Bank cheques, transferable?

[Desmo]

Hey guys, I have a commonwealth bank cheque here, and it says....

Pay James pizzey or bearer, but it also as not negotiable on it.
Am I able to give this cheque to someone else and have them cash it?

[Jonchilds]

The 'or bearer' bit says you can.

If it's crossed 'not negotiable', you can't.

[Desmo]

Mr A spoke to the bank, and he can't.

[Jonchilds]

Haha, useless lot of shit the 'or bearer' is then...

[Taz]

most if not all financial institutions wont accept third party cheques anymore as a form of security as the cheque could be stolen.

[Stoneville]

You used to be able to write on the back and say please pay blah blah and sign it and they could deposit it into their account

[Juffy]

You used to be able to write on the back and say please pay blah blah and sign it and they could deposit it into their account

Emphasis on 'used to' - now they won't let you put a cheque made out to two people in one person's account, even if you BOTH front up to the counter. It's completely retarded.

[FJ Steve]

Emphasis on 'used to' - now they won't let you put a cheque made out to two people in one person's account, even if you BOTH front up to the counter. It's completely retarded.

Or...
(get this)...can't deposit a cheque made out to S. Leonard in to an account S & C Leonard....

Because C. Leonard is not there standing next to me at the time of I try to deposit the cheque. Australia Post sux when it comes to being an agency for a bank.

[shmoo]

Here is a tip guys that I have found to work EVERY time i've tried it.

If you get a cheque that you think they might not let you deposit, go to one of those "deposit ATM" machines and deposit it there.

I regularly do this with some dividend cheques that come to me but are made out to me and my brother. Over the counter they wont let me deposit but I just stick it in the ATM and the next day its in my account.

So to summarise....banks = teh ghey




Oh and get this. A couple of weeks ago the WankBest branch wouldnt let me deposit a cheque that was made out to "Mr A Shmuck" because my account is in the name of "Mr Average Shmuck" so because the other bank had used an initial instead of full first name, my bank said no.

[Jonchilds]

My account got severely overdrawn by about $15k when another financial institution double charged my account through a direct debit. I happened to have no cash on me at that particular time. I rang them up and asked they cancel the second direct debit, and they said they couldn't - I would have to wait 3 days (with no cash) for it to be reviewed by one of their transactions officers (forget the proper name - whoever declines overdrawn transactions).

Ended up being resolved a few days later, but imagine having a $15k overdrawn account and no cash hanging over your head.

Procedures suck - but that's what we get from people trying to rip off banks constantly.

[HughDMan]

there is a cheque act google it
the or bearer means exactly that the bearer of the cheque. Shmoo has the right idea, you can also try the express deposit boxes at the bank. The people in the banks are taught different things, when i was there if it was under $300 and the person had a legitimate reason for having the cheque then we'd cashed it. In Kalgoorlie the aboriginals get the cheques cashed at the pubs/hotels and they have no problems banking them.