Bank Charges - Bounced chq fees
Dec 23rd 2004, 9:11 am
#1
Guest
Posts: n/a
Bank Charges - Bounced chq fees
Just seen a report on TV that I thought might be worth passing on.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
Dec 23rd 2004, 9:41 am
#2
BE Enthusiast
Joined: Jan 2004
Location: Melbourne
Posts: 400
Re: Bank Charges - Bounced chq fees
Originally Posted by ABCDiamond
Just seen a report on TV that I thought might be worth passing on.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
Dec 23rd 2004, 12:19 pm
#3
MODERATOR
Joined: Nov 2002
Location: Redneck Wonderland
Posts: 9,932
Re: Bank Charges - Bounced chq fees
Originally Posted by ABCDiamond
Just seen a report on TV that I thought might be worth passing on.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
If someone gives you a cheque to pay for something, and they don't have the funds to allow it to clear, YOUR BANK will charge YOU. (and their bank will charge them), but YOU as the innocent party will have to pay a hefty fee.
The most expensive bank, according to the report is the NAB at $50, others are at around $40.
I would never accept a cheque here in payment for anything. Maybe that's one more reason why not many people have cheque accounts.
It's Cash or EFTPOS.
You can of course claim the charge as a tax loss as bank charges on business accounts are tax deductable ,so my accountant tells me
.As a trade contractor I have to vet potential customers as payment in the industry is usually by cheque. The one time I got caught the builder offered to cover any charges I incurred as it was his accounts dept. cock up, lucky for him there was none
.
Dec 23rd 2004, 9:05 pm
#4
Joined: Aug 2003
Posts: 11,149
Re: Bank Charges - Bounced chq fees
The ABA is looking into this as the fee is way out of proportion to the cost to the bank.
Anyway cheques, cannot remember the last time I used one.
Anyway cheques, cannot remember the last time I used one.
Dec 24th 2004, 12:20 am
#5
Guest
Posts: n/a
Re: Bank Charges - Bounced chq fees
Originally Posted by cresta57
I saw the same report and it seemed to be a bit misleading. Before I opened an account for the business I used my normal bank account, a pay cheque from a builder bounced. I wasn't charged as it was a personal account. Business accounts are the ones that charge you for someone else to bounce a cheque to you.
Westpac state NO fee for 3rd Party bounced cheques on personal accounts
ANZ Personal Banking Account Fees and Charges quote
Re-presentation and Collection of Dishonoured Cheques $30
A cheque which has previously been deposited into your account and
dishonoured due to lack of funds can be presented again, on a collection
basis. (ANZ forwards the cheque for payment to be made by the drawer’s
bank when sufficient funds are available).
A cheque which has previously been deposited into your account and
dishonoured due to lack of funds can be presented again, on a collection
basis. (ANZ forwards the cheque for payment to be made by the drawer’s
bank when sufficient funds are available).
