USA Cashier's Cheque (Check)

dishmop

Think this is the best place for this question.

I have received a cashiers cheque from the USA from an ebay customer.

My understanding was that I could take this to a bank and either cash it or pay it in.

Its in US dollars.

I bank with Norwich and Peterborough and they cant accept it.

Nat West say they cant cash it, I will have to open a bank account which will also involve opening an International Account (thier term) and all this will take 30 days.

I think some of the problem is that I have been talking to bank staff devoid of a brain.

The person who sent it to me had to hand over cash to get it, so its not as if can bounce. its like a postal order. He says his bank who issued it to him says that any bank in the UK should cash it.

The cheque is "TCF Official Check" National Bank.

Any ideas.

jonesMUFCforever

You have to pay it into a bank account and wait for it to either be negotiated or collected and you will be charged a fee for this.If you have to open an account for this purpose I would expect them to collect the proceeds (as you are a new customer with no history at that bank)and be charged between £20 - £40 and you will have to wait approximately one month for your money.

How much is the cheque for? Do you have a Paypal account?
It might have been easier if you had stipulated that you wanted the cheque in sterling .

Sorry but Yanks have no authority over our banks and who should cash what for whom!

richt71

I wonder if it's a US money order? They sometimes look like cheques. As stated most major banks should except these but you may be waiting weeks or months to get the money I'm afraid.

mandrose

I'm afraid that you if you get a UK bank to accept it you will have to wait for the funds to be recieved from the USA before you get the money! You will also have to pay charges both here and possibly the USA so it wont be cheap. My advise would be to return the cheque and ask for the funds to be sent to you electronically which is much cheaper, quicker and safer!

alan99_2

dishmop wrote: »

Think this is the best place for this question.

I have received a cashiers cheque from the USA from an ebay customer.

My understanding was that I could take this to a bank and either cash it or pay it in.

Its in US dollars.

Any ideas.

While I am no expert I recall there has been reports in the press lately about duff US bankers cheques and Uk cheques. Stolen or otherwise fraudulent. People have lost cars and boats.

Be very wary. The cheque can be okayed then found to be fraudulent. You must ask for special presentation if a UK cheque. Not sure if it works also with US cheques.
Dont release your goods until certain.
You may want to ask for other means of payment as suggested.

Alan

mummysdragon

I sell quite a few things to other countries, however I only accept pay pal from them, as I have heard of these nightmares before. I hope you get this sorted out. Have you already sent them the goods?? or do you still have them in hand?

digerati

dishmop wrote: »

I have received a cashiers cheque from the USA from an ebay customer. Its in US dollars. The person who sent it to me had to hand over cash to get it, so its not as if can bounce. its like a postal order. He says his bank who issued it to him says that any bank in the UK should cash it. The cheque is "TCF Official Check" National Bank.

As you describe it, it's a USD cashiers check so similar to a UK bank cheque. Unfortunately there the similarity ends. What your buyers says is true in part, in that any bank in the USA would be happy to deposit it, but not cash it. Only the branch on which it's written (in the USA) will cash it.

Most UK banks will accept it for deposit and collection, but that generally takes four to eight weeks for US checks to clear, and fees are usually deducted so shop around for the best deal.

UK based AuctionChex might be the cheapest way to collect payment at around £2 per item. They'll issue a UK cheque for the proceeds, and can clear it much faster than most UK banks.

alan99 wrote: »

While I am no expert I recall there has been reports in the press lately about duff US bankers cheques and Uk cheques. Stolen or otherwise fraudulent. People have lost cars and boats. Be very wary. The cheque can be okayed then found to be fraudulent.

Unless the check is for a large amount or an overpayment with the excess to be returned by Western Union it's highly unlikely to be a bad payment. In any event, make a copy of the cheque before presentation to protect yourself. Banks do occasionally lose items, especially foreign items that are sent to the USA for clearance.

dishmop wrote: »

My understanding was that I could take this to a bank and either cash it or pay it in. Nat West say they cant cash it, I will have to open a bank account which will also involve opening an International Account (thier term) and all this will take 30 days.

You can't cash foreign currency items at UK banks; they must be deposited to an account for (slow) clearance. You can deposit and sometimes cash foreign items if they are in GBP drawn on a UK bank (usually only for cash at the UK branch on which they are written).

The NatWest staff were wrong - there's no need to open a NatWest International Account to deposit foreign items; you can deposit them to most NatWest current accounts - I have (but costs can be prohibitive). Note that Norwich and Peterborough isn't a bank; they're a building society.

Hope this clears up things :-)

p.s. I dealt with loads of US money orders and cashiers checks over the years and it isn't so difficult once you find a good bank...

rosysparkle

Send it to eddie at auctionchex http://auctionchex.com/exchangedp-s.html

krishna

If you are going to accept a cheque from the US, best to make THEM get it in Sterling. It is possible. I did this when returning to the UK after a period of time in the US. That way THEY pay the charges and you can deposit it anywhere (though some banks/building societies may make a fuss initially). I presume the issue of slow clearing would still apply though.

digerati

krishna wrote: »

If you are going to accept a cheque from the US, best to make THEM get it in Sterling. It is possible. I did this when returning to the UK after a period of time in the US. That way THEY pay the charges and you can deposit it anywhere (though some banks/building societies may make a fuss initially). I presume the issue of slow clearing would still apply though.

The key point is to make certain that any cheque in Sterling from overseas is drawn on a UK bank (see my earlier posting). Clearance will take a matter of days. Otherwise it's a foreign item and must be sent to the drawing bank (in the USA) for payment.

ilovemycats

Nationwide will cash USD cheques, well if you have a healthy bank account they will. They will charge £6.50 and clear them in as little as 4 working days.