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> About banker's cheque

mi_kit49
post Jan 9 2008, 07:56 PM


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Greetings,

Hope somebody here can clear my doubt tongue.gif

How much bank will charge if I get banker's cheque from them?

So far, these are what I found from their website:
Maybank - RM5.00
CIMB - RM2.00 + stamp duty of RM0.15
Bank Islam - RM1.00 + RM0.15 (stamp duty)
Public Bank - RM2.00 per piece + stamp duty

Do I need to have a savings/current account at that particular bank?
Can I use banker's cheque to pay car downpayment?
Any different between demand draft and banker's cheque?

Thank you




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David83
post Jan 9 2008, 10:54 PM


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QUOTE(mi_kit49 @ Jan 9 2008, 07:56 PM)
Greetings,

Hope somebody here can clear my doubt tongue.gif 

How much bank will charge if I get banker's cheque from them?

So far, these are what I found from their website:
Maybank - RM5.00
CIMB - RM2.00 + stamp duty of RM0.15
Bank Islam - RM1.00 + RM0.15 (stamp duty)
Public Bank - RM2.00 per piece + stamp duty

Do I need to have a savings/current account at that particular bank? 
Can I use banker's cheque to pay car downpayment?
Any different between demand draft and banker's cheque?

Thank you
*
Do I need to have a savings/current account at that particular bank?
I don't think that it's a necessary to have an account with the bank in order to issue a banker's cheque.

Can I use banker's cheque to pay car downpayment?
Yes and highly recommended since it involves large sum of money.
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rudhrasamy
post Jan 9 2008, 10:56 PM


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demand draft n banker cheque is amost same...... even if u asked for demand draf they will issue bankers cheque though...... u r only have to give cash for required amount to be issued in dat bankers cheque + bank charges....... u can other payment methods
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Empathy
post Jan 10 2008, 01:26 AM


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QUOTE(mi_kit49 @ Jan 9 2008, 07:56 PM)
Do I need to have a savings/current account at that particular bank? 
*
If I'm not mistaken the United States use the term Banker's Cheque...while the British use the term Bank Draft. We follow the British term. Last time you need to have a saving/current account if you use HSBC Bank Draft...


.
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scorgio
post Jan 10 2008, 05:08 AM


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Banker's Cheque = Bank Draft.

Normal charges : RM2 + RM0.15(stamp duty)
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cherroy
post Jan 10 2008, 08:56 AM


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No, you don't need to be account holder to get a demand draft or banker cheque.

The difference between demand draft and banker cheque (got slight difference actually),
for local currency and in Malaysia, the banks will issue a banker cheque, as the money is drawed from its own bank, while for foreign currency they will issue a demand draft as the money is draw at third party bank in overseas, not its own bank.

This is the difference that I could spot, I might be wrong.
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tishaban
post Jan 10 2008, 09:07 AM


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How about the check clearance policies for banker's checks? I'm familiar with the practice in the US where a banker's check is almost like cash and can be cleared immediately. However my last attempt at depositing a MBB banker's check at Stanchart still took 3 days to clear. Is this normal? Why do I have to provide the money up front if it's not the same as cash?


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karooz
post Jan 10 2008, 09:28 AM


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For Banker's Cheque (BCQ) CIMB

Bank Charges: RM2.00 + RM0.15 (stamp duty)
Acc holder is not a requirement. just bring ur ic and of course money tho

The BCQ clearance is 1 1/2 days for CIMB cheques. Same like deposit cheque into acc. For other's bank cheque took 2 1/2 days for clearance. if u wanna pay for downpayment for big sum of money i suggest u use BCQ for transaction. Safe and easy. Just need to wait for cheque clearance. it's not safe nowadays to carry big bag out of a bank tongue.gif.. Heheh there goes my 1st post. Anymore question bout banking method feel free to ask me. Pleasure to help

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kopiOkaw
post Jun 30 2009, 10:33 AM


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I need some advice here... Someone going to buy my car... The buyer going to pay me full amount of RM30k using bankers cheque... I'm afraid of bounce cheque... My question is, do bankers cheque has the risk to be bounce? Might afraid he buyer run away with my car while i'm getting nothing on hand... sweat.gif
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yhtan
post Jun 30 2009, 11:35 AM


