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[OP]
Newbie
Mar 1, 2004
34 posts

Money Mart Question

Hi

I have a cheque given to me from a business that has a good chance of bouncing. I'd like to bring this cheque to a money mart and get them to cash it for me. Now if it bounces, will they come after me to give the money back, or will they pursue the business that wrote the cheque?

With my bank, if the cheque bounces, they take the money out of my account and its up to me to get a new cheque.

Thanks
6 replies
Deal Addict
User avatar
May 17, 2007
3639 posts
755 upvotes
Burnaby
Go to the issuing branch to cash the cheque. They will access the account info, verify the funds are there, then cash it for you. Bring 2 pieces of ID, and the $5 or so dollars for the fee. Don't support MoneyMart if you have the option not to.
Deal Addict
Aug 1, 2008
1554 posts
81 upvotes
Ottawa
jacksorbetta wrote: Go to the issuing branch to cash the cheque. They will access the account info, verify the funds are there, then cash it for you. Bring 2 pieces of ID, and the $5 or so dollars for the fee. Don't support MoneyMart if you have the option not to.
You don't need to cash it at the issuing branch but for a small fee they will
certify it for you and the funds will be pulled from the account. You can
then go back to your own bank and deposit the cheque without worry.

If it doesn't certify then bring it to Money Mart and the issuer will be on
the hook if it isn't 'crossed'
Deal Addict
Oct 30, 2008
2120 posts
58 upvotes
Toronto
biffs wrote: Hi

I have a cheque given to me from a business that has a good chance of bouncing. I'd like to bring this cheque to a money mart and get them to cash it for me. Now if it bounces, will they come after me to give the money back, or will they pursue the business that wrote the cheque?

With my bank, if the cheque bounces, they take the money out of my account and its up to me to get a new cheque.

Thanks
Of course they will come after you -- you're the one they gave their money to!
Lior Hershkovitz
Broker at Mortgage Edge, specializes in construction financing and private lending
Construction rates start p+2.5%, 2nd mortgage start 5.99%, private financing start 7% max. 95% LTV
Deal Addict
Aug 1, 2008
1554 posts
81 upvotes
Ottawa
liorsyncro wrote: Of course they will come after you -- you're the one they gave their money to!
Wrong...they will go after the cheque writer and they will win. This is why
they give you the money. They know they have the power of the law behind
them (The Bills of Exchange Act).

There was a big thread about this last year I think...try searching Money Mart
in this sub-forum

EDIT: Here's the thread from last year ... Link

Mid-way down on the first page there are links to newspaper articles describing how MoneyMart has the right to
go after the issuer of the cheque
Deal Addict
User avatar
Apr 30, 2009
2422 posts
791 upvotes
SpillOnAisle9 wrote: You don't need to cash it at the issuing branch but for a small fee they will
certify it for you and the funds will be pulled from the account. You can
then go back to your own bank and deposit the cheque without worry.

If it doesn't certify then bring it to Money Mart and the issuer will be on
the hook if it isn't 'crossed'
Good answer.

What can Moneymart do? Don't they also wait for the check to clear?
Deal Fanatic
Feb 21, 2006
5148 posts
100 upvotes
Interesting set of stories, thanks for the reference.

It sure looks like Money Mart are turning a blind eye to cheque fraud because they can profit from it.

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