Do you accept a bank cheque?

[EDManual]

i just acted for myself in a property settlement, the lawyer for the other party gave me a hefty cheque, I guess its real? and there was a lady there who took it off me, she said she was from the "commonwealth bank"... Later as the day and evening went on, my online bank balances were not changing. Was that really a commbank worker that would take the cheque to the bank? Was that a real cheque? I hope so!!, as I gave the title and the keys to the other partys lawyer!!
I should have got a reciept or something or asked for ID!! Much later in the night the money appeared, phew!

[.:4:.]

I had to get a bank cheque to pay the same bank a deposit for a home loan. It all went through fine but it was stupid none the less.

[Express]

When I was fresh out of school my first job was in a bank and Bank Cheque fraud was common enough then that we were schooled on it.

That was a long time ago and I have no idea what happens today but with modern tech I could easily believe replicating Bank Cheques would be a breeze.

It's cash for me.

[AAXR8]

I had the same thing occur to me! So what I said I will take it as long as you meet me in Bank Business hours and get the cheque certified and Cashed in to my account then the keys are yours! But then he kept saying he could only Meet me on the Weekend!
So Banks are Not open where I live So I had to Turn it down because he would not meet me on a Monday or any day when the Banks were open!
Just what I did was say No! But I don't see why he can't get the Bank to Transfer the Money in to your account instead of a cheque!
I wouldn't do it Mate!
Or ring your Insurance company to see if that passes for Cover but you would still have to pay the first $500!!
No way!

[EB#]

For sellers that feel the need to wait for a bank cheque to clear, you may as well accept a personal cheque (archaic as they are) and wait on that one. It would save the buyer $10 and the hassle of making a trip to the bank.

However, as a buyer would you be OK in handing over a substantial cheque (of any kind) and then waiting a few days for the seller to give you the keys? I wouldn't.

Keys, rego papers and receipt straight away with photo ID and cash, bank cheque or a speedy EFT is fine by me. Buying or selling.

[Itsme]

Originally Posted by Sabantien

I wouldn't be accepting a cheque.

I worked at a government run museum and we didn't accept cheques from the public to avoid fraud, and I also remember back in the '90s my brother didn't accept them at his radiator business either.

I can't think of a good reason why someone would need to pay by cheque. If it's a large sum of money you can organise a day or two before with your bank and collect the cash. But honestly, if someone is that paranoid about using internet banking, I probably would put them in the too hard basket anyhow.

There is a difference between normal cheque and a bank cheque, granted I can understand reluctance accepting a normal cheque as it could bounce but it would be rarity for a bank cheque to bounce.

I have never encountered issues issuing or receiving bank cheques, with new internet banking I think it will be matter of time when bank cheques will cease giving way to internet transfers.

[Mercury Bullet]

Every new car I have bought I have paid for with a bank cheque and never had a problem. Dealers always require a certified bank cheque in my experience.

Ever gone to a bank and asked for $70,000 in cash? They laugh at you.

I discovered a problem with my last car purchase. If you have your money locked into a term deposit you now must give the bank one months notice. I waited until my term was up went in and told them I wanted $60,000. They said sorry you can't have your money.

I nearly exploded, it's my effing money give it to me, NOW!

Nope, government changed the regulations. I had to wait a month.

[Express]

I rang one of my Banker friends and she said Bank Cheque fraud definitely does exist.

Her advice was as soon as the purchaser receives the cheque from the bank have them phone you immediately while the branch is still open and give you all the cheque details.

You can then ring the issuing bank yourself and have them confirm the details to verify the cheque is authentic.

When they present it to you at the point of sale check that the details are as per what you confirmed with the bank.

If there is a discrepancy don’t accept it.

If they can’t phone you with the details during banking hours don’t accept it.

She did add you would be unlucky to get caught out but it is possible and it isn’t hard to check the details for peace of mind.


.

[FoxtrotGolfXray 5.0]

Although i know the transaction is done, I thought I'd add this for anyone else in a similar situation in the future:

Seemed to be a lot of opinions on this thread: good, bad and indifferent.

So, I did a quick google search and found the following:

NAB:

The term 'bank cheque' describes a cheque that is issued by a bank. Bank cheques are generally treated by the law in the same manner as ordinary cheques. Although some people regard bank cheques as equivalent to cash, there are certain circumstances where a bank cheque may not be paid.

To clarify the position, NAB, as a member of the Australian Bankers' Association, adopts the following policy in relation to NAB bank cheques.

Forged or unauthorised
If the signature of an officer of NAB is forged or placed on a bank cheque without NAB's authority, NAB is not legally liable for the cheque concerned.

Materially altered
NAB will dishonour a bank cheque that has been fraudulently and materially altered. NAB will co-operate with any holder of a cheque, or person who is about to receive it, who may want to verify that the cheque is a valid cheque.

