Multiple name bank account

pocohontas

Dear all,
My two sisters and I have shares in a company in all three of ours name. We received some dividend cheques but as we don't have an account held by all three of us we can't pay them in!!! To make it worse, we live far away from each other so can't all be present to open an account. I've rung a few banks and they say we can't open an account in the three of ours name unless we are all physically there and lots of banks won't let us open an account with more than two names. Surely, we should be able to do this by post or over the internet?!?!!?
If we ask for the cheques to be reissued we will be charged at least £25 which hardly makes it worth while!
Any advice please?????
Cheers,
P.

jjlandlord

pocohontas wrote: »

If we ask for the cheques to be reissued we will be charged at least £25 which hardly makes it worth while!

If spending £25 on this is not worthwhile, the time and effort to try to open a bank account in your 3 names probably isn't either...

Perhaps the most economical way forward is still to ask for the cheque to be re-issued and ask at the same time that all future dividends be sent as such.

barak

jjlandlord wrote: »

If spending £25 on this is not worthwhile, the time and effort to try to open a bank account in your 3 names probably isn't either...

Perhaps the most economical way forward is still to ask for the cheque to be re-issued and ask at the same time that all future dividends be sent as such.

I agree!

pocohontas - Forget about the bank account in three names. All three of you should sign a mandate for future dividends to be paid to - I suggest - the first named on the share certificate who can distribute it.

Again for the future, assuming that you want to keep the shares, an alternative - but in the long run even better - solution would be to split the share holding into three so that each of you can receive his/her dividend. This can be done at no cost by completing and sending to the company's registrar three stock transfer forms which you would all have to sign - to transfer one-third of the joint share holding to each one of you.

It sounds complicated, but isn't really although you may need to get some help with completing the stock transfer form which has changed slightly since 6th April 2012.