Cashing a Cheque?

Discussion in 'Community Discussion' started by 7254278, Jun 10, 2007.

  1. 7254278 macrumors 68020

    Joined:
    Apr 11, 2004
    Location:
    NYC
    #1
    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.
     
  2. Agent Smith macrumors 6502

    Agent Smith

    Joined:
    Mar 21, 2004
    Location:
    Toronto, ON
    #2
    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... :)
     
  3. 7254278 thread starter macrumors 68020

    Joined:
    Apr 11, 2004
    Location:
    NYC
    #3
    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 ?
     
  4. adk macrumors 68000

    adk

    Joined:
    Nov 11, 2005
    Location:
    Stuck in the middle with you
    #4
    If spanish banking is anything like banking in the US, you would have access to the funds as soon as the check cleared.
     
  5. 7254278 thread starter macrumors 68020

    Joined:
    Apr 11, 2004
    Location:
    NYC
    #5
    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.
     
  6. MongoTheGeek macrumors 68040

    MongoTheGeek

    Joined:
    Sep 13, 2003
    Location:
    Its not so much where you are as when you are.
    #6
    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.
     
  7. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #7
    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
     
  8. ChrisWB macrumors 6502

    Joined:
    Dec 28, 2004
    Location:
    Chicago
    #8
    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.
     
  9. arkitect macrumors 601

    arkitect

    Joined:
    Sep 5, 2005
    Location:
    Bath, United Kingdom
    #9
    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?
     

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