Cash Generator Cheque Cashing

Hi All

I am not sure if this is the right place to be put here goes.

I went into Cash generator to cash a personal cheque, I have a Guarantee Card and ID. Now they wanted £120 per cheque (I wanted 3) now my Guarantee Card is only for £100. I didnt get this. Anyway they phoned up some place Transax? they wouldn't authorise it.

I am just wondering if anyone knows why and why they wouldnt just cash for a lesser amount.

Thanks in advance

Comments

  • Bosie
    Bosie Posts: 1,215
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    Hi Bluemooner, a few year's ago when I was badly in debt I use to use cash generator. What they did then, they would say, we will give you up to your cheque guarantee level, mine was £100.
    They would then deduct their fees, which at that time was about £12.
    So I got back £88! So on 3 cheques they would have deducted £36.
    Therefore on 3 £100 cheques = £300, less £36 fee = £264 in your hand:mad:

    I don't know your circumstances but be very careful with this service.
  • chambta
    chambta Posts: 2,770
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    Presumably you don't have the funds in the account so you can add on any bank charges you will get. Plus banks get very jumpy at customers using these types of services and you may find that very quickly your card fails to work.
  • stclair
    stclair Posts: 6,844
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    bluemooner wrote: »
    Hi All

    I am not sure if this is the right place to be put here goes.

    I went into Cash generator to cash a personal cheque, I have a Guarantee Card and ID. Now they wanted £120 per cheque (I wanted 3) now my Guarantee Card is only for £100. I didnt get this. Anyway they phoned up some place Transax? they wouldn't authorise it.

    I am just wondering if anyone knows why and why they wouldnt just cash for a lesser amount.

    Thanks in advance

    Transax is a cheque guarantee service, which provides protection against bad debt, fraud, and all other risks associated with accepting cheques. A cheque from a customer where the guarantee card limit is exceeded is an act of faith.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • Bosie wrote: »
    Hi Bluemooner, a few year's ago when I was badly in debt I use to use cash generator. What they did then, they would say, we will give you up to your cheque guarantee level, mine was £100.
    They would then deduct their fees, which at that time was about £12.
    So I got back £88! So on 3 cheques they would have deducted £36.
    Therefore on 3 £100 cheques = £300, less £36 fee = £264 in your hand:mad:

    I don't know your circumstances but be very careful with this service.

    Thanks very much. The lady in the shop said I have to write the cheques for £120 each. I explained that my Card is only £100 limit which is fine. The money would have been in to cover it when it came out on 11th December she said it would of been. I did ask cant they just deduct their fees from the cheque but she said there is nothing they can do if Transax have refused it.

    I have never done anything like this before and dont really know how it works but even I wouldnt guarantee a cheque for over the card limit. Could it be no funds in my account? My card was declined by o2 on a credit check and the guy in the shop said it was because I didnt have £1.01 in the bank to process the card. I went back the day after when I had money in and it went through fine. Could that be why?
  • Bosie
    Bosie Posts: 1,215
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    edited 14 November 2009 at 2:06AM
    bluemooner wrote: »
    Thanks very much. The lady in the shop said I have to write the cheques for £120 each. I explained that my Card is only £100 limit which is fine. The money would have been in to cover it when it came out on 11th December she said it would of been. I did ask cant they just deduct their fees from the cheque but she said there is nothing they can do if Transax have refused it.

    I have never done anything like this before and dont really know how it works but even I wouldnt guarantee a cheque for over the card limit. Could it be no funds in my account? My card was declined by o2 on a credit check and the guy in the shop said it was because I didnt have £1.01 in the bank to process the card. I went back the day after when I had money in and it went through fine. Could that be why?

    Hi Bluemooner - can't understand why she wants you to write a cheque for £120, cos the guarantee is only for £100. It wouldn't be guaranteed! The bank wouldn't have to pay it;)
    As mentioned, they normally just deduct their fees and I guess now they probably charge more.
    I really got myself in trouble with this service and had to borrow off a friend to bail me out, as I owed about 4 cheques.......

    Regarding 02, they do take out a minimal amount, mainly to prove the card is valid, so if you had a nil balance, it probably would be declined.

    Have you got a credit card? Because a cash advance would be cheaper than cash generator.

    I think Transax (think that belongs to Equifax) would decline it because it's not a straight £100, she should of asked you to write 2 checks, one for £100 and the other for £20. I sometimes used to do 2 cheques, one say for £100 and the other for say £50. I think the woman in the shop didn't know what she was doing!

    Best of luck
  • I really must advise against using these services as it creates a progressive debt as next month you will be short and probably borrow again adding on more charges. But if you are sure there are payday advance websites out there that will do it based on your debit card. I think quick quid is one of them. Caution when using these services because this is how people end up in ddebt problems. I think they charge £25 interest per £100 borrowed over a 30 day period. If you apply on a working day before a certain time they put it into your bank account that day.

    Please think carefully before using these services it got me into alot of trouble.
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