Hi I have a chequing account with my bank. My bank holds my cheques for 5 business days. I get my paycheques on Wednesdays. I would like to find a cheque cashing place that can give me the funds from my cheque in the time frame from Wednesday to Saturday morning. Are there any cheque cashing places that can process the cheque in this time frame and if so which ones do people find are the cheapest. I don't plan on making a routine of this as I know cheque cashing places charge more fees than a bank. Thank you.

Originally posted by dicktracy Hi I have a chequing account with my bank. My bank holds my cheques for 5 business days. I get my paycheques on Wednesdays. I would like to find a cheque cashing place that can give me the funds from my cheque in the time frame from Wednesday to Saturday morning. Are there any cheque cashing places that can process the cheque in this time frame and if so which ones do people find are the cheapest. I don't plan on making a routine of this as I know cheque cashing places charge more fees than a bank. Thank you.

What bank do you deal with? I would walk my cheque into the bank and tell them its a pay cheque and they shouldn't hold it. Is the company name on the cheque?

Ask for cashback on your account that way when you deposit a cheque into a bank machine you can have instant access to cash instead of a hold for days on end.

A lot of employers will direct-deposit your pay into your bank account. Then there is no hold because it is like a cash deposit. Have you asked your employer if they could do this?
Also, many banks that hold account-holders cheques will make an exception for the employer of record and not hold paycheques from this one company. You could ask them.

Is it possible for you to go to your employer's bank and have it cashed by just showing id? That way you could have the cash in hand immediately.

What about the money stop if they have one in your area? i heard they are supposed to be pretty fast?

Talk to your bank. Our oldest just closed his account at CIBC because they were holding his paycheques for 10 business days. He walked into another bank and said he would open an account if they didn't hold his cheques. They asked who the cheques were issued by (one of the largest non-casino employers in Niagara Falls) and said they would not hold his cheques at all. It made for one happy 17 yr old who routinely had nearly $800 paycheques all summer....