Depositing a cheque

sugaJen

A friend has asked if I'll put a cheque into my bank account as he doesnt have one, cheque is in his name, bank account in my name. Is this possible? I didnt think the bank would accept it?

opinions4u

If it's crossed "a/c payee only" it's not possible.

TotallyBroke

Tell your friend to go into any bank/building society with the cheque and open an account to pay it into.

As opinions4u said if it "a.c payee only" you will not be able to. I'd also be dubious that "friend" would want the money before the cheque had cleared so you'd be out of pocket for a few days. Or that once you gave over the money the cheque would then be recalled and again you would lose out.

Who has given your "friend" the cheque? Why can't s/he ask that person for cash or a blank cheque? Why can't they ask their family to cash it? Why can't they go to a cheque cashing place?

Sorry for the questions, you don't have to answer them to me but I think you should be answering them to yourself. Seems very strange to me.


Edit: How does your friend get their wages or benefits paid? Surely there must be an account of some sort somewhere.

sugaJen

TotallyBroke wrote: »

Who has given your "friend" the cheque? Why can't s/he ask that person for cash or a blank cheque? Why can't they ask their family to cash it? Why can't they go to a cheque cashing place?

Its a compensation cheque, he has no family nearby and he is going to have to use the cheque cashing place as a last resort because of the charges involved.

There is absolutely no way he expects the money before the cheque has cleared, not only because I dont have money to risk.....I just dont have the money!! more chance of me nicking it from him lol (Joking!!!) But thank you for being kind enough to point out the possible risk

He has used my bank account in the past to have his wages paid in until he got laid off, he is currently claiming JSA and uses a post office card account that you cant pay cheques into!

TotallyBroke

Well if you have had an arrangement before when it comes to wages etc you obviously trust each other.
Because it is a compensation cheque I guess you will not be able to pay it into his account. The only things I can suggest are he change his po account to have cheques paid in or he goes to a bank and opens a very basic bank account.

Not promoting them But Barclays opened one for OH there and then. Cheque gets paid in straight away and you wait a couple of days for the card and pin to come through. By then the cheque has cleared.

sugaJen

Thanks for that, I'll tell him to go to Barclays.

BruceyBonus

If he just needs an account to pay cheques in then draw out the cash, a simple savings account would suit him - no credit checks etc.

The Nationwide CashBuilder pays a measly 0.1% interest, but you can pay cheques in at the counter and withdraw the cash 5 days later. No charges, cannot go overdrawn so cheaper than a cheque cashing service. If there is going to be no balance (other than cheques going in and then being withdrawn, the interest rate doesn't really matter).