Moving funds between institutions, issued a cheque; am I liable for it?

[ClubMan]

I was perfectly clear with the cashier in that I was transferring to another institution.

It's not and you weren't.
The account wasn't even open/active yet!

I was issued a piece of paper that pTSB said, "keep that safe cause lose it and you're screwed".

What else could they do other than issue you with a cheque/draft if you insisted on payment there and then?

I would have thought modern financial institution would have these bases covered and it should be an easy process.

What's difficult about you keeping the cheque safe and then lodging the cheque when your PTSB account is active?
As I said you seem to be getting unnecessarily worked up about something hypothetical/theoretical and letting off steam about what you see as EBS staff incompetence.

If you really think that you have a legitimate gripe then make a formal complaint to the EBS and then take it to the FSPO but you'll almost certainly be wasting your own and their time.

 

[Brendan Burgess]

I would have thought modern financial institution would have these bases covered and it should be an easy process.

They do. It's called "electronic funds transfer"

 

[ClubMan]

They do. It's called "electronic funds transfer"

Yeah - but the stupid banks won't let you do an EFT to an account that will only be opened in the future.
Bloody incompetent nimrods...

 

[BrokeBroker]

So......... I was correct?

This is a "cheque", not a bank draft, and if I lose it the money is gone?

It's not and you weren't.
The account wasn't even open/active yet!

What else could they do other than issue you with a cheque/draft if you insisted on payment there and then?

I didn't insist, I mentioned.

As a financial advisor, they should have known better.

What's difficult about you keeping the cheque safe and then lodging the cheque when your PTSB account is active?
As I said you seem to be getting unnecessarily worked up about something hypothetical/theoretical and letting off steam about what you see as EBS staff incompetence.

It's a liability.

A liability I shouldn't have.

If you really think that you have a legitimate gripe then make a formal complaint to the EBS and then take it to the FSPO but you'll almost certainly be wasting your own and their time.

I have no doubt they'd try and side step and dodge any responsibility.

I EMPHASIZED the concern with losing it etc and they "yes'd" me, then printed it anyway.

........

But re this thread, no one seems to have adequate insight into it being a "security cheque" and what that means or what safety measures are in fact associated with it.

 

[BrokeBroker]

They do. It's called "electronic funds transfer"

They never mentioned anything of this to me, despite my voicing my concerns.

I get the tone here, "you're responsible for your own matters, not them".

But this was an oversight on all concerned.

And the bottom line is, this is not a bank draft but a cheque that can be lost, not reissued and money gone (as we still don't have absolute definition on that).

 

[ClubMan]

So......... I was correct?

This is a "cheque", not a bank draft, and if I lose it the money is gone?

Again - did you actually read my first reply?

But re this thread, no one seems to have adequate insight into it being a "security cheque" and what that means or what safety measures are in fact associated with it.

And my subsequent reply where I linked to useful info?

But you probably just want to keep moaning about the EBS nimrods and blame them for something that hasn't even happened.

 

[PaddyBloggit]

"you're responsible for your own matters, not them".

A little bit of ownership of the situation on your behalf wouldn't go amiss.

 

[BrokeBroker]

Again - did you actually read my first reply?

Yes, I read it.

It refers to the protocol for a bank-draft, not a security cheque - as no one (via your useful-info-link, seems to know what they are in Ireland).

And my subsequent reply where I linked to useful info?

I read the link.

It's basically thread about not knowing what security cheques are and how we don't have them in Ireland but they do in the US, as best I could see.

I appreciate responses but the reality is there's no real clarity on the situation here.

This is a "security cheque", not a "bank draft".

But you probably just want to keep moaning about the EBS nimrods and blame them for something that hasn't even happened.

.........



Yeah I'm more concerned with that than my life savings.

 

[ClubMan]

I get the tone here, "you're responsible for your own matters, not them".

It doesn't take a financial expert to know that carrying your life savings around in paper form involves a certain amount of risk that could easily be avoided (e.g. by actually opening the PTSB account first and only then tranferring the money via EFT).

But now that you have it in paper form all you need to do is to keep it safe and secure until you lodge it.
But you seem to want to make a mountain out of a molehill and blame others for something that, ultimately, was your own decision.

And the bottom line is, this is not a bank draft but a cheque that can be lost, not reissued and money gone (as we still don't have absolute definition on that).

Why do you keep repeating stuff that is simply not true and which has been addressed and clarified earlier?

 

[huskerdu]

The ESB issued you a security cheque and told you that only you can cash it . The PTSB told you that of you lose it you are screwed , but they didn’t issue it so how do you know they are correct . The only way for you to be sure is to ask the EBS. You have accused a staff member of the EBS of incompetence, based on what someone in the PSTB said , who may have assumed that you have a bank draft . This is upsetting you a lot, the only way to resolve it is to ask the EBS

 

[BrokeBroker]

A little bit of ownership of the situation on your behalf wouldn't go amiss.

