How to certify cheque?

[Hage69]

I know it's a really stupid question, but here's the senario;
I'm getting a cheque for $6000 from a coworker because I lent him that much to buy a car. Here's the question, the cheque is from his BMO bank account and it's a personal account/ cheuqe, and I'm a TD client, would I have to certify it from BMO or TD and when I go to deposit it, if I put in the ABM would it have a wait or is it better to just do it from the teller? TIA

[realazy]

Well if it's from your co-worker and you trusted him enough to lend him $6000 in the first place. There's really no issue with depositing it the ATM. If it bounces, you will be charged a fee.

[Hage69]

Originally posted by realazy
Well if it's from your co-worker and you trusted him enough to lend him $6000 in the first place. There's really no issue with depositing it the ATM. If it bounces, you will be charged a fee.

I know that but, I wanna know who to take it to to get it certified

[Rat Fink]

.

[Weapon_R]

You have to certify it at his bank. Some banks require you to go to the home branch.

As for holds, depends on your bank.

[imhungry]

Wait what??

A certified cheque is done on the payer's end.
Certifed by his bank to guarentee that there is a sufficient amount of funds to cover what is written in the cheque so it won't bounce.

If he already gave you a personal cheque then you can just go deposit it at a teller at your bank. The check may be held for a few days but then you will get the funds.

If it is your coworker and you already trusted him with $6000 in the first place I don't see why I wouldn't trust that he has sufficient funds in his bank to pay you.

[C_Dave45]

Or you can go to the actual bank the cheque is drawn on and with your ID get it cashed. They may charge you $5 or something because you're not a member. I do that all the time when customers give me cheques.
But if you trust him then just deposit it like any other cheque. But unless you have a large "cleared limit" you won't have access to the money until it clears, sometimes up to 5 business days.

[AndyL]

Big $ = take it to the issuing branch (listed on the cheque), and either cash it - or certify it - usually cheaper to cash it...

Take big wad of fancy new 100s to your bank...

Damnit cdave :)

[heavyfuel]

It cost me $15 last time I had to certify a cheque from a client, and that was at a downtown Bank Of Montreal branch. Once it's certified, it can't even be stopped. Well worth it.