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QUOTE(kopiOkaw @ Jun 30 2009, 10:33 AM)
I need some advice here... Someone going to buy my car... The buyer going to pay me full amount of RM30k using bankers cheque... I'm afraid of bounce cheque... My question is, do bankers cheque has the risk to be bounce? Might afraid he buyer run away with my car while i'm getting nothing on hand... sweat.gif
*
no it won't bounce, the buyer already cash in the cheque into bank, so the money is with the bank, not the buyer
if is personal cheque, then there is a possibility of bounce cheque

correct me if i'm wrong
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MilesAndMore
post Jun 30 2009, 04:38 PM


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QUOTE(yhtan @ Jun 30 2009, 11:35 AM)
no it won't bounce, the buyer already cash in the cheque into bank, so the money is with the bank, not the buyer
if is personal cheque, then there is a possibility of bounce cheque

correct me if i'm wrong
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Yes you are right. It won't bounce. Same with demand draft. Someone's from UK recently bought a house from my mom using banker's cheque (aka cash drool.gif )

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jc1221cwh
post Jul 4 2009, 09:49 AM


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woah~~~
I'm about to hv a bank issue a BCQ for me to pay car downpayment...
=)
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dOllICa
post Jul 22 2009, 02:23 PM


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QUOTE(MilesAndMore @ Jun 30 2009, 05:38 PM)
Yes you are right. It won't bounce. Same with demand draft. Someone's from UK recently bought a house from my mom using banker's cheque (aka cash  drool.gif )
*
Can you explain more on this? Becos I have someone who wanted to send me a cheque from overseas. Does that person meant Banker's Cheque? and if yes, what should I provide them? My bank acc number or some personal details like IC no, address etc?
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MilesAndMore
post Jul 22 2009, 05:18 PM


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QUOTE(dOllICa @ Jul 22 2009, 02:23 PM)
Can you explain more on this? Becos I have someone who wanted to send me a cheque from overseas. Does that person meant Banker's Cheque? and if yes, what should I provide them? My bank acc number or some personal details like IC no, address etc?
*
No. She gave my mom a Banker's Cheque from Maybank.

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gs20
post Jul 22 2009, 06:54 PM


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Fyi, there are fake banker cheques. I just found out from the sargeant when making a police report last week, when he share with me one of the con case.

The safest transaction is by cash or wait for cheque to clear before deliver.

This post has been edited by gs20: Jul 22 2009, 06:56 PM
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jasonhanjk
post Sep 15 2009, 05:17 PM


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Bump old thread.


Guys, I just came back from an auction which I didn't manage to win the bid.
So with this banker's cheque, do I need to bank it back personally into my account?
Or I can drop it off in an cheque box?

TQ
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MilesAndMore
post Sep 15 2009, 06:10 PM


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QUOTE(jasonhanjk @ Sep 15 2009, 05:17 PM)
Bump old thread.
Guys, I just came back from an auction which I didn't manage to win the bid.
So with this banker's cheque, do I need to bank it back personally into my account?
Or I can drop it off in an cheque box?

TQ
You can cancel the cheque and they will refund the money to you. There is a penalty though. It's RM10 to cancel a banker's cheque, if my memory serves me correctly.

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princess_autumn87
post Sep 16 2009, 01:52 AM


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QUOTE(cherroy @ Jan 10 2008, 08:56 AM)
No, you don't need to be account holder to get a demand draft or banker cheque.

The difference between demand draft and banker cheque (got slight difference actually),
for local currency and in Malaysia, the banks will issue a banker cheque, as the money is drawed from its own bank, while for foreign currency they will issue a demand draft as the money is draw at third party bank in overseas, not its own bank. 

This is the difference that I could spot, I might be wrong.
*
yes you are right dearie...
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VelVetDreAmzZz^_^
post Feb 6 2010, 11:21 PM


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Can anyone elaborate more on how to purchase a banker's cheque sad.gif

Lets say, if i would like to purchase frm CIMB, and i have an account thr, can i ask them to directly deduct the money from my account?


