Personal Finance

Cashing a cheque at the bank?

  • Last Updated:
  • Sep 1st, 2008 11:43 am
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Deal Addict
Mar 17, 2004
4321 posts
63 upvotes

Cashing a cheque at the bank?

If somebody writes me a personal cheque and its RBC, can I take it to my local RBC and cash it right away if I have ID?
12 replies
Moderator
User avatar
Jul 5, 2004
21335 posts
1573 upvotes
Yes, you can.

It doesn't matter who the other person banks with, all that matters if you take it to your bank.

Is there some reason you think that you can't?
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[OP]
Deal Addict
Mar 17, 2004
4321 posts
63 upvotes
Sorry I forgot to mention that I wanted to avoid the holding period and get cash immediately.
Sr. Member
Jul 15, 2003
515 posts
22 upvotes
Toronto
Depends on the relationship you have with your bank. They can hold it if they want.
Moderator
User avatar
Sep 30, 2001
25600 posts
4754 upvotes
Oni-kun wrote:
Aug 31st, 2008 12:39 pm
Sorry I forgot to mention that I wanted to avoid the holding period and get cash immediately.
that depends on the type of account you have and your status with the bank. a hold of 5 business days is pretty normal.
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Member
Jul 21, 2006
361 posts
3 upvotes
I think the OP means he doesn't have account with RBC, but he wants to take a RBC personal check into RBC branch to get cash.
[OP]
Deal Addict
Mar 17, 2004
4321 posts
63 upvotes
jchanq wrote:
Aug 31st, 2008 1:29 pm
I think the OP means he doesn't have account with RBC, but he wants to take a RBC personal check into RBC branch to get cash.
yeah thats what I was asking thanks. Like say person 1 write me a cheque and they use RBC. I want to know if i can take it to RBC with my ID and get cash.
Member
Oct 12, 2006
333 posts
12 upvotes
Should be able to then. What the teller at RBC will do is check that persons account balance to see if it is greater than the amount of the cheque. If it is, they will normally "post" it which basically means cashing it immediately. This way the cheque doesn't have to go through the clearing process which takes a few business days.

They may also want you to certify the cheque which will cost you a nominal fee but will effectively do the same thing as posting. Either way the funds are withdrawn from the cheque writers account immediately.
Deal Addict
Mar 6, 2005
4760 posts
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kcin wrote:
Aug 31st, 2008 2:42 pm
Should be able to then. What the teller at RBC will do is check that persons account balance to see if it is greater than the amount of the cheque. If it is, they will normally "post" it which basically means cashing it immediately. This way the cheque doesn't have to go through the clearing process which takes a few business days.

They may also want you to certify the cheque which will cost you a nominal fee but will effectively do the same thing as posting. Either way the funds are withdrawn from the cheque writers account immediately.
Just wanted to add it's not uncommon for you to have to go to the HOME branch of the person writing the cheque. This is so they can check the signature on file. Of course if it's like a $20 cheque they might not be as strict but for say $1000 they might not want to cash it at another branch. Especially if it's busy cause what it involves then is them having to call the other branch and see if they can search for the card and fax it over. It's not because they don't want to help you but just due to the sheer amount of fraud these days it's good to be careful. You never know if someone picked up your cheque book and started writing cheques to himself draining the account. Altered cheques are also not uncommon these days as well.

Secondly, generally banks may charge you a $5 fee for cashing a cheque for a non-customer.
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User avatar
Jan 27, 2004
34257 posts
1458 upvotes
Toronto
You can cash the check @ the home branch of whoever wrote you that check.
You can do this without an account up to a maximum of $3000.
a $5 check cashing fee applies.

If the home branch of the check writer is too far it might be a better idea to take it to the bank you use and try to negotiate the hold.
If they wont budge @ all on the holding period (which is usually 5 days), try to position it this way...

A check takes only 1 day (maximum 2-3 days during peak seasons) to clear the system. So in less than 2 days everyone will know whether the check will bounce or not. Maybe you can use this fact to negotiate a shorter holding period.
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Member
Jul 13, 2007
334 posts
Toronto
Is the concern that they might not have enough funds in their account, you don't have any bank account, or you just want the funds immediately?
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