Checks!
Once upon a time, I was waiting in line to pay for my tuition fee at college. There were two options to pay for the tuition - cash or cheque. That day, I had cash on hand, hoping that it would have the faster or shorter line of the two.
The registration committee wanted to make sure everyone was waiting at the right line. So, a volunteer went around asking, “Who are the people paying in cheque? Take this line please…”
Since I was with Jonathan Ang, I told him, “Hey shouldn’t you be there? You’re paying in tsek”
——-
I needed some cash last week and all I had were account receivables in the form of cheques. Fortunately, both of them were Metrobank-issued cheques, so I assumed there wasn’t going to be any problems cashing them out.
In the morning, I went to Metrobank-Katipunan to cash them out but it turns out that the first cheque I had was issued by a Metrobank branch that didn’t have any arrangements with the Katipunan branch. Eh?
The second cheque was marked for deposit only at my bank account. Ergo, no instant conversions to liquid assets. Eh?
In Tagalog, both cheques couldn’t be cashed out right then and there.
Later in the afternoon, I went to Metrobank-Tandang Sora with an in-genius plan. I would deposit the cheque at my Metrobank bank account, then withdraw it on the spot. That should get around my first round of obstacles right?
Wrong. There’s a three day wait in clearing your cheques. Therefore, you could only withdraw your moolah after three working days.
——-
You don’t have to cash out cheques at the issuing bank if it’s your name is written on it.
——-
Hope this helps.