How do you exchange a dollar cheque to pounds

KJSB
KJSB Posts: 2 Newbie
Hello this is KJSB & worked for The Ford Motor Company until I retired two years ago.
Around 1980 the company promoted a scheme to purchases Ford Motor Company shares and I thought this would be something I would like to do as it would give me spending money when I retired. As I mentioned I am now retired and I have cashed in my shires, here lies the problem as the Ford Motor Company is an American Company the shares were cashed in as American Dollars & the company who handles purchase & sale of shares (Computershare) sent me a check for the value of the shares in Dollars.
Initially I didn’t think this would be too much of a problem made an appointment with my bank (Lloyds Bank) they told me they had two accounts that the Dollar Cheque could be deposited in. The first they offered had a fee of £80 and they would exchange the Dollars into Pounds for me, I didn’t like the sound of that, firstly because I had to stump up £80 and the rate of exchange would not necessarily be favourable to me. The second had a £10 a monthly charge and for some reason the money would have to remain in the account for twelve months before I could do anything with it! Can you help is there somewhere I can deposit the Dollar Cheque for a reasonable fee and then use a company such as torfx.com to exchange the Dollars into Pounds for me?
Yours appreciably
KJSB

Comments

  • Ben8282
    Ben8282 Posts: 4,821
    Combo Breaker First Post Newshound!
    Forumite
    edited 10 February 2017 at 10:39AM
    This has nothing whatsoever to do with stoozing.
    Lloyds do NOT offer ANY account with a £80 account opening fee nor do they have any account with a £10 monthly fee nor do they have any account with a 12 month notice period to withdraw funds (unless you are referring to one year savings bonds which would not seem to apply here.)
    You imply you already have an account with Lloyds as you refer to them as 'my bank'. What is wrong with the account you already have? Why did they say that you must open a new one? They should be able to process the cheque into any current account that you already hold. There will be a charge and there will be a delay, possibly of a few weeks, in receiving the cleared funds.
    Alternatively next time use a better stockbroker who can arrange electronic payment of the funds to you.
  • I beg to differ the two account I mentioned were offered to me by a Lloyds rep' in my Banks Branch office. The problem I have is I have a check of X amount & it needs to be in an bank account before I can change it into Pounds Sterling
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