Cashing a cheque

Rossco1983_2

Good Afternoon

I have a cheque I need to cash urgently.

What is the quickest way of doing this. Last cheque I put in bank took about 7 working days to clear.

Are these cheque centres reliable? Had a look online & could not see any details of their fees for cashing a cheque.

Plxply

Cheque cashing services open a temporary "bank account" for them to deposit the amount. If they didn't there would be no way for them to receive the funds, so the majority will be perfectly fine. The main problem is that they will often charge high fees, is it possible to request the sender to instead send payment via bank transfer?

Rossco1983_2

Hi Thanks for your reply.

Unfortunately it is not it is a compensation claim & they were due to send out few weeks back however it got "lost" only got the cheque in today. Worried that if I cash it today via my bank the money won't be available until next week.

Not sure if I trust these cheque centres as none of them that I have locally advertise the fees they charge & as the cheque is for £500 I am bit reluctant for them to take huge chunk of this.

fwor

Assuming it's drawn on a UK bank, I'd guess you'll lose 5% minimum.

Far better to live on no money for a few days and let it clear.

rb10

Rossco1983 wrote: »

Last cheque I put in bank took about 7 working days to clear.

If it's paid into a full facility current account, then it will be available by the fourth working day after you pay it in.

SammenForLivet2

rb10 wrote: »

If it's paid into a full facility current account, then it will be available by the fourth working day after you pay it in.

If you bank with HSBC and pop it in an account; then you can withdraw it in three working days. (E.G: Dep. Mon - Withdraw: Thurs.

Any other bank (RBS/Natwest. Barclays/ Halifax-Loyyds/Santander/ Nationwide(?) then it is T+4 (E.G: Dep. Mon Withdraw: Thurs.)

p.s: Santander used to be T+3 for current accounts and t+6 for others; but they have switched it all to T+4.

Most building societies rely on a 'Clearing Bank' as above; so it is normally T+6 to withdraw from them,

This applies to most checking and savings account.

It's important to note: That the cheque could bounce, even when you withdraw the money. As long as your not committing fraud and not desperate for the money, wait until T+6 to be sure.