When you deposit a cheque in your Geelong Bank account it will usually take 3 working days to clear, but may take longer in some cases. Please note that you will not be able to withdraw any of the proceeds of a cheque until it is cleared.
If you cross a cheque, it is a direction to us to pay the cheque into an account at a bank or other financial institution. A crossing does not actually prevent the cheque being negotiated or transferred to a third party before presentation to a bank or financial institution for payment. Your pre-printed cheque forms have the words ‘not negotiable’ embedded in them.
When you add the words account payee only between these lines you are saying that only the named person can collect the proceeds of the cheque. These words may give you better protection against theft or fraud. It would be prudent for the collecting financial institution to make inquiries of the customer paying the cheque in, if the customer is not the payee of the cheque.
Your pre-printed cheque forms have the words 'or bearer' after the space where you write the name of the person to whom you are paying the cheque. The cheque is a 'bearer' cheque. If you cross out the words 'or bearer' and do not add the words 'or order', the cheque is still a bearer cheque. You can give yourself more protection against theft or fraud by crossing out the words 'or bearer' and adding the words 'or order'.
You must, of course, do this before we have paid the cheque. A dishonour fee will be charged should the cheque subsequently be presented.
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