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The Complete Guide to H&T’s Cheque Cashing Service

Published: 10 Aug 2017

Here at H&T Pawnbrokers we have a number of money services available that you may not be aware of. These services are there for your convenience, and can really help in certain financial situations. In this guide, we cover our cheque cashing service. You’ll learn how cheque cashing works, why it may be of benefit to you either now or in the future, and we’ll clear up some common misconceptions too. This guide should cover everything you need to know – however, if you do have any further questions our friendly team are always happy to help. Call us on 0800 838 973 or pop into your local H&T store.

How does cheque cashing work?

Cheque cashing allows you to obtain money from a cheque much faster than if you were to pay it into a bank account. Traditionally, cheques take at least 3 working days to clear, although some may take longer. This can be very frustrating for those who need the money urgently or who would rather have the cash.

Using a cheque cashing service means that you sign the cheque over to the cheque casher, and they give you the money then and there, minus a small fee. They then recoup the money by paying the cheque into their account and waiting for it to clear so you don’t have to. Here at H&T we can pay out within 30 minutes; once we have done some basic checks to ensure all the relevant legal boxes are ticked, of course.

Why do people cash cheques?

There are many reasons why people want or need to cash cheques. For some, it may well be a necessity – around 1.5 million adults in the UK do not have a bank account to pay a cheque into in the first place. This may be due to financial problems or simply because they prefer to deal with cash as much as possible. Others may prefer to have the cash rather than pay into their account due to personal or financial problems.

Many employers still pay wages via cheque, and for some they may not be able to wait until it clears if they have urgent bills to pay. Refunds or pay-outs from companies like insurers, utility companies and other large corporations are likely to be in cheque form. At one point, cheques were going to be ‘phased out’ by 2018, and although their popularity is waning in general, more than 500m cheques were written in 2015. The government has persuaded banks to keep processing them for as long as they are used, as they are clearly an important payment method for a huge number of people and businesses.

Cheques are very popular with the over 65’s, and so many people receive cheques from their parents and grandparents for birthdays or Christmas, for example. Whether you still use them or not, cheques are everywhere and it’s likely you’ll receive one at some point. Having the option to acquire the funds straight away is essential for many, and a happy bonus for many more.

What happens if a cheque bounces?

A bounced cheque is one which cannot be fulfilled by the account the money is coming from, or a cheque which has been cancelled before the money can be transferred. This renders the cheque worthless, and a replacement should be sought.

If a cheque bounces after we have paid out the cash to you, then you will be liable to pay back the money. However, if the cheque has bounced by mistake and you are able to sort this with the person or company who gave you the cheque in the first place, then they should be able to replace the cheque. If you are unsure about whether or not the cheque will bounce, it’s best not to cash it until you are confident.

Cheques that you have received from a large company or an employer are not likely to bounce and can generally be cashed with full confidence.

Does the cheque have to be payable to ‘cash’?

You may have heard of cheques being made out to ‘cash’ rather than your name. While this can be done, it’s not advisable as anyone could use the cheque. We accept cheques made out to ‘cash’ and cheques which are made out to your name as long as you have the relevant documentation. We do not, however, accept cheques which are made out to anyone else. Your ID must match the name on the cheque to be processed legally. If the cheque is made out to more than one person, you must both be present and have suitable ID for the cash to be released.

Is cheque cashing safe?

Yes, cashing a cheque is perfectly safe and legal. As we provide a number of financial services, H&T Pawnbrokers is registered with a number of regulatory bodies, which ensure that everything we do is above board and is fair to the customer.

We take cheque cashing very seriously, but ensure that the process is as straightforward and easy for our customers who wish to take advantage of this service.

How do I get started?

Simply take the following items down to your local H&T Pawnbrokers store, and we should be able to help you straight away:

  • your cheque
  • some photographic ID (a passport or driving licence, for instance)
  • a utility bill, bank statement or tenancy agreement dated in the last 3 months
  • the letter or other document that came with the cheque

All being well, you should have the cash in your hand within 30 minutes subject to fraud checks.

You can find your local store by clicking on the link above and entering your postcode or nearest town. The locator will let you know exactly where the five nearest H&T Pawnbrokers stores are in relation to your search area. If you have any further questions, your local store will be able to help or you can call us on 0800 838 973.