Bank insisting on sending massive scarey cheque in post - any options?

cashferret

I'm in the process of registering my power of attorney for my elderly and ill mother, who wants me to deal with all her finances and never to see any of the paperwork again. I'm asking all the banks etc. to send her mail to me from now on.

Today I went to Yorkshire Bank and asked them how they would produce the money if I cashed out a large bond that will mature in a couple of months to open a new account elsewhere for my mum. They said that the only way to produce the funds was to send a cheque in the mail! For over £30,000!

I couldn't believe it and said that it was 2010, and surely there was a more secure way to send such an enormous sum of money. The cashier looked very embarrassed but said that that is the only way they can do it - no possibility of a BACS transfer or anything like that.

This seems criminally careless! The postman has left parcels twice on my doorstep for anyone to nick this year and I don't trust the Royal Mail to be careful enough to get my signature (as opposed to any random person who shares my streetdoor and answers the doorbell) even if YB send it recorded delivery or something.

My mum has loads of a/cs with many different banks and with fairly large sums of money in that I'm going to have to close out and rationalise and I'm in for a terrifying year if all these banks are going to behave so recklessly with her money.

Is there any way of insisting on an alternative or any redress if a cheque like that simply doesn't turn up? This really seems an appalling method for banks to use. :mad:

RayWolfe

It's not good but if you are really paranoid about it, you could collect it from the bank. That might be good anyway because you could then pay it into wherever its going immediately.

POPPYOSCAR

I would have thought that it would be their responsibility if it goes missing so I would not worry about it.

atypical

If it's written in indelible ink I would have thought it quite a secure method of payment.

cashferret

RayWolfe wrote: »

It's not good but if you are really paranoid about it, you could collect it from the bank. That might be good anyway because you could then pay it into wherever its going immediately.

Amazingly, the cashier said YB won't even send the cheque to a branch - the cheques are mailed out from their Glasgow head office. I'd have much preferred to have gone into a branch, got the cheque and run into another bank down the road and opened an account straight away!

I just can't believe how inflexible they are being. I'd heard that there was some push this year to force banks to make it easier for customers to switch accounts. I hope that this is one of the things they'll be looking at!

PasturesNew

I've sent one for £175k through the post OK. Got it back too as I'd done it on the wrong account and it bounced :0 oops!

somethingtypical

If someone steals a cheque for £30,000 what are they going to do with it? There's nothing to worry about, a cheque for this size is going to scrutinized at the time of paying in and when it goes through outclearing.

custardy

cashferret wrote: »

I'm in the process of registering my power of attorney for my elderly and ill mother, who wants me to deal with all her finances and never to see any of the paperwork again. I'm asking all the banks etc. to send her mail to me from now on.

Today I went to Yorkshire Bank and asked them how they would produce the money if I cashed out a large bond that will mature in a couple of months to open a new account elsewhere for my mum. They said that the only way to produce the funds was to send a cheque in the mail! For over £30,000! its a piece of paper with no value except to the payee

I couldn't believe it and said that it was 2010, and surely there was a more secure way to send such an enormous sum of money. The cashier looked very embarrassed but said that that is the only way they can do it - no possibility of a BACS transfer or anything like that.

This seems criminally careless! The postman has left parcels twice on my doorstep for anyone to nick this year and I don't trust the Royal Mail to be careful enough to get my signature (as opposed to any random person who shares my streetdoor and answers the doorbell) even if YB send it recorded delivery or something.

thats because RM deliver to addresses not people.so theres no 'trust' issue. I wouldnt expect it to be sent any other method than standard mail.just like millions of other cheques are every year

My mum has loads of a/cs with many different banks and with fairly large sums of money in that I'm going to have to close out and rationalise and I'm in for a terrifying year if all these banks are going to behave so recklessly with her money.

Is there any way of insisting on an alternative or any redress if a cheque like that simply doesn't turn up? This really seems an appalling method for banks to use. :mad:

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cashferret

somethingtypical wrote: »

If someone steals a cheque for £30,000 what are they going to do with it? There's nothing to worry about, a cheque for this size is going to scrutinized at the time of paying in and when it goes through outclearing.

That sounds reassuring - does the "outclearing" bit you mention mean that the issuing bank will check that the cheque is being paid into an a/c in my mother's name?

Maybe it is just all the responsibility getting to me and I am being overanxious!

sabretoothtigger

Royal Mail will hold mail at the post office instead of delivering if you ask them

custardy

sabretoothtigger wrote: »

Royal Mail will hold mail at the post office instead of delivering if you ask them

you mean the delivery office? theres no service to hold mail at post offices