Paying in a cheque

Chirimoya

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Dec 9, 2002
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Is it true that in the DR you can't pay a cheque made out in a person's name into that same person's bank account without the payee endorsing the cheque?

That's what I'm being told by one of my clients, but I find it difficult to believe... well actually, I don't find it that difficult to believe because logic does not always rule here, but does anyone know if this is really the case?
 

GringoCArlos

Retired Ussername
Jan 9, 2002
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At Banco Le?n, checks have to be endorsed for deposit. No endorsement, then take back your check.
 

Matilda

RIP Lindsay
Sep 13, 2006
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if you have a cheque made out in your name you have to endorse it on the back with your name and cedula. Then it takes ages to clear. The best thing is to endorse it and then you can have the cash immediately if it is from the same bank - then you can pay the cash into your account and use it straight away!!! If the cheque is from a different bank it takes 21 days to clear!!! That is the case with Banco Popular anyway.

Matilda
 

johnny

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Feb 8, 2003
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It takes 3-5 days to clear if the check is from another bank (not 21)
1 day if it is from the same bank.
Same day, if you cash out and deposit.
 

Matilda

RIP Lindsay
Sep 13, 2006
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It takes 3-5 days to clear if the check is from another bank (not 21)
1 day if it is from the same bank.
Same day, if you cash out and deposit.

Sorry this is definitely not true for Banco Popular. it is 21 days and has been for the last 3 months.
 

Chirimoya

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Dec 9, 2002
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I'm going to put that to the test: I paid a Banco Leon cheque into my Popular account yesterday and they assured me it would only take 3-5 days. Let's see.

But my question is about a BanReservas cheque made out to me: why can't the payer (who unlike me, is in Santo Domingo) just pay it into my BanReservas account? I can understand the need for the payee to endorse if the cheque has to be cashed, but where is the scope for fraud if it is going into the payee's account?
 

Chirimoya

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Dec 9, 2002
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Just to clarify - my question refers to peso accounts and cheques.

Dollar accounts are another kettle of fish. US$ cheques can take a staggering 45 working days to clear (effectively 3 months - in BanReservas anyway), which serves to remind us that logic definitely does not rule in the DR banking sector.
 

Adrian Bye

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Jul 7, 2002
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US$ cheques can take a staggering 45 working days to clear (effectively 3 months - in BanReservas anyway), which serves to remind us that logic definitely does not rule in the DR banking sector.

Yes it does! It gives them time to make money on both interest and fluctuating exchange rates!
 

Lambada

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Mar 4, 2004
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But my question is about a BanReservas cheque made out to me: why can't the payer (who unlike me, is in Santo Domingo) just pay it into my BanReservas account? I can understand the need for the payee to endorse if the cheque has to be cashed, but where is the scope for fraud if it is going into the payee's account?

This person with the cheque is wanting to pay you money? He can take cash along & pay into your account as far as I'm aware. If he wants to pay you by cheque, he has to sign it on the back, not you (at least this is what I thought). Is he saying you have to sign it on the back? Or have I misinterpreted the question? Quite possible today :cheeky:.
 
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bienamor

Kansas redneck an proud of it
Apr 23, 2004
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no no

This person with the cheque is wanting to pay you money? He can take cash along & pay into your account as far as I'm aware. If he wants to pay you by cheque, he has to sign it on the back, not you (at least this is what I thought). Is he saying you have to sign it on the back? Or have I misinterpreted the question? Quite possible today :cheeky:.

If the check is made out to lambada, then lambada would have to endorse it. but they can deposit into lambada's account with cash.
 

Hillbilly

Moderator
Jan 1, 2002
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1) If the person wanted some sort of proof that you were paid, he/she could deposit cash into your Banreservas account with no problem, and have the deposit slip as his proof of payment.
2) However, by using a check made out to you, he keeps his money for a bit more time, or so it seems to me.
3) Or he could send the check to you via Metro Pak (They do have service to that end of the country) and then you could cash it...

Seems the payee is complicating things a bit.


HB's 2?
 

zoomzx11

Gold
Jan 21, 2006
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Banks love sloooooooow!

Takes 15 days for a check drawn on Scotia Bank in Sosua to get to Banco Popular in Sosua. Walking takes about five minutes. Its clearly about hanging onto other peoples money. Banks in the US did this for years until new laws were written that limited the time a bank could take to clear a check. These days its all electronic and the wait times are a scam clear and simple. The only way I could move my account from Scotia to Popular was to carry the cash from one bank to the other. Otherwise it was a big wait. Plus I asked them about all the options, wire, bank check etc., nope, nope, pretty crazy!!! Like my Dominican wife is so fond of saying - "you are not living in Miami". Just another part of life here. I am learning but its slow sometimes.
 

Chirimoya

Well-known member
Dec 9, 2002
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This person with the cheque is wanting to pay you money? He can take cash along & pay into your account as far as I'm aware. If he wants to pay you by cheque, he has to sign it on the back, not you (at least this is what I thought). Is he saying you have to sign it on the back? Or have I misinterpreted the question? Quite possible today :cheeky:.
Yes, that's what they are saying - that the bank won't let them pay in a BanReservas cheque in pesos to my BanReservas peso account without my signature and cedula number on the back.

I found it hard to believe - thanks for suggestions about Metro etc but I have actually got round the problem by sending someone to the office to pick the cheque up for me - I was just curious to confirm that their claim about the bank was true.
 

Chirimoya

Well-known member
Dec 9, 2002
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Yes it does! It gives them time to make money on both interest and fluctuating exchange rates!
You know, Adrian, they look mortally offended whenever I make that suggestion... they will insist it's to do with detecting money laundering.

I've paid in cheques for smallish amounts like US$250 or less and it still takes 45 working days. It's so good to know they are taking such painstaking care to ensure that my US$250 from a reputable client in the non-profit sector is not drug-related!
 

Hillbilly

Moderator
Jan 1, 2002
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Nobody worried about the $850,000 the "former??" husband of Sobeida (the $4.6 million dollar gal) paid for his house>>??? and him without any visible means of support>>>>???

Or the RD$40,000,000 she paid for the two apartments>>>/???? Gee a gal with a RD$5000 a month job when she worked>>>???

this is so fake....

HB
 

Chirimoya

Well-known member
Dec 9, 2002
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I'm going to put that to the test: I paid a Banco Leon cheque into my Popular account yesterday and they assured me it would only take 3-5 days. Let's see.

Belated update - the funds from the Le?n cheque took just a couple of days to register in my Popular account.
 
Sep 22, 2009
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This is all too much work. I havent seen a check in years. If you and your clients/merchants bank at: popular, bhd, Leon, BanReservas you simply ACH the cash. I can even do it right from iPhone and BB. Leon is up to 7 biz days and BanReservas is up to 15 biz days for non propio checks.
 

Chirimoya

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Dec 9, 2002
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I don't use cheques either, but I'm unlikely to have an influence on the finance departments of the unwieldy bureaucracies that use my services.
 
Sep 22, 2009
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I don't use cheques either, but I'm unlikely to have an influence on the finance departments of the unwieldy bureaucracies that use my services.

I'm not aware of any large govt or private operation that won't ACH payment of services if you have a professional services contract with them and you are a registered tax paying corp in DR.

not saying that they don't exist, but even the Policia Nacional ACHs cash to vendors.