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Thread: SM - Changing from Wire Transfer, to Cheque, to Wire Transfer Again

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    Veteran Member Pearl_Sugar's Avatar
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    Default SM - Changing from Wire Transfer, to Cheque, to Wire Transfer Again

    Hi ladies!

    So, I had a shitty week on SM because I only worked for a few hours on Saturday, and made a grand total of $100. Well, fuck. I need a paycheck and wire transfer minimum is $240, so I changed my payment to cheque for the week. Now, I can't remember when paper checks get sent out, so I have myself expecting this paycheck on Monday the 10th, because I can't remember if I was getting checks mid-week or early week.

    Once this check comes in the mail, I plan on switching back to wire transfer, and I recall SM saying somewhere that as long as you change your payment method by Tuesday? then the wire transfer would come in Friday like normal.

    Does anyone have any experience with this? I'm just trying to plan Christmas shopping, lol

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    Banned Melonie's Avatar
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    Default Re: SM - Changing from Wire Transfer, to Cheque, to Wire Transfer Again

    ^^^ since your paper check from SM will be drawn against a foreign bank, and since you're planning to use that money for Christmas shopping, make sure to ask in advance in regard to the 'check clearing' process your local bank will use when you cash the SM check. Some banks may treat it as a paycheck and credit your account immediately. But other banks may not 'credit' your account until the money is actually transferred to the local bank from SM's foreign bank ( which can take several days ). Yet other banks may arbitrarily impose a waiting period of 7-10 business days before your account is 'credited' due to the check being drawn on a foreign bank. And it's also been reported that one bank froze the entire account balance of the person attempting to deposit an SM check until the money from the foreign bank was actually received by the local bank.

    You may not have any problems whatsoever cashing your paper SM check immediately. However, if your particular bank's foreign check policies will result in delays, and you can't afford to wait out those delays and still get your Christmas shopping done on time, it's best to ask up front. Once you turn over the check and the local bank stamps it for deposit, you can't take it back to try and cash it elsewhere.

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    Veteran Member Pearl_Sugar's Avatar
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    Default Re: SM - Changing from Wire Transfer, to Cheque, to Wire Transfer Again

    Yeah, I had that problem at my bank when I was depositing checks over $300. Since this one is a little check I'm not too worried about it clearing. My main concern is getting myself switched back over to Wire transfer, wondering if I'll get a wire-in on the 14th when I have a paper check arriving that same week that was sent out. If this makes sense.

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