crap, i need to withdraw money. can i write a cheque to myself?

[simms]

I forgot to transfer money over from my savings to chequing with PC and it's past the 12am deadline for next-day transfers.

I need to pull cash tomorrow (say $100). Can I write a cheque from myself, to myself (for $100), deposit it today and withdraw it immediately ($100 is within my maximum amount before it gets held), and transfer the money over on the next day? Would the cheque bounce, considering it needs a few days to process?

[jacksorbetta]

UMM....... I wouldn't suggest you try that. It's considered kiting, and the bank seriously frowns on it, not to mention it's actually illegal to deposit a cheque from a particular account into the account it's drawn on. I've seen accounts at work get closed for doing it. Why not just make an atm withdrawal from Savings? Surely, you have access to it?

In the meantime, can you just buy/pay for a service with a credit card? You might want to also consider apping for O/D.

[Octavius]

UMM....... I wouldn't suggest you try that. It's considered kiting, and the bank seriously frowns on it, not to mention it's actually illegal to deposit a cheque from a particular account into the account it's drawn on. I've seen accounts at work get closed for doing it. Why not just make an atm withdrawal from Savings? Surely, you have access to it?

In the meantime, can you just buy/pay for a service with a credit card? You might want to also consider apping for O/D.

Can't withdraw directly from savings accounts at PCF.

If you have two bank accounts then go ahead and kite your cheque. I do it all the time. Haven't got caught yet and everything has been going fine.

[Thalo]

HAHA! PCF actually has a cut-off for "next day transfers"? Haven't they ever heard of real-time transfers? Guess you get what you pay for.

[simms]

Wait a second - how is this for an alternative. I deposit a cheque written from my LOC to PC. I withdraw money from my PC account and pay off my LOC. Surely the lag between cashing the check and wiring the LOC money over should be similar. And, would this still be considered kiting since I am using my LOC?

[movieman]

HAHA! PCF actually has a cut-off for "next day transfers"? Haven't they ever heard of real-time transfers? Guess you get what you pay for.

Transfers from chequing to savings are instant, transfers the other way have to be 'next day'.

And midnight is obviously a cut-off for 'next day transfers', since after midnight you're _in_ the 'next day' :).

[Blunt]

Transfers from chequing to savings are instant, transfers the other way have to be 'next day'.

And midnight is obviously a cut-off for 'next day transfers', since after midnight you're _in_ the 'next day' :).

Actually, it's not next day. ie. if you transfer at 11:58pm, you won't get the transfer at 12:01am.

It's a 24 hour transfer. So, a 11:58pm will be transfered 11:58pm the next day.

[ricoboxing]

just call PCF cust. service and ask them to transfer it immediately. i had to do that once, and they did it for me.

[Thalo]

Wait a second - how is this for an alternative. I deposit a cheque written from my LOC to PC. I withdraw money from my PC account and pay off my LOC. Surely the lag between cashing the check and wiring the LOC money over should be similar. And, would this still be considered kiting since I am using my LOC?

Technically, most lines of credit you can "pay" simply by withdrawing/transferring money from them and use that to pay the minimum payment. Provided you're not maxed out.

[nuberific]

Actually, it's not next day. ie. if you transfer at 11:58pm, you won't get the transfer at 12:01am.

It's a 24 hour transfer. So, a 11:58pm will be transfered 11:58pm the next day.

That's not true. I make transfers at all times of the day and they always show up for me the next day usually around 8am-10am.

[Jucius Maximus]

Wait a second - how is this for an alternative. I deposit a cheque written from my LOC to PC. I withdraw money from my PC account and pay off my LOC. Surely the lag between cashing the check and wiring the LOC money over should be similar. And, would this still be considered kiting since I am using my LOC?

Yeah it would work. I had to do it once where I deposited a cheque from my PC account into the ATM for another bank, and then withdrew from that ATM. By the time the cheque was processed, the money in my chequing account was ready and waiting.

[tmms]

Actually, it's not next day. ie. if you transfer at 11:58pm, you won't get the transfer at 12:01am.

It's a 24 hour transfer. So, a 11:58pm will be transfered 11:58pm the next day.



Not true.

The money is at the destination account usually between 8-9 am,
sometimes, however, as late as about 10 am.

BTW: the internal transfers work at weekends, as well.

.

[simms]

just call PCF cust. service and ask them to transfer it immediately. i had to do that once, and they did it for me.

This worked just fine. Thank you!