Premium Bonds (cheque payee)

hotrocks68

Good morning everyone..................

I have the maximum allowed Premium bonds invested.However i will soon be working abroad for a year.In the past i have recieved the usual small prizes and paid the cheques into my bank acount.The cheques i recieve from Premium bonds say 'payee only' on them.
Stupid question(sorry)so does this mean for instance my mother is not allowed to sign the prize cheque and pay it into my account for me?

SailorSam

Anyone can pay a cheque into a bank a/c.
Think of it like the guy who works in the accounts office of the place where you work, every day he gets cheques in mad payable to the company, most would have a/c payee only on them, but he still pays them in.

EarthBoy

Your mother won't need to sign the cheque. In fact, neither would you. As long as it's being paid into an account of the same name (which it has to be, if it says "a/c payee only" on it) you just hand it over the counter with a paying in slip, or details of the account no. it's to be paid into. They might ask her to sign a paying in slip, but anybody can do that.

Joe_Bloggs

NS&I have some information regarding premium bonds and living overseas here.
Perhaps you can give your mother power of attorney to act for you in the limited case of your premium bond winnings.
J_B.

BruceyBonus

"Cheques" from NS&I aren't cheques in the usual sense - they are crossed warrants drawn on the Bank of England. They are signed by the person receiving the money - not the person sending the money.

I honestly can't imagine that they check the signatures, but if you are worried then your mum could send them to you to sign and you could send them back?

hotrocks68

I honestly can't imagine that they check the signatures, but if you are worried then your mum could send them to you to sign and you could send them back?

Thankyou but surely that would be a needless effort and if Earthboy is correct.........................surely my mum or dad can just pay them in using my paying in book and not signing the Premium Bond cheques.

Credit_Jake

My brother pays mine in all the time to save me the hassle as he is often in his bank. Same initials, nothings ever been said.