Depositing a big cheque (above 50k)

pavane

Hi,

I have a cheque for an amount just under 60,000. I have only deposited ("cashed"/cleared) cheques of smaller amounts before, nothing above 1,000.

Are there special protocols/systems requirements for high value cheques? For example to send payments over 10,000 one generally has to use CHAPS instead of "normal" faster payments. Are there similar issues/limits with cheques or is cashing a 50,000 cheque no different to cashing a 50 cheque?

I imagine there may be additional ID checks, which is OK. I'd like the amount deposited into my account (not withdrawing as cash) and don't need the amount showing up in a hurry. My main concern is to avoid any possible fees.

I would ideally deposit to my Lloyds account, but have a few other options if there are fee savings to be had. The cheque was issued by RBS but I don't think that makes any difference,

grumbler

I think 'cheque clearing system' means that no actual payment is made for each individual cheque.
Banks just calculate the resulting amount they owe each other for all cheques and settle them on a daily basis or less frequently.

A big cheque is likely to trigger AML checks, that is a separate issue.
If it's a personal account, not business, I am pretty sure there are no any fees for depositing cheques regardless of the amount.

PBA

Assuming it's a sterling cheque drawn on RBS in the UK then there won't be any fees. The only difference with a large cheque is that the bank might not let you draw against it until the full clearing cycle is completed. Banks will usually let customers draw against a cheque after 2-3 days but it actually takes 6 days for a cheque to fully clear.

agrinnall

I paid in a £50K cheque a few years ago and it just went through the normal process, no AML checks done (or of they were it didn't hold things up), although it may have helped that the payer's surname and mine were the same as it was from my mum.

Lloyds_Bank

pavane wrote: »

Hi,

I have a cheque for an amount just under 60,000. I have only deposited ("cashed"/cleared) cheques of smaller amounts before, nothing above 1,000.

Are there special protocols/systems requirements for high value cheques? For example to send payments over 10,000 one generally has to use CHAPS instead of "normal" faster payments. Are there similar issues/limits with cheques or is cashing a 50,000 cheque no different to cashing a 50 cheque?

I imagine there may be additional ID checks, which is OK. I'd like the amount deposited into my account (not withdrawing as cash) and don't need the amount showing up in a hurry. My main concern is to avoid any possible fees.

I would ideally deposit to my Lloyds account, but have a few other options if there are fee savings to be had. The cheque was issued by RBS but I don't think that makes any difference,

Hi pavane,

You don't need to follow any special process for paying the cheque in and there aren't any fees (providing it's not a foreign cheque).

Thanks,

Craig

pavane

Thanks for the replies. The cheque is in Pound Sterling. Good to hear there will be no fees. I will pay it into my Lloyds account.

firefox1956

I would either scan or photocopy the cheque & pay it in personally over the counter.
Double checking your paying in slip & receipt.

Grayo

Hi All,


I'm sorry to highjack this thread but I have a similar question but in reverse. If say I had 70K in the bank and I wanted to withdraw say 30K in cash I have been told it will set alarm bells ringing and also the inland revenue would have to be informed ????


Apparently so I have been told that anything under £10,000 is fine but anything over £10,000 and the banks must inform the inland revenue. Apparently it's something to do with money laundering ????


Has anybody any advice on this please.

grumbler

HSBC want to know what I am doing with my money
HSBC only allow over the counter withdrawals of £1000 per day....
HSBC refused to give cash cheque

That said, HSBC is the most paranoid bank around.

Thrugelmir

grumbler wrote: »

That said, HSBC is the most paranoid bank around.

A $1.9 billion fine would make anyone paranoid.

Organisations such as ISIS are well organised and well funded.

grumbler

Yeah - by american politicians that can easily send $12bn in cash to Middle East where it mysteriously vanishes under their watch. Then they recover some money by fining banks and shamelessly try enforcing control over innocent a few K cash transactions all over the world.

And ISIS is just filling the vacuum of power recklessly created by the same americans with help of our politicians. They don't need much money. What for? They need weapons, that they can't buy, but can easily pick up everywhere - the weapons that the same americans keep pumping into the Middle East.