Cheques - which are guaranteed.

genuinegal · 26 October 2007 at 2:48PM

If my CG Card says £100 on it, yet, the cheque i have wrote is for £500 - will it bounce, or because it's cheque guaranteed, it will clear? Ive had a cheque in the past - i've had a cheque for £160 clear ok..?

Thanks..

virgin_moneysaver · 30 October 2007 at 12:22AM

and you shouldn't be writing cqs if the funds arn't already in the account - cqs are only guaranteed up to the amount of the card so if your a/c is flagged by going over your limit then yes it can be returned

Hazzanet · 30 October 2007 at 7:46AM

It's not a guaranteed cheque if the amount is over the guarantee limit on the card. Therefore the bank is entitled, should it wish, to return the entire cheque unpaid.

molerat · 30 October 2007 at 8:59AM

If you have funds in your account or an overdraft to cover the cheque it will clear. If not it may bounce depending on how much it will take you over the limit and how good a risk the bank think you are for the credit. As others have said the cheque is not guaranteed above the card limit, nor are multiple cheques paid to the same person each within the limit but totalling over.