Cashing a cheque without putting it in her bank account?? (Premium bonds)

newfoundglory · 7 February 2007 at 11:04PM

I would recommend opening any passbook-based savings account (head for your local building society perhaps!) You can do this in a branch with proof of address and id. As the passbook acts as a statement, you shouldnt get anymore letters.... and section 352 tax certificates are usually optional - you should be able to request to not get one if the bank sends them automatically.

kenshaz · 8 February 2007 at 12:51AM

How I miss the good old day's before the Nanny state,the cheque is in her name and yet she cannot cash it without a bank account how ridiculous ,so one criteria for having bonds ,you must entrust your money to private profit making enterprise.
I realise that the above is not helping ,but this situation is restricting your Mum's rights and freedoms.
Forcing her into the hands of high street cheque cashers charging high rates for the sector of the forgotten community ,the non-bank account holders.

greyskittles · 8 February 2007 at 2:31AM

Suzey wrote:

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...

Suze

Not really... It's my parents money, and my dad knows the bonds exist, he just doesn't know that she's won!

Hmm, she's found a v. old Lloyds bank book which still has £5.00 in from the 80s, so we're going tomorrow to see if they can do anything with it/see whether it's still open!

This whole situation is very annoying, but I think she'd rather lose a few quid and cash it one of those places, than put it into their joint account and lose the lot!

God how I dread being married, all the secrecy and stuff... hahaha.

Mikeyorks · 8 February 2007 at 11:06AM

greyskittles wrote:

.....than put it into their joint account and lose the lot!

So where does it go to .. and in what name?

Seriously worried I'm missing several tricks here. As I put most of it into my wife's name - despite the fact she shows no interest at all in where it is. If I shuffle off early ... she'll be a bit stuck, despite the copious Word docs showing what's gone where etc.

Incidentally .. the passbook is a much cheaper bet than the Bureaux .. and safer than cash lying around.

chesky369 · 8 February 2007 at 12:56PM

I don't think it's a good idea to put the bonds in your name. Just imagine if they won a million or any big sum - you wouldn't just be able to hand over the money to her, the tax man would have something to say about that.

margaretclare · 8 February 2007 at 12:59PM

greyskittles wrote:

Not really... It's my parents money, and my dad knows the bonds exist, he just doesn't know that she's won!

Hmm, she's found a v. old Lloyds bank book which still has £5.00 in from the 80s, so we're going tomorrow to see if they can do anything with it/see whether it's still open!

This whole situation is very annoying, but I think she'd rather lose a few quid and cash it one of those places, than put it into their joint account and lose the lot!

God how I dread being married, all the secrecy and stuff... hahaha.

This is a really sad scenario. Greyskittles, you should not have to 'dread being married, all the secrecy and stuff'....this is NOT what marriage is all about. Marriage is a partnership. A partnership of equals, ideally. As my DH is fond of saying 'It's all about Trust and Respect - love is a bonus, but Trust and Respect are essential in any partnership'. Those two elements do not seem to be present in your parents' marriage - sad, sad! Marriage partners should not have to lie and keep secrets from each other. I could not live in a marriage where this was the case - I'd be long gone.

I have to wonder - why is your Mum bothering with Premium Bonds, presumably hoping to win something from them periodically, but having this kind of problem whenever she does have a win?

There is something called 'The Money Shop' in most high streets, where they will cash a cheque but it costs you. I only know this because a few months ago my granddaughter was unemployed, homeless and skint, and I sent her a cheque, not realising that she only had a Post Office Card Account and she couldn't deposit a cheque in it. The Money Shop phoned me to verify my name on the cheque, that she was really my granddaughter etc. Thankfully, she managed to get a Nationwide account opened not long after that and she now has a job.

I had never heard of The Money Shop before that. But even they were taking precautions against money-laundering.

Margaret

Mikeyorks · 8 February 2007 at 2:37PM

chesky369 wrote:

... the tax man would have something to say about that.

Bit incidental to the main plot, but not really .. Bond prizes are tax free.

Suzey · 8 February 2007 at 9:29PM

I know it's their money, but if the bonds are in your name and they win again, the cheque will be in your name, so your dad won't know.

Suze

greyskittles wrote:

Not really... It's my parents money, and my dad knows the bonds exist, he just doesn't know that she's won!

greyskittles · 10 February 2007 at 2:26AM

This is a really sad scenario. Greyskittles, you should not have to 'dread being married, all the secrecy and stuff'....this is NOT what marriage is all about. Marriage is a partnership. A partnership of equals, ideally. As my DH is fond of saying 'It's all about Trust and Respect - love is a bonus, but Trust and Respect are essential in any partnership'. Those two elements do not seem to be present in your parents' marriage - sad, sad! Marriage partners should not have to lie and keep secrets from each other. I could not live in a marriage where this was the case - I'd be long gone.

I have to wonder - why is your Mum bothering with Premium Bonds, presumably hoping to win something from them periodically, but having this kind of problem whenever she does have a win?

There is something called 'The Money Shop' in most high streets, where they will cash a cheque but it costs you. I only know this because a few months ago my granddaughter was unemployed, homeless and skint, and I sent her a cheque, not realising that she only had a Post Office Card Account and she couldn't deposit a cheque in it. The Money Shop phoned me to verify my name on the cheque, that she was really my granddaughter etc. Thankfully, she managed to get a Nationwide account opened not long after that and she now has a job.

I had never heard of The Money Shop before that. But even they were taking precautions against money-laundering.

Margaret

Sorry, I'm sure people on here must think I'm all doom and gloom... My parents don't have a good relationship, which is why I'd rather be alone forever than risk end up like them. I'm a cynic, I can't help it. I shouldn't generalise though, as I realise that my parents are probably the exception; however, in the case of my father we're better off lying than telling him the truth - let sleeping dogs lie, or whatever the saying is.

Thanks for the info, anyway. I'm not sure what she's gonna do with it though, as she's so wary of opening a secret account... She doesn't trust the bank not to send out statements even though I've told her to opt out of them!

I know it's their money, but if the bonds are in your name and they win again, the cheque will be in your name, so your dad won't know.

Yeah, I understand where you're coming from, but it's not really an option. I'm just the one who has to help with all the scheming... sigh.

obsessed_saver · 10 February 2007 at 11:03AM

Cahoot don't do paper statements. Online only. But which ever bank, the bank will have to send you letters, etc when you first open an account.

Cashing a cheque without putting it in her bank account?? (Premium bonds)

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