Cheque advice

MAR5DEN_2

Hello all I was wanting to know if someone can help me so I got into a car accident and I got a cheque for the damages I've took it to my local bank just waiting for it to clear I looked on my online bank and I've all ready received it via bank transfer what should I do

eskbanker

MAR5DEN_2 said:

Hello all I was wanting to know if someone can help me so I got into a car accident and I got a cheque for the damages I've took it to my local bank just waiting for it to clear I looked on my online bank and I've all ready received it via bank transfer what should I do

Cheque clearance is nothing like the lengthy process it used to be, so is it possible that what appears to be a transfer is simply the cheque payment, or do you definitely have two separate credits for this amount?  If the latter then you should notify the sender and agree with them how to resolve the matter, treading carefully to avoid being scammed....

TheBanker

Are you saying you've been paid twice, once by cheque and once direct into your account?

When did you pay the cheque in? I'd just wait a couple of days if it was recently, as it might be returned unpaid.

If not, who did the payments come from? If it was an insurance company I'd contact them to ask if you should return one of the payments. If you were paid directly by an individual then I would be more careful in case there's some kind of scam going on.

MAR5DEN_2

So I got paid via bank transfer the money cleared I never noticed as I rarely check my account I received it a few months back I lost the cheque as I've just recently moved I cashed it in to day I was looking back on my account today as I was trying to find a payment from someone and noticed it

Rob5342

You should be checking your account daily at the very minimum, otherwise you won't notice any fraud. With banking apps there is no excuse not to. 

I'd wait and see if it cleared and then contact them in a few months time to see if they want it back. 

TheBanker

MAR5DEN_2 said:

So I got paid via bank transfer the money cleared I never noticed as I rarely check my account I received it a few months back I lost the cheque as I've just recently moved I cashed it in to day I was looking back on my account today as I was trying to find a payment from someone and noticed it

Did you tell them the cheque had been lost? Regardless, chances are it will be returned unpaid and you'll see this on your account tomorrow or Wednesday.

I wouldn't leave it a few months as suggested above. It is a criminal offence to dishonestly retain a wrongful credit. If it hasn't been returned unpaid by this time next week then I would contact the people who issued the cheque, assuming they are a reputable insurance company and not a private individual. 

jameseonline

eskbanker said:

MAR5DEN_2 said:

Hello all I was wanting to know if someone can help me so I got into a car accident and I got a cheque for the damages I've took it to my local bank just waiting for it to clear I looked on my online bank and I've all ready received it via bank transfer what should I do

Cheque clearance is nothing like the lengthy process it used to be, so is it possible that what appears to be a transfer is simply the cheque payment, or do you definitely have two separate credits for this amount?  If the latter then you should notify the sender and agree with them how to resolve the matter, treading carefully to avoid being scammed....

Out of interest how long are cheques supposed to clear these days?

Bridlington1

jameseonline said:

eskbanker said:

MAR5DEN_2 said:

Hello all I was wanting to know if someone can help me so I got into a car accident and I got a cheque for the damages I've took it to my local bank just waiting for it to clear I looked on my online bank and I've all ready received it via bank transfer what should I do

Cheque clearance is nothing like the lengthy process it used to be, so is it possible that what appears to be a transfer is simply the cheque payment, or do you definitely have two separate credits for this amount?  If the latter then you should notify the sender and agree with them how to resolve the matter, treading carefully to avoid being scammed....

Out of interest how long are cheques supposed to clear these days?

Most of the cheques I've received recently have cleared a couple of days after depositing them.

eskbanker

jameseonline said:

eskbanker said:

MAR5DEN_2 said:

Hello all I was wanting to know if someone can help me so I got into a car accident and I got a cheque for the damages I've took it to my local bank just waiting for it to clear I looked on my online bank and I've all ready received it via bank transfer what should I do

Cheque clearance is nothing like the lengthy process it used to be, so is it possible that what appears to be a transfer is simply the cheque payment, or do you definitely have two separate credits for this amount?  If the latter then you should notify the sender and agree with them how to resolve the matter, treading carefully to avoid being scammed....

Out of interest how long are cheques supposed to clear these days?

Next working day:

https://www.wearepay.uk/what-we-do/payment-systems/image-clearing-system/

Rob5342

TheBanker said:

MAR5DEN_2 said:

So I got paid via bank transfer the money cleared I never noticed as I rarely check my account I received it a few months back I lost the cheque as I've just recently moved I cashed it in to day I was looking back on my account today as I was trying to find a payment from someone and noticed it

I wouldn't leave it a few months as suggested above. It is a criminal offence to dishonestly retain a wrongful credit. 

If it was the other way round then the insurance company would almost certainly drag their heels in returning it. 

Section62

Rob5342 said:

TheBanker said:

MAR5DEN_2 said:

So I got paid via bank transfer the money cleared I never noticed as I rarely check my account I received it a few months back I lost the cheque as I've just recently moved I cashed it in to day I was looking back on my account today as I was trying to find a payment from someone and noticed it

I wouldn't leave it a few months as suggested above. It is a criminal offence to dishonestly retain a wrongful credit. 

If it was the other way round then the insurance company would almost certainly drag their heels in returning it. 

If the OP lost the cheque and arranged for an electronic payment to be made to them instead then now presenting the cheque for payment is - as far as the payer is concerned - going to look like attempted fraud.

If the payment is coming from an insurance company then anything looking even remotely like an attempt at fraud would be a very bad idea.

Personally I'd be on the phone to them today to explain the mistake, and saying that if the cheque clears I'd be more than happy to return the payment PDQ.

Eskbanker's point about being scammed is also very important to note.