Receiving cheque deposits?

[kebs 15]

A buyer recently paid for an item - my account shows a cheque deposit.. So 2 questions for anyone who has answers, as I've never received a cheque deposit before.. Firstly, how long does it take to clear? & secondly, does the bank charge the same as they do for cash deposits? I'm with Std bank.. Thanks in advance!

[Vinyl Lady Decals 11]

Hi kebs

 

As far as I am aware cheque deposits take 10 working days to clear, which is why I don't accept them.

I'm not sure regarding the deposit fees.

[kebs 15]

Thanks! As I said, no-one has ever paid with a cheque before, or asked me, so I'm a bit lost here..

[Little Miss Muffet 83]

I dont accept cheques because they take 10 days to clear.

Regarding charges. With Absa if a cheque is made out in your name there is no fee but if it is a cash cheque the charge is the same as a cash deposit.

[TS Ron 10]

I thought that cheque books were no longer in existence I have not heard of anybody paying by cheque for years!

[kebs 15]

I thought that cheque books were no longer in existence I have not heard of anybody paying by cheque for years!

Tell me about it! I have a cheque account, but have never had a cheque book! Most places don't accept them anymore anyway.. Think it's time to update my payment options to specify no cheques..

[mellowred 10]

We don't accept cheques at all for business transactions. There is so much fraud about that the banks no longer put immediate clearance on any cheques - unless you have a long standing account and are willing to pay a fee.

 

People do still want to pay by cheque, but with internet banking available, there is no need for them any-more.

 

Thanks for the tip about depositing cash cheques GeeWhizz. I would assume that the waiting period still applies though as the cheque still has to go via the system and clear through the payee's account.