As I mentioned, I've never been through this process before.

There was no effort made in the financial institution issuing the "cheque" made, to clarify to me the importance of keeping it safe, despite my clearly emphasizing, "if I lose this, is the money gone? Security of this process is paramount to me."

Then I get to pTSB and they're like, exactly that.

They just nodded like nodding-dogs.

 

[ClubMan]

Yes, I read it.

It refers to the protocol for a bank-draft, not a security cheque

No it doesn't so you didn't read it properly.

If you lose a cheque then you can contact the payer and ask them to stop it. If it's crossed "a/c payee" only then it should only be possible to lodge it to an account in your own name. If it's a "security cheque" then there may be additional safeguards against misappropriation of the funds - although I'm not really sure what's necessary over and above a regular cheque crossed appropriately. I don't really understand your issue but you seem to be getting worked up about nothing or something theoretical/hypothetical.

This is a "security cheque", not a "bank draft".

And I never said that the paper instrument that you have in your possession is a bank draft!

 

[ClubMan]

There was no effort made in the financial institution issuing the "cheque" made, to clarify to me the importance of keeping it safe

You really need to be explicitly told to keep a paper payment instrument such as a cheque safe/secure?
Wow!

Then I get to pTSB and they're like, exactly that.

They just nodded like nodding-dogs.

So now PTSB are also incompetent?
Why on earth are you dealing with such institutions if they are all so bad?
You should put your life savings into gold bars and hide it at home.

 

[BrokeBroker]

You really need to be explicitly told to keep a paper payment instrument such as a cheque safe/secure?
Wow!

It's my life savings.

"Secure" to me means not leaving my apartment until Monday until it's ready to be deposited.

As in, worst possible case scenario, someone burgles my place and pinches it, is the money gone?

This is all self explanatory.

If I can get a second opinion, confirmation on your initial clarification/contention:

If you lose a cheque then you can contact the payer and ask them to stop it. If it's crossed "a/c payee" only then it should only be possible to lodge it to an account in your own name. If it's a "security cheque" then there may be additional safeguards against misappropriation of the funds - although I'm not really sure what's necessary over and above a regular cheque crossed appropriately. I don't really understand your issue but you seem to be getting worked up about nothing or something theoretical/hypothetical.

Then that would in fact put my mind to rest significantly.

Can anyone second this quotation?

And the world will not turn upside down if this little piece of paper goes MIA?

 

[Brendan Burgess]

You are at virtually zero risk here.

The cheque/draft is made out to John BrokeBroker I assume and not made out to "cash".

For you to lose money
1) Someone will have to burgle your home
2) They will have to find the cheque
3) You will have to not realise that you have lost it
4) They will have to open a bank account early on Monday in the name of John Broke Broker
5) The bank accepting the lodgement will have to accept it without being suspicious
6) He will have to withdraw the funds immediately in cash
7) The banks will all have to deny liability
8) The FSPO will have to dismiss your complaint.

So rest assured you will not lose your life savings.

Brendan

 

[BrokeBroker]

The ESB issued you a security cheque and told you that only you can cash it . The PTSB told you that of you lose it you are screwed , but they didn’t issue it so how do you know they are correct . The only way for you to be sure is to ask the EBS. You have accused a staff member of the EBS of incompetence, based on what someone in the PSTB said , who may have assumed that you have a bank draft . This is upsetting you a lot, the only way to resolve it is to ask the EBS

This is all correct.

And I would ask EBS but when I went back they were closed (4 pm) and don't open again until Monday.

So I have to watch this "cheque" like it's a money envelop until then.

 

[jpd]

The money will only be taken from your EBS account when the cheque is presented to another bank

This whole topic seems to show a complete lack of knowledge on how bank cheques work

 

[Brendan Burgess]

If you lose the cheque between now and lodging it to ptsb, then you will be able to get the issuer to stop it and reissue it.

 

[Brendan Burgess]

So I have to watch this "cheque" like it's a money envelop until then.

No, you don't. No one else can cash it if it's made out to you.

I presume you did not request it to be made out to "cash".

Brendan

 

[BrokeBroker]

The money will only be taken from your EBS account when the cheque is presented to another bank

This whole topic seems to show a complete lack of knowledge on how bank cheques work

You're not wrong.

And your first line is how I anticipated it to work, but didn't have clarity on, and as these institutions are closed until Monday, depend on this forum/thread to attain said clarity.

So - the money is safe in the EBS account (for intents and purposes) until the cheque is cashed.

i.e. just losing it doesn't mean the money is gone.