Best place to cash a cheque?

I'm just getting back on my feet after going bankrupt in September - got a new job, just received my first pay cheque, have opened a Coop Cashminder account.

My question is - do I pay the cheque into Coop or cash it?

I know Moneyshop etc charge commission on cheque cashing but things are tight before Xmas and I don't know if I can risk the cheque taking a long time to clear.

I'm trying to be more careful with my money so any advice greatly appreciated - best places to cash cheques, time cheques take to clear with Coop etc.

My wages are only £94.50 BTW so I'm not rolling in it - yet!

:0)

Comments

  • philnicandamy
    philnicandamy Posts: 15,685
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    edited 10 December 2010 at 1:24PM
    depends on how much % moneyshop will take (as well as their "handling fee".....personally i'd co-op it then wait a few days

    otherwise you'll see even less of your paycheque with them
    We all die. The goal isn't to live forever, the goal is to create something that will
  • Falze
    Falze Posts: 872 Forumite
    depends on how much % moneyshop will take.....personally i'd co-op it then wait a few days

    AGreed. Money shop would prob have a minimum charge also (dont know, but probabley)
    I'm no expert, but i'll give you my opinion, my support and my experience. Its all i have.


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  • FWIW try to put it directly into a coop bank branch and they can usually tell you when it's cleared, putting it in via a post office can add a couple of days onto the time.
    lbm
  • hunt85
    hunt85 Posts: 332
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    normally only takes 4 working days for a cheque to clear, can u really not wait that long for the sake of a paying a ridiculously large fee to speed things up by 3 days ish? don't do it! pay it in the bank and wait 4 days :)
  • I have one to pay in too, refund of my court fees. I'm taking it to the branch (15 miles away). It took me long enough to get it. Post office is good otherwise. :D
  • iquit
    iquit Posts: 1,939
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    I banked cheque into PO for my co-op account, funds were in my account by the end of a week.
    2019 MFW No. 74 £13700/£30000 (45.66%)
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  • McKneff
    McKneff Posts: 38,816
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    Could you ask your employer if you could be paid by the BACS system, this takes only 2 days.
    My employer does mine on a Wed and its in my bank on Friday.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • alastairq
    alastairq Posts: 5,030 Forumite
    Post Office...best bet if nearer...cash payments even quicker..as in 'instant!'
    No, I don't think all other drivers are idiots......but some are determined to change my mind.......
  • now
    now Posts: 851 Forumite
    McKneff wrote: »
    Could you ask your employer if you could be paid by the BACS system, this takes only 2 days.
    My employer does mine on a Wed and its in my bank on Friday.
    This is a good idea, however i paid cheques into the Coop and they cleared in the same timescales as any other bank, try and avoid taking it ti cash a cheque places as they only rip you off xx
    If you woke up this morning congratulations, you have another chance :j
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