2 Cheque's paid into my account then writing one big cheque out for my father.

Driving_Soon

My parents are having trouble paying their morgage. To help my parents out myself, auntie and uncle are each paying a little bit each to help them out. In total this is 10k. I am giving them the most, but with a a little bit from each my Auntie and Uncle.

To make things easier, they have each made a cheque out to me, which I have paid into my account. I then am writing out one big cheque and paying this to my fathers morgage companay.

I am just checking if this is legal and correct? .... Is this ok for this to happen?

dzug1

There is nothing in the least illegal about this - but it would be wise to draw up a document recording the transactions.

gordikin

Legal in what way?

dawyldthing

its your money so surely you can do what you want with it I would imagine

Driving_Soon

Thanks, well I just thought 2 cheques for a decent ammount of money (£2500.00 and £3000) be paid into an account then straight away out of an account may seem a little suspect?

but I'm glad it seems all ok, maybe me being a little over worried

Loughton_Monkey

Driving_Soon wrote: »

Thanks, well I just thought 2 cheques for a decent ammount of money (£2500.00 and £3000) be paid into an account then straight away out of an account may seem a little suspect?

but I'm glad it seems all ok, maybe me being a little over worried

Just one small thing (if still relevant). I know it's family, but still ensure that both cheques are fully cleared before writing your own. On the offchance there's a problem with one, then you could find significant overdraft problems with your own bank.

ERICS_MUM

Your bank might ask you where the money has come from, for money laundering purposes.

Driving_Soon

Cheers LM.

ERICS_MUM wrote: »

Your bank might ask you where the money has come from, for money laundering purposes.

Yeah, that's fine ... but if I explain then it should be Ok?

dizzybuff

Oh just make sure they can overpay . they may have a limit on what they can pay each month . I know we do .

As per money laundering , all transactions over 10k should be questioned. Explanation and reasoning given they will see the cheque from your reletives so I can see a problem.

dzug1

Driving_Soon wrote: »

Thanks, well I just thought 2 cheques for a decent ammount of money (£2500.00 and £3000) be paid into an account then straight away out of an account may seem a little suspect?

but I'm glad it seems all ok, maybe me being a little over worried

Not at all suspect - it happens a lot.

And there's an audit trail which is all that's needed.