finance cheques....

[brockee]

hey guys missus has just sold her cluby, he has got finance through ge money and she is expecting an express? cheque in the mail tomorrow or friday, just wanting to know if anyone out there know's if there's a way we can have access to the funds the same day?
cheers

[Reaper]

I wouldn't hand the car over till the money is in my account as cleared funds. (Nomatter what is written on the cheque or who it is from)

Reaper

[HamaTime™]

Ditto mate. Hang on to the car until the money is cleared in your account. If you don't your asking for big trouble!

[brockee]

yea of course mate !!! we have the car still but we wanna knw if a cheque from ge can be cashd the same day when it arrives cheers?????also not to sure if its a cash cheque !!!

[ClairBear]

You can pay a fee to have a cheque cleared the same day, and before you ask how much that fee is, it is dependent on the bank as they all have their own charges.

[roon_VR]

I've always thought a cheque takes 3 working days to clear before you can access the money?

[Not_An_Abba_Fan]

You can pay a fee to have a cheque cleared the same day, and before you ask how much that fee is, it is dependent on the bank as they all have their own charges.

Some banks don't offer that. I know ANZ don't as we bank with them at work and have tried that.

[brockee]

cheers guy good help there!!!!

[ClairBear]

Some banks don't offer that. I know ANZ don't as we bank with them at work and have tried that.

It has been years since I did that, but who gets cheques these days lol!!

I would imagine it is related to who is drawing the cheque, for instance if the OP is getting a cheque from GE Finance the bank would consider in favour of clearing the cheque immediately as the cheque is not likely to bounce, but if the drawer of the cheque is just Joe Average or a small business then the bank may decide not to pay up on the day.

Maybe in your instance the ANZ have been left holding the bag too many times over the years and decided not to release funds before they hit the bank.

roon-VR: It can take longer than days sometimes to clear a cheque believe it or not in this day and age.

[Calaber]

It has been years since I did that, but who gets cheques these days lol!!

I would imagine it is related to who is drawing the cheque, for instance if the OP is getting a cheque from GE Finance the bank would consider in favour of clearing the cheque immediately as the cheque is not likely to bounce, but if the drawer of the cheque is just Joe Average or a small business then the bank may decide not to pay up on the day.

Maybe in your instance the ANZ have been left holding the bag too many times over the years and decided not to release funds before they hit the bank.

roon-VR: It can take longer than days sometimes to clear a cheque believe it or not in this day and age.

The reason cheques take so long to "clear"is that the banks use your money for intestment on the short-term money market. Say you write a cheque and give it to someone. They deposit it, and you will find the funds are immediately removed from your account, yet they are not credited to the other person's account for a couple of days or so.

So, where's the money? Invested by the bank in the short-term money market, where it makes interest to bolster the bank's profit.

In the old days before computers, the banks could get away with this sort of theft. These days, it should be legislated against and immediate funds transfer be available without any additional fees.

Bloody banks - the greedy bastards just can't make enough profit, can they?

[Reaper]

The reason cheques take so long to "clear"is that the banks use your money for intestment on the short-term money market. Say you write a cheque and give it to someone. They deposit it, and you will find the funds are immediately removed from your account, yet they are not credited to the other person's account for a couple of days or so.

The funds are immediately credited to the recipients account however they may not be able to draw on them for up to a week (5 business days - longer if an os bank is involved). The recipient will start earning interest (if any are applicable to that account) on the funds immediately.

Reaper

[Calaber]

The funds are immediately credited to the recipients account however they may not be able to draw on them for up to a week (5 business days - longer if an os bank is involved). The recipient will start earning interest (if any are applicable to that account) on the funds immediately.

Reaper

Thanks for the correction Reaper. My advice isn't recent by any means, but if it was credited to your account, why would computerised account records not show it for some days? It has to be accounted for somewhere.

[ClairBear]

Thanks for the correction Reaper. My advice isn't recent by any means, but if it was credited to your account, why would computerised account records not show it for some days? It has to be accounted for somewhere.

Exactly. I still wonder why in this day and age why it still takes days for things like a cheque or even electronic transfers to take days. One of my boys is with Commonwealth Bank the other with CPS Credit Union. CPS often deposit funds between our accounts within 24 hours, the Bank can take up to 5 days.

[Reaper]

Thanks for the correction Reaper. My advice isn't recent by any means, but if it was credited to your account, why would computerised account records not show it for some days? It has to be accounted for somewhere.

The banks version is that the cheque is physically sent to the issuing branch for signature verification. I doubt it though and suspect the cheque is scanned and archived and signatures are only checked when there is a dispute etc.

