What are Suncorp Bank Cheque's security features

Gravy on 10/08/2018 - 16:17

Selling our car tomorrow hopefully to an out of town buyer. He is presenting us with a bank cheque issued by Suncorp Bank.

I asked him to send me a photo of the cheque so I could validate by ringing the issuing bank. After spending 20 minutes waiting on the phone I was told by the bank that this was not possible and they provided me with no other information as to how to ensure it was valid.

I then got off the phone and wondered if Suncorp's bank cheques have any security features.

Does anyone here work for the bank and know what those security features might be or perhaps had one issued and remember the features? I've sent an email to the bank asking but guessing that I wont get a reply in time, and waiting in line on the phone again doesn't excite me. There seems to be no info on their website about this.

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Comments

  • Hybroid on 10/08/2018 - 16:21

    I believe the advice you will get is wait for the cheque to be cashed before you release the car. Cheques can be stopped mid-transfer and certainly can bounce leaving you with nothing at all and a car long gone to an out of town buyer. Good luck finding them again if something goes wrong.

    • Gravy on 10/08/2018 - 16:27

      Yeah I'm aware of possible problems, have done a bit of reading. Just more concerned with the validity of the cheque first up.

    • HighAndDry on 10/08/2018 - 16:32
      +1

      Bank Cheques don't bounce. They also require a lot of verification to be "stopped" and even if they wrongly are stopped, the bank is still liable to honour them when presented. Please stop spreading FUD.

      • Hybroid on 10/08/2018 - 16:34
        +1

        They certainly can if the bank goes under.

        • HighAndDry on 10/08/2018 - 16:35

          Hahaha, okay that's true.

      • craigd on 10/08/2018 - 20:59
        +1

        Not true, it is in fact very easy and it does happen more than you would think. Wait for the cheque to clear or use FastPay

  • HighAndDry on 10/08/2018 - 16:32
    -1

    No one is going to forge a Bank Cheque for the price of a used car. If you want to be doubly certain (which I personally would feel safe even without), there are Suncorp branches which are open on Saturdays (and even some on Sundays) so you can go with the buyer into a branch and deposit, or at least confirm the cheque's authenticity there.

    • Gravy on 10/08/2018 - 17:07

      No branches within easy reach of location unfortunately. Meeting buyer halfway between our location and his.

      • HighAndDry on 10/08/2018 - 17:25

        Ah, ok. Well so long as you get a copy of his photo ID (drivers licence usually) with his address, you can deposit the bank cheque that day or the next, and… bikies(?) if there's a problem. (Seriously though - I've dealt with probably thousands of bank cheques, most of them 6 figures, and have never had a problem.)

  • dcep on 10/08/2018 - 16:32
    +2

    i got the same question in the last thread and got (-)NEG to oblivion.

    Read more below, you'll be bank cheque expert (so they say)

    https://www.ozbargain.com.au/node/383226

    • HighAndDry on 10/08/2018 - 16:38

      Thanks - I'm just gonna copy and paste that instead of rehashing all the same points.

  • djkelly69 on 10/08/2018 - 16:33

    Don't know specifically for Suncorp, but usually the known features are listed on the back of the cheque itself (microtext, thermochromic ink, etc).

    • Gravy on 10/08/2018 - 17:08

      Ok, thats good to know. Except if there are no features listed… haha.

  • SnoozeAndLose on 10/08/2018 - 16:44

    Ask the buyer with the purchase slid which should be attached to the cheque at the time of purchase.

    • Gravy on 10/08/2018 - 17:09

      Thanks

  • John Kimble on 10/08/2018 - 17:14

    A bank cheque would have the same security features as a personal cheque?

  • [Deactivated] on 10/08/2018 - 19:21
    +2

    Might be worth checking with your insurer if this is covered under theft loss?

    Basic bank cheque characteristics
    Printed, not hand written
    Made to a payee name not cash
    Additional visible designs under black light and when held up to sunlight
    Should have the drawing bank BSB on the bottom row MICR number for Suncorp I think 484-799
    Signed by the bank teller who issued it - not the guy giving it to you as payment
    Check the issue date make sure nothing weird like future date or before you put the car up for sale

    Fake bank cheque is a bit unlikely, risk is more around the buyer ringing through to his bank saying he lost the cheque. But it has to go into an account in your name so as long as that happens he’s not going to be able to claim it’s lost. Keep contract docs etc so it can’t be disputed he took delivery of car etc.

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