Did you Know?
- If you write a cheque you have no control over when it is debited to your bank account. For instance, cheques written by you which are subsequently lodged for payment to an account in the same bank, do not go through the inter-bank clearing process and, as a result, your account may be debited on the same day it is lodged. Alternatively, the payee may not lodge the cheque immediately, so there may be some delay before the cheque is applied to your account.
- Cheques can be subject to a high level of fraud and you should therefore take great care when writing them
- To guard against fraud, blank cheques should never be pre-signed
- If a cheque or a cheque book is mislaid or stolen it should be ‘stopped’ immediately – contact your bank directly to arrange this
- Cheques can bounce, i.e. be returned unpaid for many reasons. Particular care should be taken when accepting cheques, for instance if using cheques for high-value transactions
- Every cheque you write will cost you 50 cent in government stamp duty
- Cheques can go out of date. It is the practice of banks in the Republic of Ireland to decline cheques which are presented for payment six months (or later) than the date of the cheque
- Cheques must be brought or sent to your bank for lodgement to your account and will then be subject to clearing timeframes. Please click here for information on the clearing cycle.
- Cheques are unsuitable for making or receiving international payments. There is no agreed cross-border clearing cycle for cheques, therefore there is uncertainty around when your funds will be available to you
For further information on cheques please click on the menu to the left.
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Copyright IPSO ©