Is interest due on historic resubmitted cheques?

Janet_Russell

I have recently found some cheques from various financial institutions relating to dividend and compensation payments, which date back 5 years. I have returned cheques to Scottish Widows reclaiming the sum with interest, which they have duly paid. Hooray! However, Scottish Life have refused to pay me interest and I was wondering where I stood on this. Are they obliged to pay me interst in these circumstances? What can I do? Any advice would be appreciated.

Aggrieved

Mark7799

Not sure about the legal situation - I would have thought if you wanted to claim the interest you would have to come up with a pretty good reason as to why they hadn't been cashed for this long time.

jonesMUFCforever

I would agree with Mark - the company issues a cheque - end of story as far as they are concerned.
If you do not receive it within a reasonable time you would contact them to tell them - it's not their fault that you did not present the cheque for payment.

ManAtHome

Sounds like you got more than a result with Scottish Widows...

If you bought something privately and paid by cheque, what would your response be if they didn't cash the cheque then came back to you for interest?

After 5 years, I'd take a re-issue of the cheque as a good deal - they're normally only valid for 6 months. If you still have shares outside an ISA, most give the option to pay dividends into a bank account (I started doing this after finding an 8 month old cheque).