Solicitors cheques.

melbell

Hi

I bank with the Co-op, Do they clear solicitor issued cheques as normal cheques or do they treat them as good as cash?

Cheers!

notts_phil

no as a normal cheque,

[Deleted User]

as above yes

JuicyJesus

Solicitors' cheques are no different from any other cheques and can still be stopped or bounced.

The only ones that are really any different are banker's drafts, but they tend to require clearance too.

notts_phil

Your only chance for quicker clearance is if the cheque is drawn by the same bank and branch as yours. Not sure how co-op works, are they centralised?

thenudeone

You can probably pay extra to have the cheque presented under "special clearance" described here (click the relevant heading) http://www.ukpayments.org.uk/resources_publications/faqs/cheques/

opinions4u

thenudeone wrote: »

You can probably pay extra to have the cheque presented under "special clearance" described here (click the relevant heading) http://www.ukpayments.org.uk/resources_publications/faqs/cheques/

But that has no guarantee of being faster. Indeed, if the post office are slow it can actually extend clearance time.

Andystriker

A Solicitor would not stop a cheque unless it was reported stolen by the person to whom it was paid. The Solicitor would be struck off if he wrote the cheque out and he did not have the funds to cover it.

However, like a bankers draft, it still takes the same amount of time as any other cheque to clear.

thenudeone

opinions4u wrote: »

But that has no guarantee of being faster. Indeed, if the post office are slow it can actually extend clearance time.

But - the guarantee of funds being available will be much quicker with special presentation.

Andystriker

thenudeone wrote: »

But - the guarantee of funds being available will be much quicker with special presentation.

The chances of the cheque getting lost in the post is a far higher than the funds not being there.

opinions4u

thenudeone wrote: »

But - the guarantee of funds being available will be much quicker with special presentation.

Possibly. But it's not a certainty.

Bank A takes the cheque. Day 0.

Sends it via internal mail to their own delivery centre. Day 1.

Posts it second class to the drawing branch. Arrives day 4.

The drawing branch don't deal with it and have to send it off to a processing centre. Day 5.

Yes, you will then get cleared funds in the account. Assuming the receiving branch remember to chase it up for you.

But for speed, nah.