how to redeem a cheque for 3 people

mambach

my husband and i have been paying into a maximum investment plan for 10 years with our son named as beneficiary in event of our deaths. my brother signed as witness and trustee should we both die. the plan has matured, our son is still under 18 and the investment company will only issue a cheque to my husband and i and my brother jointly. how do we cash it? any ideas. the bank we approached would not open an a joint current account for this purpose. how do other people deal with this situation? any ideas?

JimLad

i didnt think it was possible to write a single cheque to more than one person!

I have no idea sorry!

I now realise that me posting on this topic was totally pointless....

Mikeyorks

They're putting you in a very difficult position. And presumably decline to send it electronically .. as it would be worth a CHAPS fee to steer around the problem?

Ask them for an uncrossed cheque (if they have one) .... which means your brother can go into the Bank with you and endorse to the effect he is happy it goes into your joint account (which I assume you have). Otherwise ask they open the crossing (by deleting 'a/c payee' and signing the amendment) .... and then as prior sentence.

Robert_Sterling_3

JimLad wrote: »

i didnt think it was possible to write a single cheque to more than one person!

Joint accounts for two people are common.

gozomark

Robert_Sterling wrote: »

Joint accounts for two people are common.

correct, but thats not quite the same thing

withnell

Maybwe open a second current account with your current bank? Tell them you're trying to transfer a large investment fund, they'll probably bend over backwards for the funds!

Edit: I should add I've opened accounts with other people for household bills at university with NatWest

martinman3

I can suggest the Cash Transactor account from Yorkshire Building Society which if you open the passbook version can have up to 4 account holders.
http://www.ybs.co.uk/savings/easy_access/transactor/index.html

Set it up so that any one signature to run it and then either ask for a cheque withdrawal or set up a BACS transfer. The interest rate is terrible so don't leave it in there very long.;)

p.s. The product leaflet is much more helpful than the website.

dunstonh

If the policy was in trust to your son then surely the proceeds should be paid to him on maturity or death.

Whatever the ins and outs though the provider can accept a signed instruction from the payees to issue payment to a chosen individual for clearing purposes.