I have a few payees that I like to pay with paper cheques as they do not accept CC or eTransfer, and are not set up for online banking bill payments.
If I had properly encoded MICR cheques printed at, let’s say, Staples, for example, would they process if presented?
Hi @permastudent that’s a really great question, that I don’t actually have an answer to. If anyone else does, feel free to hop in and answer it! But I have also gotten in touch with a team at Neo that may be able to help provide an answer for me to give, so I’ll pass that along as soon as I hear back about it! Thanks for asking this, it’s a great chance for me to broaden my knowledge while I find an answer!
going to try to help the Neo team out - I believe the answer will be no (but i’m not 100%), the cheque will most likely be returned as ‘No Direct Debit’ to the payee’s financial institution.
At the end of the day, it ultimately depends on if Neo’s bank clearing partner (Central One) allows it, and I can bet that one day this will change to allow it since Neo is working on Mobile Cheque Deposit functionality, and other asked for banking features as well to compete with Wealthsimple.
Gold. Yeah, the short answer is that you can’t use cheques with Neo right now.