Question for banking staff

erb

I have just received a windfall cheque from Standard Life for shares sold following demutulisation. As this results from a stakeholder pension I took out for my daughter who is under 16 the cheque is payable to me followed by A/C and my daughters initials i.e. Mr. erb A/C ED.

The question is whos account will the bank accept this to be paid into, mine Mr. erb or my daughters Miss Erb Daughter?

There is no bank account with the exact name as printed on the cheque.

jonesMUFCforever

I think as the beneficial owner is your daughter the cheque should go into an account in her name.

Mikeyorks

erb wrote:

The question is whos account will the bank accept this to be paid into, mine Mr. erb or my daughters Miss Erb Daughter?

There is no bank account with the exact name as printed on the cheque.

They should accept it into either (assuming there is one for your daughter?)

But if they're twitchy about it they will accept it into yours - and you can transfer it across. The fact there's no exact match is academic - the A/C marking is understood.

erb

I agree the money is definately my daughters and she has a savings account in her name that I could try and pay it into but I have had problems in the past with my account if the cheque is not made out exactly as per the name on the account so I thought I would get some opinions before attempting to pay it in.

But there appears to be a difference of opinion already. Any bankers out there know the actual position?

If Standard Life had made the cheque out in just my name or my daughters there would be no problem but life is never that simple is it.

Mikeyorks

erb wrote:

But there appears to be a difference of opinion already.

Not really ...I think the first response was more to do with 'ownership' of the money once banked?

And the opinion you really need - is of the cashier at the counter;) As they sometimes appear to make it up depending on the weather.

Try your daughter's account, if you wish - as it's destined for there. But the cheque is made out to you, but noted to the effect that someone (?) has a beneficial interest. So simply pay it into your account - then transfer it - is what I would advise. And don't even point out the payee to the Cashier!

But, as previous post ...just get it paid in. Like the rest of us .. it doesn't improve with age!

erb

Ok Ok I will try paying it into my bank and let you know what happens. This may take a while as I bank with smile so pay cheques in via an envelope at the post office. Should be able to see online next week if it has been accepted.

robnye

i had a similar situation, where my daughter claimed back tax deducted from a savings account (opened and closed by a realative)

as she is still a student , the cheque came in my name, but she awas also named on it.

at the end of the day, the bank will say whether they will accept it as payment into either account

PBA

If you have problems, you could always open a savings account in your daughter's name but operated by you as a trustee. Then you would have an account in the same name as the cheque. If you don't want to be the trustee on the account you could then ask the bank to convert it straight over into her sole name.

You could also send the cheque straight back to standard life and pay it in as an additional contribution into your daughter's pension.

erb

Just for the record the cheque has been accepted in my smile account. All I need to do now is write a cheque to pay the money into my daughter's savings account.

robnye

erb wrote:

Just for the record the cheque has been accepted in my smile account. All I need to do now is write a cheque to pay the money into my daughter's savings account.

cant you do a one off payment via online banking