would be a card payment or cash.
I am sure I read somewhere cheques will be phased out, not too sure if that was accepting them in certain shops etc. or the Banks themselves.
It was the entire cheque system and was due in 2018 but the backlash was too much. Too many people did not have on-line banking / PayPal etc and would not have been able to make person to person payments so it has, to the best of my knowledge, been deferred.
By the time we get to 2018 it will probably happen anyway because, by then, people will be more used to the idea, the payment infrastructure will be in place and the use of computer banking will be an ingrained habit for most people.
Super Markets and most shops don't take them here, anything I pay would be a card payment or cash.
I am sure I read somewhere cheques will be phased out, not too sure if that was accepting them in certain shops etc. or the Banks themselves.
It was the entire cheque system and was due in 2018 but the backlash was too much. Too many people did not have on-line banking / PayPal etc and would not have been able to make person to person payments so it has, to the best of my knowledge, been deferred.
By the time we get to 2018 it will probably happen anyway because, by then, people will be more used to the idea, the payment infrastructure will be in place and the use of computer banking will be an ingrained habit for most people.
Check Cashing
Lon;1371197 wrote:
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
That's what I would call a Direct Debit..................but with no physical cheques involved.
I do not personally write all checks and utilize a free "Bill Pay" system. These are time dated checks and will be redpeposited if not cashed within a certain time frame.
That's what I would call a Direct Debit..................but with no physical cheques involved.
I thought I knew more than this until I opened my mouth
Check Cashing
Bryn Mawr;1371209 wrote: It was the entire cheque system and was due in 2018 but the backlash was too much. Too many people did not have on-line banking / PayPal etc and would not have been able to make person to person payments so it has, to the best of my knowledge, been deferred.
By the time we get to 2018 it will probably happen anyway because, by then, people will be more used to the idea, the payment infrastructure will be in place and the use of computer banking will be an ingrained habit for most people.
I knew I hadn't dreamed it
By the time we get to 2018 it will probably happen anyway because, by then, people will be more used to the idea, the payment infrastructure will be in place and the use of computer banking will be an ingrained habit for most people.
I knew I hadn't dreamed it
I thought I knew more than this until I opened my mouth
Check Cashing
Found it 
Abolition of cheques to be reconsidered | Money | guardian.co.uk
The Payments Council report from 2009 makes interesting reading - as much for what it doesn't say and, especially, for who wasn't consulted when it was drawing it's conclusions.
It had the interests of business at the core of its requirements. It consulted the Banks, the major corporates, government departments, even the SMEs but nowhere does it record the views of the people - they are assumed. It is stated that "alternatives" will have been developed and that the "public sector" will have accepted the use of these alternatives and stopped using cheques of their own accord but they did not validate those assumptions.
In a further blow to the council, which was established in March 2007 by payment services providers, the committee will examine its structure and performance, including whether it is sufficiently accountable for the way its decisions impact on consumers, how well it is delivering on its core objectives, and how its work fits with the industry's efforts to reduce the level of fraud.
Abolition of cheques to be reconsidered | Money | guardian.co.uk
The Payments Council report from 2009 makes interesting reading - as much for what it doesn't say and, especially, for who wasn't consulted when it was drawing it's conclusions.
It had the interests of business at the core of its requirements. It consulted the Banks, the major corporates, government departments, even the SMEs but nowhere does it record the views of the people - they are assumed. It is stated that "alternatives" will have been developed and that the "public sector" will have accepted the use of these alternatives and stopped using cheques of their own accord but they did not validate those assumptions.
In a further blow to the council, which was established in March 2007 by payment services providers, the committee will examine its structure and performance, including whether it is sufficiently accountable for the way its decisions impact on consumers, how well it is delivering on its core objectives, and how its work fits with the industry's efforts to reduce the level of fraud.
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Check Cashing
Our landlord holds several months rent payments before he cashes our checks. So, we have to pay extra attention to our checking account. The only thing we can figure is that he uses a bank that is not close to his residence and place of employment. And.....he doesn't need the cash immediately.
Life is a Highway. Let's share the Commute.
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WonderWendy3
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Check Cashing
Nope, I don't hold on to checks at all, so if it will make you feel better you can send me that $750.00 check and I'll cash it in a jiffy :driving::-6
Check Cashing
Bruv;1371210 wrote: That's what I would call a Direct Debit..................but with no physical cheques involved.
NO---------A physical check is actually mailed to the individual or business and a copy of the check shows up on my online bank statement. Direct Debit is another function handled through a card.
NO---------A physical check is actually mailed to the individual or business and a copy of the check shows up on my online bank statement. Direct Debit is another function handled through a card.
Check Cashing
Lon;1371231 wrote: NO---------A physical check is actually mailed to the individual or business and a copy of the check shows up on my online bank statement. Direct Debit is another function handled through a card.
No card required for a direct debit - it is a mandate signed by the account holder to allow a specified entity to withdraw funds from the account on a regular basis. There is a mandatory fourteen day notification period and a guaranteed right of refusal of the debt.
It can be executed via BACS (Banks Automated Clearing System) which takes two days, CHAPS (Clearing House Automated Payment System) which is immediate but costs loads or the new Faster Payments System which is immediate and cheap but currently restricted in value.
No card required for a direct debit - it is a mandate signed by the account holder to allow a specified entity to withdraw funds from the account on a regular basis. There is a mandatory fourteen day notification period and a guaranteed right of refusal of the debt.
