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Cashing a cheque without putting it in her bank account?? (Premium bonds)
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# 1
greyskittles
Old 07-02-2007, 9:21 AM
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Default Cashing a cheque without putting it in her bank account?? (Premium bonds)

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 :confused:

xx

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# 2
harrijon
Old 07-02-2007, 9:45 AM
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Quote:
Originally Posted by greyskittles
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 :confused:

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.
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# 3
greyskittles
Old 07-02-2007, 9:51 AM
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^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? x


Last edited by greyskittles; 07-02-2007 at 10:53 AM.
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# 4
Ian W
Old 07-02-2007, 10:18 AM
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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.
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# 5
LittleVoice
Old 07-02-2007, 5:25 PM
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Quote:
Originally Posted by greyskittles
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.
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# 6
greyskittles
Old 07-02-2007, 5:34 PM
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^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?!

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# 7
someone
Old 07-02-2007, 5:36 PM
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Quote:
Originally Posted by LittleVoice
Why not open "secret" bank account? Doesn't have to be a current account and you avoid deductions for cheque cashing facilities.
Or find an old cash-book account and use that to cash it (i.e. pay it in and when it clears take it out)
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# 8
Voyager2002
Old 07-02-2007, 5:39 PM
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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.
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# 9
greyskittles
Old 07-02-2007, 5:52 PM
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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.

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# 10
Mikeyorks
Old 07-02-2007, 5:52 PM
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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.

Quote:
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 !
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# 11
Suzey
Old 07-02-2007, 9:49 PM
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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


Quote:
Originally Posted by greyskittles
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 :confused:

xx
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Amount outstanding at 1/10/2012 is 10000/3.8%

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# 12
newfoundglory
Old 07-02-2007, 10:04 PM
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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.
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# 13
kenshaz
Old 07-02-2007, 11:51 PM
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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.
To be happy you need to make someone happy.


Last edited by kenshaz; 07-02-2007 at 11:54 PM.
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# 14
greyskittles
Old 08-02-2007, 1:31 AM
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Quote:
Originally Posted by Suzey
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.

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# 15
Mikeyorks
Old 08-02-2007, 10:06 AM
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Quote:
Originally Posted by greyskittles
.....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.
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# 16
chesky369
Old 08-02-2007, 11:56 AM
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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.
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# 17
margaretclare
Old 08-02-2007, 11:59 AM
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Quote:
Originally Posted by greyskittles
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
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# 18
Mikeyorks
Old 08-02-2007, 1:37 PM
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Quote:
Originally Posted by chesky369
... the tax man would have something to say about that.
Bit incidental to the main plot, but not really .. Bond prizes are tax free.
If you want to test the depth of the water .........don't use both feet !
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# 19
Suzey
Old 08-02-2007, 8:29 PM
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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


Quote:
Originally Posted by greyskittles
Not really... It's my parents money, and my dad knows the bonds exist, he just doesn't know that she's won!
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# 20
greyskittles
Old 10-02-2007, 1:26 AM
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Quote:
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!


Quote:
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.

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