How do I bank a Cheque!?

Question

I am a complete novice when it comes to actually going into a bank as I use internet banking a lot. The company I work for has a cheque for a client that they need to pay and they need me to go the bank with this cheque. My question is really, how do I go about getting a cheque paid into someone this employees account? Is it just a case of handing over the cheque and letting the cashier work their magic or do I need to have some sort of paying out book with me?
Also, the bank we use is Lloyds TSB and the person we are paying has a HSBC account. Can I still get this cheque paid into their bank account at a Lloyds branch or will I have to go to HSBC?
Thanks guys!

Answer 1

You need to go to a branch of THEIR bank, HSBC.



You will need to fill in a 'Paying In Slip' (they'll have some available) on which you need to state:

1. The 'sort code' of THEIR branch of the bank;

2. THEIR bank account number

3. The name of the account you are paying it in to

4. The amount of the cheque

5. Who is paying it in.



At the bank counter, they will take the cheque and paying in slip, check the amount is correct, stamp the counterfoil (tear off strip from the paying in slip) and hand it back to you as proof of pay-in, and then they'll keep the cheque for processing. Later, the bank will process the cheque, put the money in the account you wrote on the paying in slip, and forward the cheque to your firm's bank where they will knock the money off your firm's account. This last stage may well be automated these days.



The account holder MAY have a paying in book for their own account (less common these days), but you won't have one for their account.



Payment on-line is much easier but you did ask about cheques so that's how it's done.

Answer 2

You will need details of the bank account the money's going into, but you just give the cheque to the cashier and they do their thing job done.

Answer 3

Should be okay if its a UK check, but when you deposit a US currency check, it can take four to eight weeks to get your money, depending on which option you take and where the check is drawn. There are four options available: collection, negotiation, returning the check and arranging an international money transfer.