Bank of Ireland Cheques

Information about cheques

To help you with your day-to-day banking we’ve put together this information pack on Cheques.


  • Finance Dictionary

    Uncleared Cheque

    A cheque that has been lodged to an account, but for which money has not yet been collected from the account of the person who wrote the cheque. Key tip: You won’t be sure the cheque has cleared (i.e. the money is really yours) until five working days after you have paid it into your account if the cheque is from a bank in the Republic of Ireland and four weeks for all other cheques.

    Cheque Clearing System

    The cheque clearing cycle is the process we use to establish whether a payment made by cheque can be honoured by the bank it was drawn from. It normally takes 5 working days, which are Monday to Friday (except bank holidays) if the cheque is from a bank in the Republic of Ireland and four weeks for all other cheques.

    Bounced Cheque

    A bank or building society must pay out on (honour) any cheque you write out, provided there is enough money in your account or the cheque is within the limits of an agreed overdraft.

    A cheque which is not paid out is commonly known as a bounced cheque or a returned unpaid. This happens because there is not enough money in the account to cover the cheque or alternatively, it may be due to:

    • Cancellation of the cheque by the drawer (the person who wrote the cheque)
    • a technical reason (unsigned, wrong date, amount, etc)
    • the cheque is out of date (usually six months after the date on the cheque)
    • fraud (maybe it is a stolen cheque). Be careful about accepting a cheque from someone you don’t know or trust for an expensive item, like a car. If a cheque is issued fraudulently or is found to be stolen, the money can be taken back even after it has passed through the clearing system

  • Advantages and Disadvantages of cheques

     

    Advantages

     

    Disadvantages

    Lodge up to 15 cheques at a Lodgement ATM – avoid queueing for counter service and receive a snapshot of your cheque on your LATM receiptUnless you have access to credit information, it can be several days before you are alerted to a fraudulent cheque
    If you have made a mistake, you may stop a cheque. Stops may be accepted on a cheque up to (4pm) on the day after it has been paid on the account, providing the cheque has not already been cashed.This also applies to someone paying you: who can stop cheques and deny you payment
    You can post-date a cheque to effectively schedule when the payment happensPost-dated cheques will be rejected if presented before the date
    Sometimes they can be a convenient alternative to cash, especially for large paymentsReceiving payment by cheque can affect cash flow if you are relying on a payment to cover expenses
    You need to keep careful track of all cheques you have written as they can be presented up to six months after you paid them over – this can lead to unpredictable timing, as they can easily hit your account at a time that does not suit you.
    Cheques incur a Government fee and bank charges which makes them the most expensive payment method.


  • Ways to lodge your cheque

    Using an ATM outside branch hours

    • Many branches have an external lodgement ATM, which you can use 24/7 to lodge a cheque. Click here to find your most convenient ELATM branch location.

    During opening hours in branch

    • If you’d prefer to call in, you can also make a lodgement using the ATM inside whichever branch is handiest for you.

    If you have recently received an Irish Water refund cheque you can pop your cheque in an envelope and address it to FREEPOST, PO Box 12917, Dublin 18. No stamp needed. Please remember to write your account number and sort code on the back of your cheque.

    Whichever way you choose to lodge your cheque, remember to write your sort code and account number on the back. If you lodge it through an ATM, you’ll need to bring your debit card. Allow up to 5 working days for payment to land in your account.


  • Ways to make payments (other than cheques)

    Personal Banking

    Business Banking


    Pay an annual subscription fee

    Pay crèche
    fees

    Pay a friend for concert tickets

    Pay a
    supplier

    Make an International Payment

    Accept Monthly Payments
    Don’tWrite a cheque
    €1.30
    Write a cheque
    €1.30
    Write a cheque
    €1.30
    Write a cheque
    €1.30
    Write a cheque
    €1.30
    Lodgement of a cheque
    €1.20
    DoPay bill online
    10c
    Pay online transfer or set up Direct Debit
    10c
    Use Pay to Mobile
    10c
    Pay using online transfer
    10c
    Pay using online transfer
    10c
    Customer pays by Direct Debit
    10c
    Saving€1.20€1.20€1.20€1.20€1.20€1.10


  • Cheque Clearing Cycle Timeframes