 |
|
|
|
|
| |
|
Below is the Question & Answer that you have chosen to view on our online Synergy Solution Centre.
If the answer to this question is not what you are looking for, please enter a comment into the provided comment box.
You can also give us a "thumbs up" if you like the answer to this question!
|
Q. On MemberDirect, we cannot see pending cheques through our account before they actually clear. Is there any way to view the cheques pending through MemberDirect? Thanks.
A. It may be helpful to demonstrate a ‘day in the life’ of a cheque.
- You write a cheque to pay for your purchase at ABC Store.
- ABC Store deposits the cheque to their account at their financial institution.
- Their financial institution sends your cheque to their clearinghouse.
- The clearinghouse sends your cheque for collection to the clearinghouse that services your financial institution that your cheque is drawn on.
- This clearinghouse sends your cheque to your financial institution which deducts it from your account.
So as you can see, when you write a cheque your financial institution has no way of knowing you have done so until such time as it actually does clears their account for reconciliation. Because of this it is impossible to show your ‘pending cheques’ on MemberDirect online banking.
It is very important that you keep track of the cheques you write and have the money in your account to cover or pay for them. If you don’t have enough money in your account, the cheque will be returned as ‘Insufficient Funds’ and you will pay a fee to the financial institution for handling your ‘bounced cheque’. Use the cheque register that is provided by your cheque supplier to record the cheques your write and balance this to your bank statement each month to keep on top of your finances.
Another option you may want to consider is a debit card. The debit card is like an electronic cheque. When you use your debit card at a store the money is taken electronically from your account. You must remember, however, if you do not have enough money in your account when the store swipes your card, the purchase will be rejected. Again to avoid embarrassment, it’s best to keep track of your bank account to know how much money you have to spend.
|
|
|
|
| |
|
|
|
|
