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Bank cheques can bounce, broker discovers

Mortgage bankers Cairns Lockie has been annoyed to discover the banks are slowing its business down by insisting on treating bank cheques the same way they treat any old cheque, requiring a five-day clearing period before releasing the funds.

Wednesday, September 5th 2001, 3:48PM

by Jenny Ruth

It has discovered the banks have tightened up on bank cheques, which are practically always used to setting housing transactions, because of a considerable increase in fraud. The banks will still clear a bank cheque immediately, but only if the customer agrees to pay a special clearance fee.

And those who think bank cheques are as good as cash and can’t bounce, think again. Cairns Lockie was shocked to discover this and thinks the public should be warned.

"The general public thinks bank cheques are totally safe, but if you sell your car for one, that cheque could bounce," says Cairns Lockie principal William Cairns. "If I was selling a car now to a private person I would be insisting on cash."

The banks’ attitude is also annoying for the business.

"It slows down transactions. If someone comes in and gives us a bank cheque to make a mortgage reduction we have to wait five days. With our contributory mortgage company it means we’ve got to have the money sitting in our account for five days or pay $25 for a special answer," Cairns says.

His firm believes the banks’ attitude is unacceptable. "The banks should be devising ways to protect themselves from fraud, which do not inconvenience the poor bank customer."

If a bank cheque isn‘t as good as cash, why are people paying for them, the firm asks.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build ▼4.94 - - -
AIA - Go Home Loans ▼7.49 5.99 5.69 5.69
ANZ ▼7.39 ▼6.39 ▼6.19 ▼6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼5.79 ▼5.59 ▼5.59
ASB Bank ▼7.39 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.54 - - -
BNZ - Rapid Repay ▼7.54 - - -
BNZ - Std ▼7.44 5.99 5.69 5.69
BNZ - TotalMoney ▼7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼6.95 5.99 5.75 5.69
Co-operative Bank - Standard ▼6.95 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 ▼6.65 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank ▼7.25 6.89 6.59 6.49
Kiwibank - Offset ▼7.25 - - -
Kiwibank Special ▼7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank ▼8.19 6.49 6.49 6.49
TSB Special ▼7.39 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac ▲8.64 ▲7.59 ▲7.05 ▲6.69
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.64 6.02 5.79 5.69

Last updated: 27 November 2024 9:50am

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