I need to cancel two NAB bank cheques which I had prepared for a transaction that has sadly fallen through.
I paid $12 x 2 for these bank cheques.
I was told that to cancel each cheque, there is a fee of $25.
$50 just to cancel a couple of cheques seem really excessive to me.
Does anyone have any experience or knowledge as to how to get around or minimize this fee? I'd be very grateful.
To get Bank cheques you require cleared funds (ie: the bank takes the money straight away). So not using them means you don't have access to that $$ Also, bank cheques are non-negotiable (ie: can only be deposited into the account of the payee).
OP - I don't think there is a way around it, pay the fee or lose the $$. With bank cheques, usually best not to draw them until you actually want to use them on the day as it reduces the time where things can go wrong.
Also, bank cheques are non-negotiable (ie: can only be deposited into the account of the payee).
Ah, that makes sense now. Forgot about the non-negotiable aspect of the cheque!
$50 just to cancel a couple of cheques seem really excessive to me.
not if you are banking with the big 4 …
Have you got the cheques in your possession
If you do it's only $20.00
Repurchase fee - per cheque $20
How much are the cheques for?
If they are for small amounts, deposit them through the atm, and play dumb. or use the quick deposit box.
The worst they'll do is give you a call and say you can't do it.
Is it possible to make an arrangement with your intended payee, explain to them the situation, give them those cheques as intended, and they 'refund' your the money, and say … perhaps $10 for their trouble?
Of course, that's depends on who your intended payee is, how much money we are talking about, also there's always a chance they would just take your the cheques and run.
Just don't use them?
If they've taken money out of your account to fund the cheques you've written, then I guess just cash them in.. into another bank account in your name?
To cancel a cheque would usually mean they will dishonor the cheque, and that's why it's a bit more expensive (administration costs)
I don't think you can really "refund" the cheques