Immediate access to wages

psso

Hi, I`ve never posted on the banking threads before, but I hope someone might have the info I need.

My teenage daughter has just started working and her wages will be paid monthly by cheque. There isn`t a bank near her work, so it would be the next day before I could bank it for her. This first cheque, which I banked for her last Wednesday lunchtime will not clear until Wednesday this week. I know there`s an extra delay with the bank holiday, but it seems a long time to wait.

Many years ago some of the banks gave instant access to wages cheques and you didn`t have to wait for days for the cheque to clear. Do any of the banks still do this ?

Might seem a stupid question but those of you who have teenagers will know that they want everything `now` .

Thanks for reading.

stephen25uk

i bank with the tsb and for the first few weeks of my job i got paid by cheque until my employer sorted out paying my wages straight into the bank,i went in with the cheque ,showed my payslip told them it was a work cheque and they cashed it no problem,only thing that might be a problem for you is that luckily for me my work banks with tsb as well,so that might have made a difference

whitewing

What does she do? Could she ask for payment by online banking - that's how I pay my staff each month (but I don't have many).

It's cleared funds.

Innocent_Guy

I have Instant cashing on ALL cheques with Barclays

ShelfStacker_3

Innocent_Guy wrote: »

I have Instant cashing on ALL cheques with Barclays

That's subject to status though - it's unlikely a teenager would have that facility.

I know if I was presented with a cheque and told that it was a wages cheque, there's absolutely nothing in my power which I could do to make it clear any quicker, let alone instantly (short of a special presentation, which isn't guaranteed to clear quicker anyway). Lloyds may work differently, I don't know.

bengal-stripe

psso wrote: »

Many years ago some of the banks gave instant access to wages cheques and you didn`t have to wait for days for the cheque to clear. Do any of the banks still do this ?

Twenty or so years ago, I worked for a company who paid by weekly cheque. They also had an arrangement with their bank, that staff could get their pay cheques cashed at a branch close by.

An arrangement of this kind might not be possible anymore, as all cheques are crossed and: “Account Payee only”.

amersall

i think its terrible you have to wait for a cheque to clear when you have worked for it, i am paid monthly by bacs but it angers me knowing companys are sat on your money you have earnt, for a whole month, just think of the money they get on interest for every employees pay

willo65

If her employer is small which if they are paying by cheque I suspect they might be ask them to right the cheque out so she can cash it instead of it being account payee and then she could go into bank and cash it.

ShelfStacker_3

willo65 wrote: »

If her employer is small which if they are paying by cheque I suspect they might be ask them to right the cheque out so she can cash it instead of it being account payee and then she could go into bank and cash it.

Unless she had a specific letter of authority from the company to cash that cheque, signed by one of the signatories on the account, that would be a no-no. Even with that letter, there might be some suspicion.

Some companies have that arrangement set up and formalised with the bank, as bengal-stripe sort-of mentions. But it's rare.

opinions4u

To be honest, having to wait a week to get hold of the money could be a brilliant way for her to learn financial discipline.

That said, I am gobsmacked that any firm is still paying staff this way. It's 2009 for God's sake.

psso

whitewing wrote: »

What does she do? Could she ask for payment by online banking - that's how I pay my staff each month (but I don't have many).

It's cleared funds.

She`s working at a children`s nursery and they have four branches - the one she`s at has about 20 staff and they`re all paid by cheque.
Seems very old fashioned way of paying wages.