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Cheque Cashing Companies

wagon_2
Posts: 23 Forumite
Hello
How do companies like Cash Generator be able to cash cheques that are either 'A/C payee only' or 'Non-Negotiable'
Many Thanks
How do companies like Cash Generator be able to cash cheques that are either 'A/C payee only' or 'Non-Negotiable'
Many Thanks
0
Comments
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I suspect it's something to do with the signing on the back of the cheque and is related to "endorsement/indorsement"
"The law relating to "account payee cheques" was changed by the 1992 Cheques Act. For more information, contact your bank."
See:
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=263&a=1531
and:
https://www.hmso.gov.uk/acts/acts1992/Ukpga_19920032_en_1.htm (Full of legal jargon)0 -
Presumably they set up an "account" in your name which they pay the cheque into. The account is then closed straight away and the balance paid out in cash (minus their fee).0
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