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Manager's Check ...How does it work?

Just wanna know how to get it and how it really works. I've read it comes with a fee?Do you really have to have an account with the bank to get one from them?Which ones charge low fees and release fast?Does it expire?

Sorry,don't really know bout it.And I browsed and browsed and I though I didn't see any reference to it..

Every input is highly appreciated..

Thanks..
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Comments

  • KuyaDannyKuyaDanny Moderator PEx Moderator
    It is a check issued by the bank against its own account, and is signed by a manager and maybe another officer. Compare that with a regular check which is issued by persons/corporations against their account with the bank.

    Banks will charge for the service. Fees will vary from bank to bank.

    Generall you must be an accountholder to be able to buy a manager's check, but a bank may sell you one even if you are not, if you are properly identified, introduced, referred, or otherwise known to the bank. They do not want their checks to be used for fraudulent or illegal transactions, which is why they want to know who their customers are.
  • very nice,kuya danny...very interesting and informative..thanks much for those infos....take care,,:)
  • BeerhandBopBeerhandBop I Am WHIP ✭✭✭
    if you are a valued customer, the cashier's cheque's fee is usually waived.

    it's easy to buy one naman eh. just tell the counter you want to buy one. and tht's that. ?
  • cretinous00cretinous00 The sea! The sea! PExer
    i accept manager's checks only from people i know and issued by banks i know. MCs should be distinct and colored differently from regular checks. since they're good as cash, many people are tempted to forge them from regular checks. remember leo di caprio in "catch me if you can."
  • i accept manager's checks only from people i know and issued by banks i know. MCs should be distinct and colored differently from regular checks. since they're good as cash, many people are tempted to forge them from regular checks. remember leo di caprio in "catch me if you can."

    got it!,,my reason for it is, i wanna attend property auctions and they require either P25k in cold cash or MC,so the latter is more convenient...one more thing,it doesn't expire,right?..hehehe..sorry for the ignorance..
  • cretinous00cretinous00 The sea! The sea! PExer
    six months before it turns stale. it clears within a day, not four days as with regular checks.
  • six months before it turns stale. it clears within a day, not four days as with regular checks.

    hello cretinous00!gud day!...well,i doubt it if it will ever take that long..now,what do you mean by "stale",dear sire?..after 6 months of no action does it mean the check is kaput?..now,say i wasn't able to "use" it at all for any reason,what are the ways to still keep it?can i just deposit it back to an account?

    thanks much..;)
  • BeerhandBopBeerhandBop I Am WHIP ✭✭✭
    No...

    i'm pretty sure that the auction house will deposit the cheque into their account once they get it.

    all cheques are worthless after 6 months of it's issue date.
  • _zaLdy_zaLdy Member PExer
    can i use my payroll account to get a managers check? is there a minimum amount for this?

    TIA
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    You may use the money in your payroll account to fund a manager's check issued by the same bank. There is no minimum, but there is a charge for the check (eg, P50.00 per check for UnionBank and BPI), so if the amount of the check is P20.00, maybe it doesn't make too much sense.
  • _zaLdy_zaLdy Member PExer
    ^thanks for the quick reply :D
  • ichuo_mxichuo_mx Member PExer
    ang ginawa ko dito, kasi pambayad sa downpayment ng lupa, tanong ko kung pwede personal check, eh malaki ang amount, sabi nila MC na lang daw.
    so pumunta ako ng bank lapit samin na may account ako pero di ganon kalakihan tapos pa-convert to MC yung dala kong pera. nagbayad ako ng 50 pesos.
  • climaxcooldudclimaxcooldud Member PExer
    up up up this tread more more
  • climaxcooldudclimaxcooldud Member PExer
    more more more insights tnx
  • bangkeroboy21bangkeroboy21 Member PExer
    MANAGER's CHECK or MC is as GOOD as CASH...much much better than a PERSONAL CHECK (regular check) because one hindi tatalbog ang tseke ng bangko, as opposed to PC. And it's more often than not, preferred by business establishments for large scale transactions, simply because of that guarantee, the thing is...THEY TRUST the BANK more than they trust YOU, (nothing personal, mas secure daw kasi pag bank ang pumirma) hehe, unless you're a bigwig rich dude na talagang coveted ang check.

    usually it has a nominal fee, but if you're a good client i.e. madami kang pera sa bangko, they wouldn't think of charging you anything.

    So an MC is basically the bank saying, "this guy has the goods to back it up, and i'm vouching for this fella."
  • grayziagrayzia Member PExer
    how much po ang fee kung in US dollars ang kukuning manager's check? ok *** po ba kahit walang US dollar's account *** kukuha?
  • rev14rev14 Member PExer
    how do you buy MC? pila sa counter then bili na? tapos you write the amount on the check or you let the staff write it for you? thank you.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Usually there's a form you need to fill up - an application for manager's check. Fill that up and sign it, then line up at the counter. The staff will write everything that needs to be written on the check.
  • just to add, if staled na ang MC it's not actually worthless, but you can't just deposit it back to your acct without informing the bank.. kase yung payee is definitely not you, second endorsed check na yun. they will only allow you to deposit it to your account once na maverify nila na ikaw din yung purchaser ng MC.
  • rev14rev14 Member PExer
    one day clearing ang funds right? applicable din ba ang one - day clearing period from one bank to another? example: bdo mc to be deposited to bpi.
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