Posting a large cheque

tony.j

Hi, having sold our house and it being a while before buying the next one, I want to ensure a high rate of interest on our temporary riches rather than letting it lose interest languishing in our current account.

So we are applying for a well-known savings account, and have the option to pay a cheque into the account as part of the application.

Question is, if I post a cheque with the application for a large five figure sum, how safe is this? (The application also contains proof of address - a bill and a bank statement). The cheque is payable to me and double-crossed A/C PAYEE, but naturally I'm paranoid about my hard-earned cash escaping in any way.

I was planning on sending this recorded delivery.

I'm not used to handling large amounts of money and don't know what is safe and what is not.

Advice gratefully received.

Tony

someone

I thought you were talking about them novelty size cheques!

As far as I know it's safe but why not set it up with a £1 first before moving all that money. If something happens and you need the money & the account has not fully be set up you could have a problem

dunstonh

I deal with 6 digit sums all the time via the post. Only ever had one go missing and it turned up a week later. Although we had stopped it by then.

I wouldnt worry about it.

Ian_W

I wouldn't post it in the next day or three - see POST OFFICE INDUSTRIAL ACTION update from Royal Mail website.

oldfella

I wouldnt - open the account first, pay a small amount to make sure it works, in the meantime pay the cheque into your bank and then transfer it via BACS or CHAPS

johnmoney05

oldfella wrote: »

I wouldnt - open the account first, pay a small amount to make sure it works, in the meantime pay the cheque into your bank and then transfer it via BACS or CHAPS

I TOTALLY agree with oldfella.

I posted two cheques to SainsburysBank on 16 July (1st class envelope, in the morning). I called them on 24 July, their reply was "they will not hold responsible for cheques posting to them and not receiving at all, and suggesting that I contact RoyalMail". Then of course we had lots of debating. I lodged a complaint at the end. Then my cheques appeared on account on 25 July.

So, yes, pay the cheque into your branch, then use BACS to the saving account is the safe way.

Sorry, after reading again your post. I think if the cheque is issued from your current account, it should be ok. Make sure your full name write clearly on the cheque. Although it might take longer, it is the faster way I think. Don't worry, nobody can take the money except you.

tony.j

Interesting advice. I was planning on sending it recorded delivery so there could be no quibbling over the postal system side. The cheque is indeed issued from my current account.

Many thanks for the replies.

Speculator

I agree with oldfella. Open the account with £1.00, then once the account is open, transfer another £1.00 via bacs/chaps to make sure it works. Finally, transfer the rest via bacs/chaps.

In the meantime, make sure your money is earning a reasonable amount of interest by transferring it to a high interest internet account linked to your current account.

johnmoney05

johnmoney05 wrote: »

I TOTALLY agree with oldfella.

I posted two cheques to SainsburysBank on 16 July (1st class envelope, in the morning). I called them on 24 July, their reply was "they will not hold responsible for cheques posting to them and not receiving at all, and suggesting that I contact RoyalMail". Then of course we had lots of debating. I lodged a complaint at the end. Then my cheques appeared on account on 25 July.

Forget to mention, ater one day of my call, they called me back and offered me that they would back date one week of interest for my cheques. Well, hardly anything...I would guess less than £1. (my cheques total amount was £1700 only)

JDinho

Considerably off topic but my first reaction was...

"One of those massive cheques they handover on Comic Relief and Children In Need... yes they are an awkward size!"

Sorry

tony.j

JDinho wrote: »

"One of those massive cheques they handover on Comic Relief and Children In Need... yes they are an awkward size!"

I imagine they're hard to fit into the postbox, if nothing else!