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Best place to cash a cheque?
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# 1
trixiefire77
Old 10-12-2010, 11:05 AM
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Default 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!

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# 2
philnicandamy
Old 10-12-2010, 1:21 PM
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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

Last edited by philnicandamy; 10-12-2010 at 1:24 PM.
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# 3
Falze
Old 10-12-2010, 1:22 PM
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Quote:
Originally Posted by philnicandamy View Post
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)
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# 4
lbm
Old 10-12-2010, 1:36 PM
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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.
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# 5
hunt85
Old 10-12-2010, 7:40 PM
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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
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# 6
andyf1980
Old 10-12-2010, 8:31 PM
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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.
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# 7
iquit
Old 10-12-2010, 8:35 PM
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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.
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# 8
McKneff
Old 10-12-2010, 9:31 PM
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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.
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# 9
alastairq
Old 11-12-2010, 9:26 AM
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Post Office...best bet if nearer...cash payments even quicker..as in 'instant!'
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# 10
now
Old 11-12-2010, 10:48 AM
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Quote:
Originally Posted by McKneff View Post
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
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