Question:
I tried to cancel two cheques from my Nat West current account today only to be told there would be a £10 charge for each cheque cancelled unless there were 'certain circumstances' which the Nat West person would't elaborate on. Can anyone advise how to cancel the cheques without a charge? They were written at the end of October 04 and the large financial institution they were made out to has failed to present them. I would like to invest the money in a high interest account until such a time as they realise and ask me for the cash.
Answers:
If you used a cheque guarantee card you can't cancel them - I think this includes writing your number on the back as well. A cheque is valid for 6 months and I'm not sure whther the recipient could hope you liable for any charges - admin or otherwise if you decide to cancel your cheque before those 6 months are up. Its so annoying to think you could use that money though.
Answers:
You are putting yourself at risk of being sued on the cheques regardless of whether you used your card or not. The recipient is entitled to present them anytime within six months and it is not for the account holder to dictate when that should happen. You could also be open to a fraud charge if they decide that you wrote a cheque you had no intention of honouring. If you have lied to the bank about why you want to stop them, it will only strenthen their case. You could also be accused of obtaining a pecuniary advantage by moving the money to an account where you are earning higher interest.
You should no longer consider this sum of money yours and leave it where it is to honour the payment you have made.
Answers:
YThe recipient is entitled to present them anytime within six months and it is not for the account holder to dictate when that should happen.
I am sure that someone on another bit of the board has said that cheques can now be presented for up to six years! And a bank worker confirmed this. Am about to message my bank to ask them.
Answers:
It's 6 months as a general rule.
I have reported my cheque book stolen and it cancels all the cheques. They can't sue you for that as it is a security issue but you do need to inform who you have paid with a cheque that the cheques will not go through, so you need to sort out some other form of payment.
Answers:
It's 6 months as a general rule.
And that's what my bank have confirmed. Although I think in January they're a bit more lenient.
But back to the topic: there is normally a charge for cancelling cheques. Apart from anything else, it discourages you from messing people around and cancelling cheques for the fun of it!
Answers:
The leaflet 'Fees and Charges' available from all NW branches clearly states 'no charge for lost or stolen cheques'. If anyone refuses to tell you something like that again ask to speak to their Customer Care Team.
Answers:
Hi folks
I work for a bank so know what I'm on here.
I can confirm that a bank will cancel cheques with no charge if a cheque or a chequebook has been lost, or stolen.
You cannot cancel a cheque that has been guaranteed, end of story.
Misleading the bank by saying the cheque was lost or stolen when you just don't want to pay is fraud.
cheques are presentable for 6 months from the date specified on the cheque.
If you called your bank regarding this problem, chances are your call has been recorded and logged, so you'll be found out if you call back with a different story, this is standard banking practise.
The above applies to all banks and is part of the banking code.
Hope that clarifies.
Darren
Answers:
You cannot cancel a cheque that has been guaranteed, end of story.
Sorry Darren but if it's been lost or stolen then they will put a stop on it even if it's guaranteed, or at least NW will :-/
If you called your bank regarding this problem, chances are your call has been recorded and logged, so you'll be found out if you call back with a different story, this is standard banking practise.
It's a gamble really, if the call has been entered on an event log / customer note then they may refer it as a query or concern and listen to the call, but they may just take his word for it and stop it no questions asked
Answers:
Hi
A quick search on Google came up with the following information from the natwest website...
Quote
Cheque Guarantee
l) Provided you follow our cheque guarantee conditions (a copy of the current conditions can be obtained at any of our branches), you may use the card to
guarantee payment of cheques drawn on the account and on any of your other accounts at the same branch, up to the amount of the cheque guarantee limit
shown on it. You must use only one guaranteed cheque for any one transaction.
m) You cannot stop payment of a guaranteed cheque for any reason. We are permitted to debit a guaranteed cheque to the account on which it is drawn even
when there is something wrong with the cheque or your right to use the card is suspended or ended.
End Quote
Note the "for any reason"
However, you've got me thinking now so I'm going to check next time I'm at work
To be honest I've never had to try and stop a guarantted cheque so it's never come up.
Nicelittle can of worms here.
But, regarding event logs, where I work, a lot of the calls are monitored as well as recorded, so the chances of getting caught out could be quite high.
I wouldn't go there personally.
Darren
Answers:
just a thought here.. if you want to put your money into a higher acct.. if you can do this and get it out the same day why dont you keep an eye on your acct by the online facility.. i check my balance each day and if im overdrawn i go and put some money in the same day that way dont occur any charges.. dont know if this works on most online banking