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View Full Version : Cheques - What Happens to Them?



TolkoRaz
16-01-2012, 01:26
Does anybody know what happens after a cheque has been written and then cashed etc at a bank?

Are they kept for 100 years (?) in a vault or are they now scanned and saved onto a server somehwere? In the past, I suppose they were kept in hard copy until microfiche came along?

Just pondering the thought over a glass of my favourite tipple! ;)

martpark
16-01-2012, 01:29
Does anybody know what happens after a cheque has been written and then cashed etc at a bank?

Are they kept for 100 years (?) in a vault or are they now scanned and saved onto a server somehwere? In the past, I suppose they were kept in hard copy until microfiche came along?

Just pondering the thought over a glass of my favourite tipple! ;)

Before the internet, they came back to your house, stamped by the bank, and you kept them to make sure the books were balanced.

TolkoRaz
16-01-2012, 01:30
Before the internet, they came back to your house, stamped by the bank, and you kept them to make sure the books were balanced.

Really? I have never received any of my issued cheques! :confused:

martpark
16-01-2012, 01:41
Really? I have never received any of my issued cheques! :confused:

Do you still write cheques?

TolkoRaz
16-01-2012, 01:55
Yes, when sober! ;)

martpark
16-01-2012, 02:06
Yes, when sober! ;)

I guess it depends what country you're in whether sober or not.

PeteD
16-01-2012, 02:29
Does anybody know what happens after a cheque has been written and then cashed etc at a bank?

Are they kept for 100 years (?) in a vault or are they now scanned and saved onto a server somehwere? In the past, I suppose they were kept in hard copy until microfiche came along?

Just pondering the thought over a glass of my favourite tipple! ;)

I was the IT Manager for a storage company in Edinburgh, for 2 years until the company was sold. The company had a storage agreement with 2 high street banks, to store the used cheques in a special vault. The law at that time (1999-2001) required banks to retain the physical cheques for 6 years. Part of the storage agreement also included scanning and indexing the cheques.

With the volume of cheques, in those days, and the cost of storage on the high street, at the bank, it would have been an expensive operation, which is why the storage company proved very successful for collecting, scanning, indexing and archiving them off-site.

:cool:

TolkoRaz
16-01-2012, 11:52
I was the IT Manager for a storage company in Edinburgh, for 2 years until the company was sold. The company had a storage agreement with 2 high street banks, to store the used cheques in a special vault. The law at that time (1999-2001) required banks to retain the physical cheques for 6 years. Part of the storage agreement also included scanning and indexing the cheques.

With the volume of cheques, in those days, and the cost of storage on the high street, at the bank, it would have been an expensive operation, which is why the storage company proved very successful for collecting, scanning, indexing and archiving them off-site.

:cool:

Thanks, very interesting - I had hoped somebody here would provide a factual answer. From a Data Protection issue, it must have been a nightmare! :coffee:

martpark
16-01-2012, 12:27
Btw, what country are you in where you still use checks?

TolkoRaz
16-01-2012, 12:45
I use cheques in most European countries :thumbsup:

mrzuzzo
16-01-2012, 14:16
Cheques are awesome. It's too bad people here don't use them. Would simplify paying rent and stuff.

Vovochka
16-01-2012, 14:46
You can get checks for Russian bank accounts, but they're mostly used to be written to cash for withdrawals (and I'm not sure they can be accepted by third parties as legal tender). As with most banking paperwork in Russia, it's a bureaucratic process (i.e. you need Powers of Attorney to prove you can sign them, etc).

FatAndy
16-01-2012, 15:10
Cheques are awesome. It's too bad people here don't use them. Would simplify paying rent and stuff.

They were quite popular in 199x, I was paying a lot of things with cheques from my company that time. But then their popularity went down fast enough (in a year).

TolkoRaz
16-01-2012, 23:25
Cheques are awesome. .

More awesome than the bartender at the Booze Pub? ;)

Jack17
16-01-2012, 23:39
Cheques are awesome. It's too bad people here don't use them. Would simplify paying rent and stuff.
Ha, ha, who's going to take a personal check in Russia? Just bring cash; that'll be good enough.

ilya25
17-01-2012, 01:25
Cheques are awesome. It's too bad people here don't use them. Would simplify paying rent and stuff.
you could ask if sberbank still offer such service
they used to
but it was not very popular if i remember correctly the amount on checques was pre-defined

mrzuzzo
17-01-2012, 14:11
Ha, ha, who's going to take a personal check in Russia? Just bring cash; that'll be good enough.

I know. But checks are better as money goes directly from your account and you don't have to handle cash, go to ATM, withdraw it, etc..

Cheques are extremely convenient if it's the same system as in the US and Canada (ie, you write it out to anyone's name and in any amount).