Added on February 6, 2010, 11:21 pmCan anyone elaborate more on how to purchase a banker's cheque sad.gif

Lets say, if i would like to purchase frm CIMB, and i have an account thr, can i ask them to directly deduct the money from my account?

This post has been edited by VelVetDreAmzZz^_^: Feb 6 2010, 11:21 PM
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MilesAndMore
post Feb 7 2010, 12:21 AM


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QUOTE(VelVetDreAmzZz^_^ @ Feb 6 2010, 11:21 PM)
Can anyone elaborate more on how to purchase a banker's cheque sad.gif

Lets say, if i would like to purchase frm CIMB, and i have an account thr, can i ask them to directly deduct the money from my account?
Yes. You can.

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leyley
post Feb 7 2010, 10:05 PM


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Want to know too ~ how to purchase a banker's cheque hmm.gif
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MilesAndMore
post Feb 7 2010, 11:20 PM


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QUOTE(leyley @ Feb 7 2010, 10:05 PM)
Want to know too ~ how to purchase a banker's cheque  hmm.gif
Bring some cash to your preferred bank and ask them to issue you a cheque. If you have an account with the particular bank you go to, you can ask them to directly to deduct the money from there. Each banker's cheque will cost RM2.00 + RM0.15 stamp duty = RM2.15.

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neojack
post Apr 4 2010, 07:04 AM


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what if i lost the bankers cheque..can i ask the bank for refund it?
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MilesAndMore
post Apr 4 2010, 02:50 PM


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QUOTE(neojack @ Apr 4 2010, 07:04 AM)
what if i lost the bankers cheque..can i ask the bank for refund it?
Yes. You can. There is a penalty though around RM10 to RM20.

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daisy2312
post Apr 29 2010, 03:14 PM


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Hi,

I just sold and delivered my car. I was given a banker's cheque for the full amount (which I immediately banked in). Now my worry is that if a bankers cheque can be stopped by the buyer? I don't want to be left with no $$ and no car!!! Please advise asap. Thanks
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svage98
post Jul 29 2010, 07:54 PM


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I've never used banker's cheque before so not sure what to do...I just got a banker's cheque from RHB...can I just put it in CIMB cheque deposit machine and will it clear just like any other normal cheque within 2-3 days?


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eimane
post Jul 29 2010, 08:36 PM


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QUOTE(MilesAndMore @ Apr 4 2010, 03:50 PM)
Yes. You can. There is a penalty though around RM10 to RM20.
*
Is that the money will be return immediately?

what document to bring along if in the case losing/stolen banker's cheque to the bank?

Is that I can go to any branch of that bank? or need to go to branch which produce the cheque?
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MilesAndMore
post Jul 29 2010, 09:01 PM


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QUOTE(svage98 @ Jul 29 2010, 07:54 PM)
I've never used banker's cheque before so not sure what to do...I just got a banker's cheque from RHB...can I just put it in CIMB cheque deposit machine and will it clear just like any other normal cheque within 2-3 days?
Yes. You can. But the cheque must be made payable to you and not other people. Depends on the day and what time you deposit the cheque, the cheque will take as little as 1 day to clear.


QUOTE(eimane @ Jul 29 2010, 08:36 PM)
Is that the money will be return immediately?

what document to bring along  if in the case losing/stolen banker's cheque to the bank?

Not sure if the money will be returned immediately. Anyway, if it is lost or stolen, i believe you will have to lodge a police report. Things will be easier if you can just produce the original cheque.


QUOTE(eimane @ Jul 29 2010, 08:36 PM)
Is that I can go to any branch of that bank? or need to go to branch which produce the cheque?
Not totally sure about this but just to be safe, just go back to the bank branch you bought the cheque from.


