Cashing a cheque at the bank?

[Oni-kun]

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?

[Shaner]

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?

[Oni-kun]

Sorry I forgot to mention that I wanted to avoid the holding period and get cash immediately.

[Lyrrad0]

Depends on the relationship you have with your bank. They can hold it if they want.

[MrDisco]

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.

[jchanq]

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.

[Oni-kun]

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.

[kcin]

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 Either way the funds are withdrawn from the cheque writers account immediately.

[tkyoshi]

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 Either way the funds are withdrawn from the cheque writers account immediately.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.

[kcin]

Good additions tykoshi.

[UrbanPoet]

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.

[dealtacular]

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.


tkyoshi has explained it very well - most banks will not let you cash the cheque at any branch, it must be the home branch of the cheque writer. It is most likely best for you to avoid the hassle and just deposit it in your own account.

[HammerRFDer]

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?