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Joint cheque into sole account?
dizzydux
Posts: 101 Forumite
What are the rules about paying a cheque payable to joint payees into the sole account of one of them?
You used to be able to do this many years ago if it was signed on the back by the other party, then they stopped it and as far as I was aware cheques could only be paid into an account in the name of the payees.
Has this changed again?
I spoke to the call centre of my bank who said that's fine, BUT if a joint cheque is paid into a sole account and the sole account holder dies or is incapitated then the other cheque payee will have no access to the money - even though it was half theirs. Also if this is now possible where's the trail for money laundering.
Please is there a real bank professional out there who can clarify this for me. I have read through a bank's welcome pack but no detailed reference regarding cheques paid in.
You used to be able to do this many years ago if it was signed on the back by the other party, then they stopped it and as far as I was aware cheques could only be paid into an account in the name of the payees.
Has this changed again?
I spoke to the call centre of my bank who said that's fine, BUT if a joint cheque is paid into a sole account and the sole account holder dies or is incapitated then the other cheque payee will have no access to the money - even though it was half theirs. Also if this is now possible where's the trail for money laundering.
Please is there a real bank professional out there who can clarify this for me. I have read through a bank's welcome pack but no detailed reference regarding cheques paid in.
0
Comments
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Hi, no im afraid not you can only put a joint cheque in to an account in joint names unless the cheque is not crossed a/c payee only (99% of chqs are now crossed with this) there is no facility to be able to sign the back of the cheque to pay in to a sole account.
hope that has cleared that up for you?Currently working for NatWest Retail. All posts however are my views and opinions and are not expressing the views of NatWest or the RBS Group, my posts are there to help!0 -
Thanks for that,
I was beginning to wonder who was daft, me or them! Yesterday a joint crossed cheque got paid into my sole current account, and when I realised I rang the call centre to ask if it would go through ok- and they were adamant there was no problem with paying joint cheques into a sole account and even went and asked someone. So I was extremely concerned about the call centre and their apparent lack of knowledge regarding cheques.
When I rang the call centre again they put me through to the branch and it has now been sorted out. I shall pay more attention in future!
I'm still really worried about the call centre though.0 -
there are from time to time the odd call centre person who hasnt ever had face to face branch experience so they dont tend to know the right process all the time, but glad you got it sorted!Currently working for NatWest Retail. All posts however are my views and opinions and are not expressing the views of NatWest or the RBS Group, my posts are there to help!0
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