Cashing a Cheque?

[7254278]

Hey guys,
I am fairly unexperienced and many of you will find this question to be dumb but I am clueless. I sold my TV for 600 euros and my friend who bought it is paying me with a cheque. Problem is I dont have a bank account. Will I be able to cash a cheque without a bank account. This is in europe if it matters at all.

 

[Agent Smith]

I'm sure you'd be able to use the cheque to start a bank account. Having an account is vitally important if for nothing else to avoid situations like these. You'll definitely need one if you want a house later on...

 

[7254278]

I'm sure you'd be able to use the cheque to start a bank account. Having an account is vitally important if for nothing else to avoid situations like these. You'll definitely need one if you want a house later on...

So I definitley need one to get these 600 bucks? I was planning on opening an account before september anyway for college. But If I need one to cash this cheque how long till I have access to the 600 bucks ?

 

[adk]

So I definitley need one to get these 600 bucks? I was planning on opening an account before september anyway for college. But If I need one to cash this cheque how long till I have access to the 600 bucks ?

If spanish banking is anything like banking in the US, you would have access to the funds as soon as the check cleared.

 

[7254278]

If spanish banking is anything like banking in the US, you would have access to the funds as soon as the check cleared.

Ah right cuz I had the impression I just went there and they forked out 600 euros on the spot. . . I forgot about the whole clearing thing.

 

[MongoTheGeek]

Ah right cuz I had the impression I just went there and they forked out 600 euros on the spot. . . I forgot about the whole clearing thing.

If you go to the bank that the check was drawn on and he has money in the account then yes they will often just fork over the money. Some banks will also do it for you if they have some way of tracking you down if he doesn't have the money.

 

[Macky-Mac]

you should be able to take it to your friend's bank and have them cash it. They may or may not charge you a fee since you don't have an account at their bank, that depends on local practices, but since it was written on one of their accounts you shouldn't have any trouble cashing it there....at least that's how it work in the USA

alternatively, there are companies that make a business out of cashing checks for people who don't have a bank account, but you can be sure that they'll charge a pretty good sized fee for cashing the check

 

[ChrisWB]

Don't worry, you aren't alone. People come up to me all the time trying to cash cheques drawn off of banks other than the one I work at. They simply don't realize how cheques work.

Bank A has to try to collect the funds specified on the cheque. They do this by sending the cheque to a government clearing house. The clearing house sends the cheque to the bank the cheque was drawn from; Bank B. Bank B then checks to make sure the funds are available and sends them to the clearing house. The clearing house credits Bank A for the amount on the cheque.

You can save the hassle involved with waiting for this to happen by visiting your friend's bank with at least two forms of legal identification - I recommend a passport and national ID.

Opening an account at a bank would be a good idea. Look for a checking account that has no monthly or yearly fees. Make sure you read the material for hidden fees. Be sure to get some sort of overdraft protection.

 

[arkitect]

If you go to the bank that the check was drawn on and he has money in the account then yes they will often just fork over the money. Some banks will also do it for you if they have some way of tracking you down if he doesn't have the money.

Unles the cheque has "Account payable only" (or something like that) printed on it… then it would be strictly into an account.

Do you still have to collect the cheque? Perhaps he could issue you a cash cheque?