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svage98
post Jul 29 2010, 09:18 PM


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QUOTE(MilesAndMore @ Jul 29 2010, 09:01 PM)
Yes. You can. But the cheque must be made payable to you and not other people. Depends on the day and what time you deposit the cheque, the cheque will take as little as 1 day to clear.
Not sure if the money will be returned immediately. Anyway, if it is lost or stolen, i believe you will have to lodge a police report. Things will be easier if you can just produce the original cheque.
Not totally sure about this but just to be safe, just go back to the bank branch you bought the cheque from.
*
Thank you for prompt reply! Don't worry...it's payable to me only...just unsure whether I need to go to counter or can just use cheque deposit machine like any other cheque that's all...I'm too busy to go to bank counter tongue.gif

Again, thanks for your help bro~Cheers! biggrin.gif

This post has been edited by svage98: Jul 29 2010, 09:19 PM
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nyunyu
post Jun 17 2011, 01:13 AM


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Hey guys, what is the charges from Public Bank for them to issue a bank draft? Is the rate RM2.00 + RM0.15 stamp duty = RM2.15 standard on all banks?
I have a savings account with them.



This post has been edited by nyunyu: Jun 17 2011, 01:15 AM
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cheesiong2010
post Sep 23 2011, 12:32 AM


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i got a question here:
let say the bank draft is payable to Party A but the bank draft has been stolen by Party B, is it possible for the Party B to get the $$? or it will only pay to Party A? Thanks for all the possible clarification smile.gif
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bigwolf
post Sep 23 2011, 01:02 AM


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QUOTE(cheesiong2010 @ Sep 23 2011, 12:32 AM)
i got a question here:
let say the bank draft is payable to Party A but the bank draft has been stolen by Party B, is it possible for the Party B to get the $$? or it will only pay to Party A? Thanks for all the possible clarification smile.gif
*
The cashiers order can only pay to Party A, so its useless to Party B even if he steals it.

btw just for your knowledge, is is STILL possible to fraud using a genuine cashiers order. Example:

Mr. A buys something (eg: hp,computer,etc) from you with a bank draft under your name. You give him the goods. You can bank in the cashiers order on the same day but it still needs time to clear from the issuing bank. While he can immediately cancel the C/O if he goes to his bank and report it as lost.

This happened before so be careful, even thought its bankers cheque, you better wait until the funds are cleared into your account then only release the goods
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Human Nature
post Jan 10 2012, 09:54 PM


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For a small amount of RM60, which is more cost effective and easier, using bank draft or money order?
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chintl
post Jan 30 2012, 04:17 PM


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QUOTE(Human Nature @ Jan 10 2012, 09:54 PM)
For a small amount of RM60, which is more cost effective and easier, using bank draft or money order?
*
If <RM100, cheaper to use postal order (wang pos). For RM60 postal order, commission is only RM1.10 smile.gif
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Human Nature
post Jan 30 2012, 04:24 PM


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QUOTE(chintl @ Jan 30 2012, 04:17 PM)
If <RM100, cheaper to use postal order (wang pos). For RM60 postal order, commission is only RM1.10  smile.gif
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got it, thanks ! smile.gif
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Intel@Atom
post May 13 2012, 11:12 PM


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Hi, I am selling my car to a car dealer and he will give me bank draft but it is post dated about a car later?

Is there any post dated bank draft? Just worry the car dealer cancel the bank draft after he got my car. Any advise. Thx
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wodenus
post May 13 2012, 11:53 PM


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QUOTE(Intel@Atom @ May 13 2012, 11:12 PM)
Hi, I am selling my car to a car dealer and he will give me bank draft but it is post dated about a car later?

Is there any post dated bank draft? Just worry the car dealer cancel the bank draft after he got my car. Any advise. Thx
*
You can't post-date a bank draft. You have to give them the money before they give you the draft. And it will always be dated the day they give you the draft, right? tongue.gif

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Intel@Atom
post May 14 2012, 07:16 AM


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QUOTE(wodenus @ May 13 2012, 11:53 PM)
You can't post-date a bank draft. You have to give them the money before they give you the draft. And it will always be dated the day they give you the draft, right? tongue.gif
*
maybe my car dealer doesn't know about this coz at first he say want give me PD cheque but i refuse to accept it
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rayng18
post May 14 2012, 08:41 AM


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QUOTE(Intel@Atom @ May 14 2012, 07:16 AM)
maybe my car dealer doesn't know about this coz at first he say want give me PD cheque but i refuse to accept it
*
Wodenus is correct, bank draft is issued by the bank and i don't think it can be postdated. Bank draft will only be issued when payment is made. So once the bank draft is issued it can be confirmed that you will be getting the money unless the car dealer decides to cancel the bank draft before you bank in
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Intel@Atom
post May 14 2012, 06:02 PM