Reaper

[Joe Peeps]

you can request special clearance with the anz for $15 usually clears next day for $70 p/hr messenger can collect cheque too but this will depend on branch. ive seen floats cleared prematurely for bank cheques if the branch manager has a good r/ship with the customer.

cheques still take time because they must physically be transported and checked for clearance at processing centres - 3 days is how long it should take these days, but no way do they go to the issuing branch for sig verification!... cant comment if float funds are invested these days as i dont know.

dont quote me on anything because im not 100%sure

[Calaber]

you can request special clearance with the anz for $15 usually clears next day for $70 p/hr messenger can collect cheque too but this will depend on branch. ive seen floats cleared prematurely for bank cheques if the branch manager has a good r/ship with the customer.

cheques still take time because they must physically be transported and checked for clearance at processing centres - 3 days is how long it should take these days, but no way do they go to the issuing branch for sig verification!... cant comment if float funds are invested these days as i dont know.

dont quote me on anything because im not 100%sure

And I believe that $15 fee is to cover lost interest gained on the short term market. I'm still certain that the funds are used by banks during the few days "lull" between lodgement and accreditation. Banks aren't the institutions they once were - they are driven by profit in the same way as any other business. Their problem is, they don't know when to stop.

Reaper's point is a good one but I still believe that the funds are used by the banks during that period. It may be "credited" to you, but you can't see it and you can't use it. So where is it?

[mynameisearl]

i went throught this not long ago, you can pay the $15 for express clearence and technically it should clear that day if you get in early enough. I put mine in as soon as the bank opened and it cleared at
4.55pm that day. But it will depend on the bank the cheque is through, because all an express clearence is is your bank sends a fax to the other bank asking them to confirm the funds are there, so the quicker they fax back the confirmation the quicker they'll clear the funds

[Reaper]

And I believe that $15 fee is to cover lost interest gained on the short term market. I'm still certain that the funds are used by banks during the few days "lull" between lodgement and accreditation. Banks aren't the institutions they once were - they are driven by profit in the same way as any other business. Their problem is, they don't know when to stop.

Reaper's point is a good one but I still believe that the funds are used by the banks during that period. It may be "credited" to you, but you can't see it and you can't use it. So where is it?

The banks most definately use the money in all sorts of ways. It really depends on where they need the cash at the time. If retail deposits are down they might use it there, or if there is heaps of cash about they might move it to a long (or short) term money market or even into their lending centres.

Just think of it as a garanteed 3 - 5 day loan (depending on your bank). The thing is it becomes permanent because as fast as 1 cheque clears another is banked thus overall there is always a big pile of money sloshing around the system.

Reaper

[STEALTHY™]

Thanks for the correction Reaper. My advice isn't recent by any means, but if it was credited to your account, why would computerised account records not show it for some days? It has to be accounted for somewhere.

My bank (credit union) has 2 balances, current balance, and available balance. I assume current balance is if i have had a cheque deposited. Although that hasn't been very often for me to remember what its for.

[minux]

Hmm, ive never had to wait for any cheque to clear unless it was a personal cheque. Bank cheques clear the second I put them in, this includes tax cheques

[Reaper]

Hmm, ive never had to wait for any cheque to clear unless it was a personal cheque. Bank cheques clear the second I put them in, this includes tax cheques

Bank cheques are treated differently. If it's from any of the larger recognised Australian banks they will normally clear within 24 hours. Depending on your relationship with your bank you can sometimes get personal cheques cleared straight away too. My business can draw on cheques straight away but that is after a long history of demonstrated good money management with them. I personally get so few cheques that it's not worth worrying about.

Reaper

[coolngroovy]

Some banks/financial institutions can do a direct deposit into your account. No need for cheques.
If it's not too late, ask the buyer to make the cheque out to cash. Take the cheque to the branch it was issued from & should be able to cash it straight away, even if you dont have an account with them.
Otherwise, 5 working days for a bank to clear the funds.
As mentioned previously, you can pay for a fast clearance. The last time i did this, it cost me $75.

[Not_An_Abba_Fan]

My tax cheque still takes 3 days to clear....

There is something called telecheque, which is basically the same as the old credit card system. You ring and get verification on the spot that there are funds to cover the cheque before you accept it, then they give you an authorization number. Big W used to do that, not sure if they still do.

[Calaber]

My bank (credit union) has 2 balances, current balance, and available balance. I assume current balance is if i have had a cheque deposited. Although that hasn't been very often for me to remember what its for.

Yeah, I have the same facility. The point is, the money isn't in the original account, and you can't get it for a few days, so where is it? There is a distinct difference between being told it's been credited to you and being actually able to access it. And that
difference lasts for days. The money isn't sitting idle in a deposit box somewhere - it's working, but not for you.

That is my point.

[ScoHar]

I knew a chick at a bank (got on very well ;-) ) and she used to clear cheques for me instantly while I waited, no transferring to other banks to check for signatures, straight cleared and ready to withdraw from account, she said she can do it for anyone but usually there's a $25 fee, and thats ANZ. And being a finance cheque from a large finance company (GE) I don't think you'll have any problem getting it the same day if a small fee is paid.