It can be executed via BACS (Banks Automated Clearing System) which takes two days, CHAPS (Clearing House Automated Payment System) which is immediate but costs loads or the new Faster Payments System which is immediate and cheap but currently restricted in value.
Check Cashing
Bryn Mawr;1371233 wrote: No card required for a direct debit - it is a mandate signed by the account holder to allow a specified entity to withdraw funds from the account on a regular basis. There is a mandatory fourteen day notification period and a guaranteed right of refusal of the debt.
It can be executed via BACS (Banks Automated Clearing System) which takes two days, CHAPS (Clearing House Automated Payment System) which is immediate but costs loads or the new Faster Payments System which is immediate and cheap but currently restricted in value.
Yes----in addition to the DEBIT CARD that some use, automatic debits can be arranged to pay ongoing bills.
I use the automatic debit for my utilities, TV and Internet.
It can be executed via BACS (Banks Automated Clearing System) which takes two days, CHAPS (Clearing House Automated Payment System) which is immediate but costs loads or the new Faster Payments System which is immediate and cheap but currently restricted in value.
Yes----in addition to the DEBIT CARD that some use, automatic debits can be arranged to pay ongoing bills.
I use the automatic debit for my utilities, TV and Internet.
Check Cashing
Lon;1371234 wrote: Yes----in addition to the DEBIT CARD that some use, automatic debits can be arranged to pay ongoing bills.
I use the automatic debit for my utilities, TV and Internet.
Different systems - the debit card transaction goes through the same cardschemes as your credit or charge card transactions, slightly different rules and different fees but the same routing. Direct Debits are a completely separate system and involve inter-account transfers between banks rather than card payments between card companies.
I use the automatic debit for my utilities, TV and Internet.
Different systems - the debit card transaction goes through the same cardschemes as your credit or charge card transactions, slightly different rules and different fees but the same routing. Direct Debits are a completely separate system and involve inter-account transfers between banks rather than card payments between card companies.
Check Cashing
And then again there is the Standing Order for a specific amount, rather than Direct Debit for variable amounts.
Don't know where my cheque book is right now......will have to hang on to it it may be an antique soon.
Don't know where my cheque book is right now......will have to hang on to it it may be an antique soon.
I thought I knew more than this until I opened my mouth
Check Cashing
Lon, how does the bank know you wrote the check until it is presented to them? Why would they hold money if they don't yet know you wrote the check? Last I heard check in the States were good for 1 year after the writing.
Check Cashing
YZGI;1371305 wrote: Lon, how does the bank know you wrote the check until it is presented to them? Why would they hold money if they don't yet know you wrote the check? Last I heard check in the States were good for 1 year after the writing.
Here's the way it works---------------I go online and access my online bank (in this case Charles Schwab Bank). I go to the section for paying a bill called "Bill Pay". I then request that a friend YZGI be sent a check for $100 and list your address. You will be sent a paper check. I pay no postage, need no envelope and the service is free.
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
Here's the way it works---------------I go online and access my online bank (in this case Charles Schwab Bank). I go to the section for paying a bill called "Bill Pay". I then request that a friend YZGI be sent a check for $100 and list your address. You will be sent a paper check. I pay no postage, need no envelope and the service is free.
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
Check Cashing
Lon;1371306 wrote: Here's the way it works---------------I go online and access my online bank (in this case Charles Schwab Bank). I go to the section for paying a bill called "Bill Pay". I then request that a friend YZGI be sent a check for $100 and list your address. You will be sent a paper check. I pay no postage, need no envelope and the service is free.
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
I see, you're doing through online banking. I didn't realize that. I thought you were hand writing the checks like most people.
Could you not transfer funds into his account directly from yours?
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
I see, you're doing through online banking. I didn't realize that. I thought you were hand writing the checks like most people.
Could you not transfer funds into his account directly from yours?
Check Cashing
YZGI;1371307 wrote: I see, you're doing through online banking. I didn't realize that. I thought you were hand writing the checks like most people.
Could you not transfer funds into his account directly from yours?
Yes I could do that as well, as long as I had the account number and bank routing number for the individual or business. For possible tax purposes I would prefer to be able to get a copy of the check.
Could you not transfer funds into his account directly from yours?
Yes I could do that as well, as long as I had the account number and bank routing number for the individual or business. For possible tax purposes I would prefer to be able to get a copy of the check.
Check Cashing
Lon;1371306 wrote: Here's the way it works---------------I go online and access my online bank (in this case Charles Schwab Bank). I go to the section for paying a bill called "Bill Pay". I then request that a friend YZGI be sent a check for $100 and list your address. You will be sent a paper check. I pay no postage, need no envelope and the service is free.
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
We have nothing along those lines - on-line banking equals on-line payment because our banks are desperate to get rid of paper cheques.
Since I am doing this online through the bank they would of course have a record. This record also will show up online when I review my account.
Banking: Charles Schwab Bank: Banking and Lending
We have nothing along those lines - on-line banking equals on-line payment because our banks are desperate to get rid of paper cheques.
Check Cashing
Bryn Mawr;1371310 wrote: We have nothing along those lines - on-line banking equals on-line payment because our banks are desperate to get rid of paper cheques.
The bank actually farms out the check writing to a separate entity called "Bill Pay". Many of the brick and mortar banks as well as the online only banks contract this check service out to "Bill Pay".
The bank actually farms out the check writing to a separate entity called "Bill Pay". Many of the brick and mortar banks as well as the online only banks contract this check service out to "Bill Pay".