paid an American cashiers cheque

landroverpete

Hi, I paid an American cashiers cheque into my Yorkshire Bank account,after I closed my account at the Waggoners National bank there and came back to England, at the Time I thought it may take a while to process, after 3 weeks, I was told it would take up to 6 months to process it, is there any reason why it should take this long and can I claim compensation for their inability to process it within a reasonable time, as they are qiuck enough to charge on unauthorised overdrafts and they will have held my money and caused hardship

Valli

I would certainly complain that you were not warned of such a lengthy process. Mind you, I would ring a few other banks, and then them, to ask how long such a cheque would take to process - maybe a different branch though. Then you have something to go on.

The nuns in Ghost were happy enough to accept one when 'Rita Miller' signed it.

Superheavy

I know HSBC usually estimate six to eight weeks on the processing of international cheques, but the problem with them is that they can be recalled at any time in the future by the foreign bank, so only accept them if you know and trust the person giving you payment, or its from a reputable company.

As with any international dealings, it will often depend on the efficiency of the relevant departments within both banks as to when it is finally resolved.

Thrugelmir

landroverpete wrote: »

Hi, I paid an American cashiers cheque into my Yorkshire Bank account,after I closed my account at the Waggoners National bank there and came back to England, at the Time I thought it may take a while to process, after 3 weeks, I was told it would take up to 6 months to process it, is there any reason why it should take this long and can I claim compensation for their inability to process it within a reasonable time,

The Yorkshire bank have no control over the speed of the transaction.

Waggoners National Bank have no UK clearing facility. So the cheque will be processed manually through their UK clearing agent back to the USA then back along the chain to the UK.

Gromitt

6 months sounds a little long, I'd expect upto 3 months.

If you had kept your american bank account open you could have transferred the funds much faster (a few days) for a small fee.

landroverpete

Gromitt wrote: »

6 months sounds a little long, I'd expect upto 3 months.

If you had kept your american bank account open you could have transferred the funds much faster (a few days) for a small fee.

unfortunately they had no facility to do transactions apart from wiring it via western union and they would not warrant the risk of it not getting here.