USD Cheque back to the UK

rvg400

Back in the 90's I worked as an expat in the USA. Earlier in the year I was lucky enough to discover that I had a pension in the US even though I thought I hadn't.

I decide to cash the pension in and take a lump sum getting the point of this being OK's is another story but I did eventually manage it.

Fidelity, who the pension is with, won't do electronic transfer to a foreign bank account so the only choice was to get a paper cheque.

This eventually arrived and I talked to firstdirect about getting this paid into my bank account. They would use their contacts in HSBC to progress. The cheque was duly sent to FD and then progressed via collection process and arrived in the US.

The problem I have now is that the cheque was returned by the bank that issued it stating URC 522 provisions as the reason. I cannot get a more detailed reason and now waiting before progressing.

Does anyone know what URC 522 provisions mean? Any other help in progressing USD cheques would be appreciated as I may in the end have to request a new one if there is a problem with the way the cheque was presented.

agrinnall

URC is Uniform Rules for Collections. This is a document relating to URC 522, good luck!


https://www.law.kuleuven.be/personal/mstorme/URC522.pdf

rvg400

Thanks for that I had already found that document. The problem is I need to know from the bank the specific reason for it not being paid. Still waiting for that. Once I get one I can then react accordingly. At the moment nothing and no progress!!! Frustrating!

jonesMUFCforever

Did you endorse the cheque by signing your name on the back of the cheque?

xylophone

This was a dollar cheque drawn by Fidelity on their account with a US bank?

http://www1.firstdirect.com/1/2/legals/terms-and-conditions/our-account-terms/charges

Foreign cheques (in a foreign currency or a Sterling/Euro cheque from a bank abroad)

We can either negotiate (where it's in the same currency as your account) or collect (where it's in a different currency to your account) foreign cheques to be paid into your account - see section 10opens a new window for more details.

http://www1.firstdirect.com/1/2/legals/terms-and-conditions/our-account-terms/all-accounts#section10

Collection of a foreign cheque

We'll collect the cheque amount from where it was issued before we pay it into your account. We may also delay paying the money into your account until we're confident it won't be returned unpaid.

We'll then convert the cheque amount we receive into Sterling before we pay it into your account. We'll use the first direct Exchange Rate at the time so we can't guarantee this will be the same as the rate on the day we received the cheque.

You'll need to sign the back of the cheque using exactly the same name given on the front.

As poster above says, did you endorse the cheque?

rvg400

Xylophone, thanks for the reply. I did make the mistake of not endorsing the cheque as I was then posting it on. I thought this may be the reason but when I got the return notification from the Bank (FD) I mentioned this and the operator said this shouldn't matter which contradicts the statement about the same signature on the back as the name on the front.

Can you point me to where this is stated in any T&C's?? Looks to me that I need to request another cheque and sign it on the back before sending in for collection.

Thanks again for this.

rvg400

Apologies, I just noticed it's the last sentence in Section 10 of the link you sent me!!!!

Thanks again.

Ballard

I would complain to FD. They are offering a service and should be fully aware of the rules and should check it out before sending it overseas.

xylophone

Looks to me that I need to request another cheque and sign it on the back before sending in for collection.

But you need to establish why the first transaction has failed or the same could happen again.

Have you tried contacting Fidelity? They have drawn a cheque in your favour on their account and you have not received value.

rvg400

Thanks to all for the reply's. I have asked FD to confirm the reason and will chase. As soon as I get confirmation of the reason I can then request a replacement cheque if needed.

Thanks again for the help.

jonesMUFCforever

One more question - was the cheque paid into a personal or business account?