Payments by cheque have been available for quite long, and with the spreading of electronic payment methods they are gradually getting obsolete. But if you prefer this method, you can also use it to deposit on bookmaking sites.
The disadvantages of paying by cheque on online bookie sites
A cheque is a kind of IOU, from your bank to the recipient. But the process of payment takes very long. After you write out the cheque, it is sent to the online bookmaking company via ordinary post. On receipt, the company will process it, and the amount will be credited to your account. Furthermore, some bookmakers do not accept any payments by ordinary post. That is why, if you insist on paying via this method, you mus first check in advance whether the bookie you want to deposit with will accept such payments.
How to proceed when you want to pay via cheque
If you have found out that the specific bookmaker accept cheques, you must check what the company's name is. You will need it to fill it out on the cheque. Furthermore, you must fill in the bookmaker's account number on the cheque's reverse side. This is a precaution which will help to identify it, if you send some documents with the cheque and they become separated for some reason. The documents should include for example a cover letter.
Another detail to fill in on the reverse side is the guarantee card number for your cheques. With most cards, amounts up to £100 are guaranteed, but the amount can vary with different banks.
The process of sending the cheque to the bookmaker company will take one or two days on average, via ordinary post. You should allow for one more day at least which will be spent as the bookmaker processes the cheque. Then in turn the bank will take several days to do its processing, and that can span 3 to 5 days. The entire period can thus amount to a week.
The process of cheque moving from the bank of depositing to the bank on which the cheque has been drawn, as well as the transfer of the money in the opposite direction, is called clearing. Many countries have their central clearing houses, which have the task of making the clearing process more efficient.
The description of this lengthy process and the stages you must go through may discourage you from using a cheque to deposit in your account. Compared to this method, payments via debit or credit cards, or via e-wallets are much more convenient and faster.
Are there any fees on cheques
One of the few advantages of this method of payment is that fees are rarely charged on using cheques.
Withdrawing by cheques
There are still many bookmakers which will let you withdraw your wins via cheque.
Validity terms for cheques
Typically cheques will be honored for a period of up to 6 months, but legally their validity continues to up to 6 years.
How secure is paying by cheque; precautions you can take to ensure security
Paying via cheque is not an online method of payment, so we should not discuss online security. You should ask about the security measures involving the posting and the processing of the cheques.
Let us revise what information you fill in on the cheque. There is, indeed, quite a lot of information, like your name, your account number, and some bank details, as well as the information on the reverse, the guarantee card number. So when writing out and sending a cheque via post, you become vulnerable. The data available on it can be stolen and used to your detriment.
In some countries the information on the cheque also includes the driving license number, the address and the phone number, so with so much information filled in, these cheques can easily enable identity theft.
Furthermore, if you insert just the cheque into the envelope to be sent, if somebody holds the envelope against a source of light, it will be visible that there is a cheque in, so someone may be tempted to open the envelope and steal the information available. To prevent third persons from seeing inside the envelope, you should put the cheque in a folded sheet of paper which does not let the envelope to make the inside visible.
Another crucial precaution you should never forget is to write the word “only” after the amount to which the cheque is made out. Someone can decide to add some numbers to increase the amount, for example three zeros, and the word “only” will prevent that from becoming possoble.
You must bear in mind that cheques can be forged, using your legitimate cheques. So you must keep your cheques secure and take care not to enable other persons to get access to them.
How you can stop a cheque
Sometimes, when you are in a hurry, you can make a mistake when filling in the cheque. For example, you can make a spelling mistake in the name. Sometimes, if you happen to lose a cheque, you will want to cancel it. Then you must ask the bank to implement the cancelling. The bank will charge you for that. You must keep the stub which has the details and the reference data.
The future of cheques
Having been ousted by electronic payments and falling out of favor, cheques are still used, including on online bookie sites. The number of cheques cashed annually is around 1.4 billion. In the UK, banks wanted to do away with it within a couple of years, if they find an alternative which proves viable. But still many people use cheques, for sending money gifts, or for online depositing on bookie sites. It seems that in the foreseeable future, cheques will continue to be used. They are material and they provide people with kind of proof that they are in control of the payments they make. But institutions are unanimous that the clearing system for cheques must be modernised, and the transferring of amounts via them should not be so long, of the order of around 6 working days.