Cashing a cheque without putting it in her bank account?? (Premium bonds)
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greyskittles
Posts: 877 Forumite
today my mum won 500 on the premium bonds (!!!) and does not want my miser of a father to gets his hands on it and save it, hence not wanting to pay it into her account as it'll show up on their bank statement!
is there any way she can cash it (even if it costs)? apart from opening a 'secret' bank account? the cheque is in her name, if that helps
xx
is there any way she can cash it (even if it costs)? apart from opening a 'secret' bank account? the cheque is in her name, if that helps
xx
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greyskittles wrote:today my mum won 500 on the premium bonds (!!!) and does not want my miser of a father to gets his hands on it and save it, hence not wanting to pay it into her account as it'll show up on their bank statement!
is there any way she can cash it (even if it costs)? apart from opening a 'secret' bank account? the cheque is in her name, if that helps
xx
I believe this loophole was closed some years ago.
Premium bond winnings are paid with a crossed cheque which has to go through an account in the name in which it is made out.
This stops ability to counter sign cheques and pass them on as payment for something else.
I imagine this removed things LIKE the abiltiy for a business to avoid putting payments through their books and hence avoid tax.0 -
^thanks for the info, i didn't know that, but i can understand why that's the case.
i was just perusing the net, and found one of those cash converter things... so are they illegal?! where they ask for 3 forms of id? x0 -
They can't be illegal as they plainly advertise cheques cashed in open view on a high street near you. I'm sure trading standards would have stopped them before now if illegal.
Give your local one a call and ask if they can do it and what the charge will be. Likely to be quite expensive I would have thought.0 -
greyskittles wrote:is there any way she can cash it (even if it costs)? apart from opening a 'secret' bank account?
xx
Why not open "secret" bank account? Doesn't have to be a current account and you avoid deductions for cheque cashing facilities.0 -
^She would, but what about all the statements, etc? I know lloyds allow the option of not getting them, but do they still call home?
Does anyone know of a bank where you don't get paper statements, you don't have to have an existing current account, and has a decent rate of interest?!0 -
LittleVoice wrote:Why not open "secret" bank account? Doesn't have to be a current account and you avoid deductions for cheque cashing facilities.0
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Could you not receive statements for her? There are plenty of on-line bank accounts, but when you open them they send you basic stationary.0
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^We live at the same address.
Hmm, tis a bit of a pain really. He took the last 100 that was won, and we never saw it ever again, even though it was supposed to pay my books for uni..! ugh.0 -
Even though it's crossed - a Bureaux de Change - will normally cash it. Don't know how they get around the Cheques Act 1992 .. which stipulates that such cheques must go via an account containing the payee name .. but they do. Hence why they are top of the Money Laundering risk list.
They will charge .. but their charges are scaled based on the risk to them of it bouncing. In this case (Treasury funded) .. it will be low risk, but their charge will still be fairly hefty.Does anyone know of a bank where you don't get paper statements, you don't have to have an existing current account, and has a decent rate of interest?!
An online account such as the Halifax Web saver fits most of the criteria. But any account paying interest, the provider has to send a certificate of interest paid / tax deducted .. each year.If you want to test the depth of the water .........don't use both feet !0 -
Is there any way you can get her bonds put into your name so she doesn't have to worry about this in future? Just an idea...
Suzegreyskittles wrote:today my mum won 500 on the premium bonds (!!!) and does not want my miser of a father to gets his hands on it and save it, hence not wanting to pay it into her account as it'll show up on their bank statement!
is there any way she can cash it (even if it costs)? apart from opening a 'secret' bank account? the cheque is in her name, if that helps
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