Why do cheques still take so long to clear?

Discussion in 'Money Management & Banking' started by wylie, 30th Jul, 2021.

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  1. Scott No Mates

    Scott No Mates Well-Known Member

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    The condition which made me laugh was...

    "Am I entitled to a refund on the unused cheques I return to the branch for cheque duty?

    We no longer offer refunds on cheque duty for unused cheques. Cheque duty was removed by the Government on 1 July 2014. At that time the Government advised to seek a refund of cheque duty paid on any unused cheques, people should speak to their bank before 1 July 2014."
     
    Scott No Mates, 30th Jul, 2021
    #21
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  2. wylie

    wylie Moderator Staff Member

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    I’ve done that once before. Thanks for reminding me. I went to our local post office when I got some groceries. I only realized from this forum I could deposit at a post office. I thought that was only for CBA accounts - I’m never too old to learn something.
     
    wylie, 30th Jul, 2021
    #22
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  3. Squeakywheel

    Squeakywheel Well-Known Member

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    used one recently for the first time in years.
    The place I wanted to set an online account up at, needed an account number. The only way to get an account number was to fill on their form and post it off with a cheque.
     
    Squeakywheel, 1st Aug, 2021
    #23
  4. Never giveup

    Never giveup Well-Known Member

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    My question is around the withdrawal from bank

    Can I just turn up to bank and ask for 100K withdraw from my account or do I need to give them notice of book them?
     
    Never giveup, 23rd Dec, 2021
    #24
  5. wylie

    wylie Moderator Staff Member

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    We've needed a large amount in cash on a few occasions and have had to book it in advance.
     
    wylie, 23rd Dec, 2021
    #25
  6. Never giveup

    Never giveup Well-Known Member

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    :(

    It is a last minute thing but it is not large for bank sake only 160. So I called anz and asked them yo send an email to the closest couple of branches if I can collect 80 from each side or if it didnt work then will accept 80....
     
    Never giveup, 23rd Dec, 2021
    #26
  7. wylie

    wylie Moderator Staff Member

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    That is a large transaction in cash for one bank branch without notice.

    They need a few days to have it delivered from memory. I guess you could drive around town to various branches but they won’t likely allow you to deplete their holdings too much.
     
    wylie, 23rd Dec, 2021
    #27
  8. skater

    skater Well-Known Member

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    Banks only hold enough cash for their known immediate needs. If you want a very large amount of cash, you have to give them notice. There's no issue with getting the cash, but like @wylie said, they won't allow you to deplete their holdings which would affect other customers.
     
    skater, 24th Dec, 2021
    #28
  9. Simon Hampel

    Simon Hampel Founder Staff Member

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    How would one facilitate a $100K (or more!) transfer between banks if no cheques and internet banking transaction limits are less than this?

    Bank cheques still require you to physically visit - what electronic solutions are there that don't cost $$$ ??
     
    Simon Hampel, 24th Dec, 2021
    #29
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  10. qak

    qak Well-Known Member

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    I bank with Macquarie, they have a form for transfers and from memory there's no charge if >$20K (it's also not instant, but overnight. Instant will cost you $30.) Also CBA I think you can change tfr limit in app, not sure what the cap on that is. Otherwise you will need to go to a branch and they do it for you (also usually a fee).

    I wonder how ANZ went with the 'no cheque' at all policy - they wont even issue a bank cheque o_O.
     
    qak, 24th Dec, 2021
    #30
  11. SatayKing

    SatayKing Well-Known Member

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    When it's been necessary, I've simply telephoned Macquarie and arranged a temporary increase >$100k. Zero cost to effect transfers.
     
    SatayKing, 24th Dec, 2021
    #31
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  12. Never giveup

    Never giveup Well-Known Member

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    Update:-Visited ANZ early in the morning and explained the situation, they are open till 2pm today and can create cash order for X amount but given the early close it can be challenging but they can try...I asked further questions and they explained some " Domestic Transfer Service" with $28 fees and money will be available within 48 hours (no confirmation but it does gets paid sometimes in few hours) so I took a chance and went with this $28 fees option and received the money in nominated account within 30 minutes.
     
    Never giveup, 24th Dec, 2021
    #32
  13. wylie

    wylie Moderator Staff Member

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    So they transferred the money? You didn't withdraw it in cash?
     
    wylie, 24th Dec, 2021
    #33
  14. Never giveup

    Never giveup Well-Known Member

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    Yes, I paid $28 so didn't collect cash
     
    Never giveup, 24th Dec, 2021
    #34
  15. wylie

    wylie Moderator Staff Member

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    Why didn't you just increase your limit so you could transfer yourself, without going to a branch?

    Sorry, I might be just a bit confused. When we needed to pay a builder some big progress payments over several months, we made a call to the bank and increased our daily limit to $200k and it stayed that level until I changed it back to $10k.

    Why would the bank charge you $28 to move your own money around. Confused... :confused:
     
    wylie, 24th Dec, 2021
    #35
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  16. Never giveup

    Never giveup Well-Known Member

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    Anz has maxumum 25K pd
     
    Never giveup, 24th Dec, 2021
    #36
  17. Trainee

    Trainee Well-Known Member

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    Did you call them?
     
    Trainee, 24th Dec, 2021
    #37
  18. skater

    skater Well-Known Member

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    I have a limit of $100k for electronic transactions with one of my banks. Prior to this, I'd do multiple smaller amounts until I'd paid the required amount.
     
    skater, 24th Dec, 2021
    #38
  19. wylie

    wylie Moderator Staff Member

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    Westpac has $10k (unless you call and ask them to increase it). ;)
     
    wylie, 24th Dec, 2021
    #39
  20. Never giveup

    Never giveup Well-Known Member

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    Cba and wbc has this option not anz and not sure abt nab
     
    Never giveup, 24th Dec, 2021
    #40
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