kebs 10 Posted January 21, 2012 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! Share this post Link to post Share on other sites
Vinyl Lady Decals 10 Posted January 21, 2012 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. Share this post Link to post Share on other sites
kebs 10 Posted January 21, 2012 Thanks! As I said, no-one has ever paid with a cheque before, or asked me, so I'm a bit lost here.. Share this post Link to post Share on other sites
Little Miss Muffet 20 Posted January 21, 2012 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. Share this post Link to post Share on other sites
TS Ron 10 Posted January 21, 2012 I thought that cheque books were no longer in existence I have not heard of anybody paying by cheque for years! Share this post Link to post Share on other sites
kebs 10 Posted January 21, 2012 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.. Share this post Link to post Share on other sites
mellowred 10 Posted January 22, 2012 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. Share this post Link to post Share on other sites