Reported stolen or lost
If NAB is told that a bank cheque is stolen or lost and is satisfied that this is the case, NAB will not pay the cheque if it is presented for payment by a person who has no right to it. NAB may provide a replacement cheque for a fee.

Court order restraining payment
NAB must observe an order of a court restraining NAB from paying a bank cheque which is presented for payment while the order is in force.

Failure of consideration for the issue of a bank cheque
Where NAB has not received payment for issuing a bank cheque to a customer (e.g. your cheque to NAB in payment for the bank cheque is dishonoured), NAB may refuse to pay the bank cheque only if the person presenting the bank cheque for payment: has not given value for it (e.g. the bank cheque is stolen); or has given value for it but at the time of doing so he or she knew NAB had not been paid for the cheque (e.g. that the cheque in favour of NAB had been dishonoured).

The fees involved with the issue and replacement of a bank cheque are outlined in NAB's Guide to fees and charges.

Legal Services Commission of South Australia:

Bank cheques
A 'bank cheque' is a cheque which is drawn by a bank on itself. They are traditionally used as a safe and secure form of payment, since it is highly unusual for a bank to dishonour its own cheque. There are several reasons why a bank might dishonour its own cheque including:
it has been reported lost or stolen
the cheque is a forgery or counterfeit
a court has ordered it not be paid [Lyritzis v WBC (1994) ATPR 41-360]
The only practical protection when offered a bank cheque is to ring the bank which appears to have issued the cheque and seek verification that the cheque has in fact been issued by the bank. This may be done by telephone, but notes of the time and other details of the conversation should be made. It is also important to get the name of the bank employee spoken to. This simple precaution should prevent any loss from a bad cheque. The person handing over the cheque should not object since it is in the interests of all parties that confidence be maintained. Indeed, if the person handing over the cheque protests about the procedure, it is even more important that it be carried through.

Bendigo Bank:

Cheque fraud
Not many people use cheques these days, but cheque fraud is still prevalent.

Consider the following tips to help reduce cheque fraud:

Keep your chequebook in a safe and secure place
Never pre-sign cheques
When mailing cheques, cross the cheque 'Not Negotiable' and send it in a plain envelope without a window
Use a pen or felt tip pen to write on your cheques, never pencil
Bank Cheques should not be considered as good as cash
Don't accept cheques in excess of the agreed price where you are asked to transfer/deposit the balance to a specific account

Queensland Law Handbook Online:

Will the bank always pay a bank cheque?
Banks will not always pay on a bank cheque. Payment will not be made if the cheque has been:

lost
stolen
forged
materially altered (e.g. alterations to the name of the payee and the amount of the cheque)
subject to a court order prohibiting the bank from paying out on the bank cheque.
What this means is that a bank cheque is not the same as cash. A bank cheque is marked ‘Not Negotiable’, which means that, unlike cash, if a person steals the cheque and gives it to someone else in exchange for something of value, the person who receives the cheque is not entitled to keep the proceeds of the cheque even when they are unaware that the cheque was stolen.

So, my take on bank cheques: I would not be trusting of a bank cheque alone.

[Grom13]

Originally Posted by Sabantien

I wouldn't be accepting a cheque.

I worked at a government run museum and we didn't accept cheques from the public to avoid fraud, and I also remember back in the '90s my brother didn't accept them at his radiator business either.

I can't think of a good reason why someone would need to pay by cheque. If it's a large sum of money you can organise a day or two before with your bank and collect the cash. But honestly, if someone is that paranoid about using internet banking, I probably would put them in the too hard basket anyhow.

Talking about Bank cheque not personal cheque .

[Mercury Bullet]

Originally Posted by psychobimbo

Although i know the transaction is done, I thought I'd add this for anyone else in a similar situation in the future:

Seemed to be a lot of opinions on this thread: good, bad and indifferent.

So, I did a quick google search and found the following:

NAB:


Legal Services Commission of South Australia:


Bendigo Bank:


Queensland Law Handbook Online:


So, my take on bank cheques: I would not be trusting of a bank cheque alone.

Good info that has taught me a few things.

Thanks.

[FG50T]

Bank cheques are fine.

[DBourne]

+1 to bank cheques being fine.

I called the bank the cheque was coming from and asked for their security features, saw them all on the presented cheque, so all fine.

[Itsme]

Originally Posted by psychobimbo

Although i know the transaction is done, I thought I'd add this for anyone else in a similar situation in the future:

Seemed to be a lot of opinions on this thread: good, bad and indifferent.

So, I did a quick google search and found the following:

NAB:


Legal Services Commission of South Australia:


Bendigo Bank:


Queensland Law Handbook Online:


So, my take on bank cheques: I would not be trusting of a bank cheque alone.

Big difference between a bank cheque & normal cheque is a bank cheque is issued by bank teller who knows you have sufficient funds in your account to cover the cheque otherwise bank won't give you one, any person can write a normal chegue whether they have money or not in account.

