are signatures on cheques even checked ??!!

ben500

I think essentially they really don't need to be checked unless challenged , then if found to be fraudulent the supposed issuer will be reimbursed anyway one would imagine, if your receiving a cheque then you would be a fool not to check it yourself so not really a problem. I'm sure had I challenged the payment of the cheque I sent this would have been the case despite my deliberate action. My only purpose for doing so was to cause inconvenience rather than to avoid payment.

Extant

jonesMUFCforever wrote: »

No more frightening than having an Internet loan paid directly into your bank account with only an'electronic' signature or being able to set up a direct debit by telephone etc.
If every single cheque had to be manually looked at there would no free banking by any bank of any kind.

Direct debit isn't so bad thanks to the direct debit guarantee. Plus, it's not like anyone can go around setting up direct debits - the companies/people using them are vetted, so it's not as though anyone can get straight at your cash.

And I can't wait for the day we get rid of cheques. I'm expect it to come pretty soon for personal customers, with business customers lingering on a bit longer.

All it needs is for one bank to say they won't offer cheques to personal customers anymore...

Fondue_2

When I was quite newly married I paid a cheque made out to my married name into a Nationwide account which was still in my maiden name, and only realised once I'd put it into the ATM. I went back the next day with my marriage certificate to change the account name and asked whether this would be done in time for the cheque to clear. I was told that it wouldn't, but not to worry as only a tiny fraction of cheques are actually verified against the account, so it would probably just clear, which indeed it did. I do find it a little bit alarming that I could successfully pay in a cheque which was, so far as the bank knew, made out to someone else.

sillyvixen

i have got home to find i have had a cheque refused (early payment of a loan) because the signature does not match the one on file - the one on file was from when i opened the account aged 10!! they have been honouring cheques with my current signature for 18 years or so - why a problem now.i am not a happy bunny! the loan company would only take a cheque with written notice of my intention to pay off early.

Mikeyorks

BarclaysManager wrote: »

Does a HSBC cheque clear same day if it's deposited at the branch it's drawn on (i.e. house cheque)?

Most cheques derive value the same day if paid into an account at the drawer Branch

http://www.apacs.org.uk/resources_publications/faqs/cheques_18.html

Mikeyorks

silentscream999 wrote: »

this is pretty scary to say the least!

What is scary ....... is that you would be daft enough to do it. Banks aren't renowned for a sense of humour and are more likely to freeze your account for abuse as they are to smile at the mis-spelling of 'Mickey Mouse'.

Most Banks have similar in their T&Cs to this :-

Unused cheques belong to us. You must return them to us (or to someone acting for us) if we ask you to do so. For example, we may do this if condition 9, 10, 24.3, 32.2 or 32.3 applies or if:
• we believe that the cheques are being used by someone else;
• we believe that you are not keeping to the conditions relating to the use of cheques or ……….

- not difficult to see where they would have the leverage?

Oblivion

BarclaysManager wrote: »

Cheques provide a certain level of convenience in some situations, but they're a flawed and out dated system.

I do find it rather amusing that we go to so many lengths to combat online phishing emails which try to get you to divulge your bank account details, but people are still quite happy about writing a cheque and putting it in the post.

It's all there on the cheque ... sort code & branch address, personal account number, name of account, and, the icing on the cake, your specimen signature!

Dave.

ShelfStacker_3

BarclaysManager wrote: »

Does a HSBC cheque clear same day if it's deposited at the branch it's drawn on (i.e. house cheque)?

Overnight, as it still has to be sent off with the rest of that day's batch.

Inactive

BarclaysManager wrote: »

And I can't wait for the day we get rid of cheques. I'm expect it to come pretty soon for personal customers, with business customers lingering on a bit longer.

All it needs is for one bank to say they won't offer cheques to personal customers anymore...

Oh stuff the needs of personal customers then.:rolleyes:

Gliggy

silentscream999 wrote: »

hi everyone,
i did a test recently to see whether signatures are checked

Wrote a cheque for £800 from my barclays account to natwest. I signed the cheque with "micky mouse" .....it cleared without any problems and its been over 2 weeks now!

this is pretty scary to say the least! so does anyone know if this is normal or just one off ?

I think it depends on the amount of the cheque.. I once wrote a cheque for £3000 from my Barclays account to my mums Natwest account and the cheque didn't clear even though there were the funds available. She got a letter from natwest saying the cheque had bounced because there was no 'Mandate'. I got a similar letter from Barclays and what it basically means is that a Mandate is a copy of your signature that they hold on file. They told me on the letter that for cheques over £1000 the bank staff need to verify the signature on the cheque with the one they hold. They told me to come in and produce a mandate for them.

~Scott~