How you can cash a cheque
- Take the cheque to your bank and request that it deposits the money in your account.
- Deposit the cheque at the bank’s ATM, if it is closed.
- Wait for one to three days for the cheque to clear or request a special clearance.
While cheques aren’t as commonplace as they were, they are still a financial staple for many businesses and individuals. Although we don’t have instant cheque clearing services in New Zealand, you can take them to your bank to cash.
Related: If you don’t wait for a cheque to clear – you could consider comparing your short-term loan options
If you or your business has a cheque that needs clearing, make sure you take it to your bank in plenty of time to avoid cash flow issues as there is usually at least a three-day waiting period. The waiting period exists because a cheque essentially acts as written instructions between two financial institutions, and the waiting period gives both institutions time to make sure the payment correct.
Banks dishonour cheques for a few reasons, eg there are insufficient funds in the payer’s account, or there is an issue with how the cheque is made out.
Make sure you contact your bank to see if it will cash a cheque before you accept payment this way.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.