[FoxtrotGolfXray 5.0]

Originally Posted by trublu

Big difference between a bank cheque & normal cheque is a bank cheque is issued by bank teller who knows you have sufficient funds in your account to cover the cheque otherwise bank won't give you one, any person can write a normal chegue whether they have money or not in account.

My post was only about bank cheques, not personal cheques. Personal cheques may have been mentioned in my post, but that was only left there for context purposes.

[Express]

Originally Posted by trublu

Big difference between a bank cheque & normal cheque is a bank cheque is issued by bank teller who knows you have sufficient funds in your account to cover the cheque otherwise bank won't give you one, any person can write a normal chegue whether they have money or not in account.

The risk even though small still exists as a Bank Cheque can have the amount doctored, be stolen or be a complete fake.

As with any high dollar purchase, always take the time to do the appropriate checks.



.

[Sabantien]

I get the difference between personal and bank cheques, but given the same person who would think about writing a dodgy cheque would also be the same person who'd hand over the bank cheque and call up to cancel it as soon as they drive away in your car, yeah nah.

Sure, they may have the funds, doesn't mean they intend to give those funds to you.

I think most people are honest enough, but there's enough who aren't.

[boss351290]

Best way is to open a bank account with the same bank as the buyer. Go to the bank and get the teller to transfer from there account into yours. Foolproof. No waiting for other banks. It's instant straight out of his into yours. Bang done.

[Grom13]

Originally Posted by Sabantien

I get the difference between personal and bank cheques, but given the same person who would think about writing a dodgy cheque would also be the same person who'd hand over the bank cheque and call up to cancel it as soon as they drive away in your car, yeah nah.

Sure, they may have the funds, doesn't mean they intend to give those funds to you.

I think most people are honest enough, but there's enough who aren't.

You can't ring up and cancel a bank cheque, must be handed back to Bank.

[Itsme]

Originally Posted by Sabantien

I get the difference between personal and bank cheques, but given the same person who would think about writing a dodgy cheque would also be the same person who'd hand over the bank cheque and call up to cancel it as soon as they drive away in your car, yeah nah.

Sure, they may have the funds, doesn't mean they intend to give those funds to you.

I think most people are honest enough, but there's enough who aren't.

Well that is up to you to see appropriate ID & gut feeling to judge the person/s you are dealing with which always can be gamble.
I had a friend bashed once doing a cash deal with sale of car parts, hey **** happens!

Where do you draw the line?

[Bluepower]

Cleared funds are cleared funds. Anything else is just idle chit chat. There is no walking out of Coles with $400 worth of groceries with them accepting anything other than cleared or in the case of credit card, secured funds.

[mike_nofx]

Originally Posted by Bluepower

Cleared funds are cleared funds. Anything else is just idle chit chat. There is no walking out of Coles with $400 worth of groceries with them accepting anything other than cleared or in the case of credit card, secured funds.

But Coles take personal cheques.

I've seen old folks write them out at the register.

[GREGL]

Back in the day a bank cheque was as good as cash. Ever tried fitting $18000 in your wallet ? Anyone get paranoid holding that much in the time between withdrawing and handover ? Teller gives you cash over counter, do you double check it then and there in front of everyone. What if the seller isn't great at counting.
As a seller I would hate to have that much cash handed to me. The chances of a stolen BANK cheque are a lot lower than any other form of fraud.
I suppose it depends on what someone considers a large amount of money. 20 grand is pocket money to some nowadays .

[Ben73]

Originally Posted by .:4:.

I had to get a bank cheque to pay the same bank a deposit for a home loan. It all went through fine but it was stupid none the less.

So they can get an extra fee out of you. Last time a had a bank cheque the fee was like $15 or something.

[Tassie f100]

Originally Posted by Ben73

So they can get an extra fee out of you. Last time a had a bank cheque the fee was like $15 or something.

And the $15 fee is at the banks discretion.They don't have to charge anything if the teller chooses not to.Last couple of bank cheques I have bought,1 free 1 $5.Bendigo Bank much fairer than the big crooks

[Full_Monty]

I bought my GT with a bank cheque, the seller drove me in the car to his bank, and deposited the cheque - I paid an expediting fee (cant recall the cost) and it was cleared within an hour.

[deesun]

Doesn't it still take a couple of days to transfer from one brand of bank to a different brand? It used to.

[ratter]

Yes it does

[fordomatic]

Originally Posted by nstg8a

Cash or nothing for me


Sent from my iPhone using Tapatalk

I used to be the same until i got paid $32,000 in cash for a car i sold. The bank then put an investigation against me and the buyer also got investigated. Can't be bothered going through that again, never had issues with bank cheques.

[xxx000]

Lots of blank bank cheques have been stolen. lost etc, banks used to place ads in papers listing serial numbers of cheques that they'd lost

Bank cheques can be cancelled for various reasons and have even been cancelled by banks after being wrongly issued

They can also be altered

There's no way they are as good as cash and should only be accepted once they've cleared