Hi
I run a company in Australia that regularly has to write cheques to American people or companies. Because there are a lot of cheques to be written, we get them pre-printed at A4 size, then run them through our printer to print the “pay to”, and "sum of " fields, then I manually sign them.
Sometimes, the people we send cheques to say they cannot “cash” our cheques, while other people have no problem at all. The people who cannot cash them get quite angry with us, saying we’re sending them bad cheques.
Here in Australia, you cross a cheque “not negotiable” if you want only the person / company named on the cheque to be able to bank it, and in fact I assumed that was a worldwide thing, especially as around half the people in the US we send cheques to have no problem with them.
I thinking it may be a terminology issue. Here in Australia, if you want to cash a cheque, you go a bank and expect them to give you cold hard cash. AFAIK, no bank in the world is going to do that with an internalional cheque (nor should they - they have no idea if the cheque is real or not, let alone if there is any money in the account).
If you want to bank a cheque here, no problem. You go to a bank with your cheque, you fill out a deposit slip, your bank sends it to my bank who approves it (checks the signature, confirms funds are available), and sends it back. It takes a few weeks if the banks are in other countries, a few days if they are in the same country.
So:
(1) in the US, when would you cross a cheque “non negotiable”? What happens if you do, vs do not?
(2) what does “cash” a cheque mean in the US?
I love WAG’ing myself, but in this instance I’d really like to hear from people who know the facts.
Thanksabunch.