3 November 2008

Cheque Cashing in the A.C.T.?

| papadoc
Join the conversation

Hey guys, just a quick question.

A mate of mine got his tax cheque and is in desperate need of some cash.

I was just wondering if there were any cheque cashing places in Canberra?

I remember a place in Braddon doing it ages ago, but I think they got shut down. Any advice?

Join the conversation

All Comments
  • All Comments
  • Website Comments
janeycomelately10:40 am 05 Nov 08

Why don’t you be a mate to your mate and lend him some cash until his cheque clears?

swissbignose9:29 pm 03 Nov 08

johnboy said :

Don’t expect them to give it up until they see so few cheques as to make it worthless.

In which case they’ll charge a special processing fee…

The only reason banks insist on a clearance time in this day and age is to profit from the interest.

Don’t expect them to give it up until they see so few cheques as to make it worthless.

CPS Credit Union absolutely refused to cash my last tax cheque about 3 years ago… needless to say I always use direct credit now.

Bank cheques are different because I believe the issuing bank is giving assurance that funds will be there. ATO tax cheques as same as bank cheques I would think. Any bank/credit union who reckons this cheque would need to be cleared are being very silly.
Happy to be corrected.

You can go into a branch and ask for a special clearance. It will cost between $15 and $20 and will take 1-2 business days depending on the bank and whatnot.

Most banks are only able to cash cheques that are drawn on that bank – the Reserve Bank has no branches, so that makes it a bit difficult…

barking toad4:55 pm 03 Nov 08

Don’t they teach this basic stuff in schools?

barking toad4:54 pm 03 Nov 08

There are these things called banks. They’re on the nose at the moment, rightly or wrongly.

You can open an account at them. The ATO will even direct credit your tax refund to it.

You can even pay a fee to get immediate clearance on a cheque – especially a Govt one.

Much cheaper than the “fee” you pay a cheque cashing rip-off agency.

Anyway, i’m sure there is at least one place that cashes cheques in the city bus interchange. I think I recall seeing one near the Cafe Guru.

My tax return was in my account (via direct debit) within about 4 days of submission back in early July.

A bit of planning pays off.

Hopefully he will think to use the EFT refund option next year, rather than all this faffing around.

It’s his tax cheque. We took it to NAB and they were like “nah, 3 days”…

From memory, I think if you take it to the branch of the bank the cheque is written from, you can have it cashed (used to be the case anyway).

Or, you can go to your bank and pay extra to have a “special clearance” which is an extra-fast clearance.

but if it’s Federal Gov’t, try your own bank, they should cash it, if there’s risk with a Reserve Bank cheque, we are all broke!

Yep – his bank should be able to cash it on the spot.

Mine initially said that it would take 7 days to “clear” – but when I pressed them they agreed that our Gov is probably good for it and providing the cash then and there would be OK….

VYBerlinaV8_the_one_they_all_copy2:48 pm 03 Nov 08

You could always take it somewhere really unusual, like, say, a bank.

I’m sure there was a place in Civic…in one of the Syd/Mel buildings.

Daily Digest

Want the best Canberra news delivered daily? Every day we package the most popular Riotact stories and send them straight to your inbox. Sign-up now for trusted local news that will never be behind a paywall.

By submitting your email address you are agreeing to Region Group's terms and conditions and privacy policy.