Cheque Clearing

DannyR2811

Hi,

I'm a student, and I've just got my bursary cheque, which is all good and I'm going to put it in tomorrow, but I really need some of the money to get to work over the weekend, I would of used my wages, but I won't get paid till the Tuesday they have told me, is there anyway I can get my hands on the money quicker, my overdraft is pretty much maxxed out, and I have no other way of getting money, I'm with HSBC if that helps?

Cheers

UsetheFORCE

Not really! lol

You could go to a cheque cashing service on the high street BUT it will cost you 5%+ of the cheque.

You could see if your bank can have a special presentation of the cheque which will cost you £20+, however there is no guarantee it will be any quicker than the current cheque clearance cycle, you might still have to wait until Tuesday.

henm2

The only time you would use the special presentation service is if you had doubt about whether a cheque was going to be paid. With this service you are usually able to get an answer quicker about the fate of a cheque whether paid or bounced. If the bank the cheque is drawn on gives the answer as paid it can not go back on that.
This service does not clear the funds quicker, it only gives the fate quicker. So there is no point using it to try and clear the funds quicker.
Using the normal clearing service and assuming you paid in the cheque at the bank tomorrow and allowing for the Easter bank holidays it would be next Wednesday before your bank would allow you to draw funds against it.
So as others have said if you are in a hurry use the non bank cheque cashing services.

agrinnall

Depending on the value of the bursary cheque it may be cheaper to get a small payday loan to tide you over until it has cleared (or your wages are in, which will probably be sooner) - just make sure you repay it on time to avoid racking up more interest than you have to.

pmduk

And if you do go the payday loan route, for heaven's sake don't be tempted to extend it!

Wywth

DannyR2811 wrote: »

Hi,

I'm a student, and I've just got my bursary cheque, which is all good and I'm going to put it in tomorrow, but I really need some of the money to get to work over the weekend, I would of used my wages, but I won't get paid till the Tuesday they have told me, is there anyway I can get my hands on the money quicker, my overdraft is pretty much maxxed out, and I have no other way of getting money, I'm with HSBC if that helps?

Cheers

Ask your employer for an advance against your wages. Hopefully they can pay your bus fare out of their petty cash.

Or ask the bank if they will extend your OD facility, perhaps on a temporary basis if necessary.

Or walk to work, or see if you can cadge a lift off a fellow employee.

All much cheaper than Wonga or wherever