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QUOTE(rayng18 @ May 14 2012, 08:41 AM)
Wodenus is correct, bank draft is issued by the bank and i don't think it can be postdated. Bank draft will only be issued when payment is made. So once the bank draft is issued it can be confirmed that you will be getting the money unless the car dealer decides to cancel the bank draft before you bank in
*
ya, maybe will ask the car dealer go to bank with me to bank in the bank draft. safer in this way smile.gif


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advocado
post May 30 2012, 03:15 PM


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Just wondering is there a time limit of the validity of the banker's cheque, like 3 months or something?



QUOTE(mi_kit49 @ Jan 9 2008, 07:56 PM)
Greetings,

Hope somebody here can clear my doubt tongue.gif 

How much bank will charge if I get banker's cheque from them?

So far, these are what I found from their website:
Maybank - RM5.00
CIMB - RM2.00 + stamp duty of RM0.15
Bank Islam - RM1.00 + RM0.15 (stamp duty)
Public Bank - RM2.00 per piece + stamp duty

Do I need to have a savings/current account at that particular bank? 
Can I use banker's cheque to pay car downpayment?
Any different between demand draft and banker's cheque?

Thank you
*
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mi_kit49
post Aug 29 2012, 12:30 PM


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QUOTE(advocado @ May 30 2012, 03:15 PM)
Just wondering is there a time limit of the validity of the banker's cheque, like 3 months or something?
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For Maybank banker cheque, it only valid for six months from date of issue
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simonlai61
post Aug 29 2012, 01:11 PM


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QUOTE(mi_kit49 @ Jan 9 2008, 07:56 PM)
Greetings,

Hope somebody here can clear my doubt tongue.gif 

How much bank will charge if I get banker's cheque from them?

So far, these are what I found from their website:
Maybank - RM5.00
CIMB - RM2.00 + stamp duty of RM0.15
Bank Islam - RM1.00 + RM0.15 (stamp duty)
Public Bank - RM2.00 per piece + stamp duty

Do I need to have a savings/current account at that particular bank? 
Can I use banker's cheque to pay car downpayment?
Any different between demand draft and banker's cheque?

Thank you
*
Not neccessary to have a saving or current account then only can apply for banker's cheque. Then their charges should be RM2.15 per cheque.
U apply it for your car installment? Why don't u straight pay the cash over the counter? Save money ma~~

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Dennis Chia
post Sep 20 2012, 09:18 PM


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Hey guys wanna ask see if any of you will know. My fren is bankruptcy. He want to pass money to his son but don't wanna let banks know it. If he buy a bank draft and issue under his son's name. After his son bank in the bank draft. Did the banks can trace the money is issue by him? Please advise.
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naufalu
post Dec 3 2012, 12:09 PM


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Hi,

I have a cheque which belongs to my friend who lived in KL sometime back. The cheque is from TM for his internet desposit refund and without him is there any way i can encash the cheque.

He is not going to come KL for anytime soon... thus he wants me to cash this out... (Also the money belongs to me as I have alrady paid him that amount)
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benlow
post Dec 3 2012, 12:21 PM


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QUOTE(naufalu @ Dec 3 2012, 12:09 PM)
Hi,

I have a cheque which belongs to my friend who lived in KL sometime back. The cheque is from TM for his internet desposit refund and without him is there any way i can encash the cheque.

He is not going to come KL for anytime soon... thus he wants me to cash this out... (Also the money belongs to me as I have alrady paid him that amount)
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You can not, right? The Cheque should have written his name.
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israbin
post Dec 6 2012, 07:14 AM


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hello guys just want to ask about the payee details;

if a company, let say for example "ABC Automobile Sdn Bhd" receive a bankers cheque under the name "ABC Auto Sdn Bhd", can it be accepted though?

need to clear up some things... hmm.gif
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navilink
post May 15 2013, 10:27 PM


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is there a expiry date for CIMB banker's cheque? i read previous posts only mentioned Maybank (6-months).

what happens after expiry? bank eat the money?
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