Leeds Building Society Regular Saver (Issue 4)

lisyloo

It's very rare that they go missing or are stolen. And the computer printed cheque with your name on it would mean no one would be able to alter it by hand at least and it's not in their name.

But anyone with the ability to set up an account in the same name can pay it in right?
Rare - I agree.
Would I be covered though if it did happen to me?

If you wanted, you could write on the withdrawal form (below) the bank, sort and account numbers in the payable line so that it can only be deposited by you into your account in such a circumstance of you not receiving it, like Halifax - Mr A Smith or Mr A Smith 00-00-00 12345678, for extra security. I write the name of the bank before the persons name, if I know it. Chequebook inner page actually advises this method for protection.

Ah I didn't know that.
Thanks !!!


As it happens its very easy for me to get to banks and it doesn't cost me that much either (because there is a daily cap on public transport), so I think I might just do it that way to save time and just get it done (it's paying off our mortgage so there is a certain satisfaction).

You're actually more likely now to be defrauded from card fraud than cheque fraud thanks to Contactless.

For the ISAs in question we have no cards, cheque or online IDs which I was quite glad about when a password was stolen (it was not used for any account only for asking for money) and yes I have changed them all now and made them identifiable.

aj23_2

lisyloo wrote: »

But anyone with the ability to set up an account in the same name can pay it in right?
Rare - I agree.
Would I be covered though if it did happen to me?





Ah I didn't know that.
Thanks !!!


As it happens its very easy for me to get to banks and it doesn't cost me that much either (because there is a daily cap on public transport).

They'd have to prove it was them who had that name though, either through online ID check or in person. I doubt that would even happen. That's why if you wrote on the withdrawal form, that you want the cheque payable to your name followed by the sort code and account number of where you will deposit, only you have that account number.

lisyloo

They'd have to prove it was them who had that name though

There are probably hundreds maybe thousands of people across the country who geuninely have the right to use the same name as me.
Might be different if I was called Anastasia Humperdinck but I'm not :-)


Agree about the account number (thanks for the tip).


Still don't want to wait for 2 lots of second class post to pay off the mortgage !!! :-))

aj23_2

lisyloo wrote: »

There are probably hundreds maybe thousands of people across the country who geuninely have the right to use the same name as me.
Might be different if I was called Anastasia Humperdinck but I'm not :-)


Agree about the account number (thanks for the tip).


Still don't want to wait for 2 lots of second class post to pay off the mortgage !!! :-))

Yeah but they wouldn't necessarily have your other info as the same, like DOB, address, NI number etc. I really don't think you'll have a problem. If not, just go to branch and withdraw. :j

lisyloo

Yeah but they wouldn't necessarily have your other info as the same, like DOB, address, NI number etc.

Why do they need that?
If postman Joe Bloggs steals a cheque in the name of Fred Smith (say), then all he has to do is ask his mate Fred Smith to cash the cheque for a cut. Why does he need the other info? You only need an account in a matching name to cash a cheque and anecdotally they aren't they fastidious at checking names, dates etc.


This has been done before. I'm not saying it's likely at all in fact it's rare, I just dont think it's completely safe for your life savings if it JUST depends on name (I'm now aware of the account number tip).


What if it gets stuck behing a radiator and is genuinely lost in the post?
How long would I have to wait to be re-imbursed?
It would be a problem if that extended past my mortgage term.
I agree it's rare but it does happy that things get lost in the post and this is one of those time I need it not to happen.

aj23_2

lisyloo wrote: »

Why do they need that?
If postman Joe Bloggs steals a cheque in the name of Fred Smith (say), then all he has to do is ask his mate Fred Smith to cash the cheque for a cut. Why does he need the other info? You only need an account in a matching name to cash a cheque and anecdotally they aren't they fastidious at checking names, dates etc.


This has been done before. I'm not saying it's likely at all in fact it's rare, I just dont think it's completely safe for your life savings if it JUST depends on name (I'm now aware of the account number tip).


What if it gets stuck behing a radiator and is genuinely lost in the post?
How long would I have to wait to be re-imbursed?
It would be a problem if that extended past my mortgage term.
I agree it's rare but it does happy that things get lost in the post and this is one of those time I need it not to happen.

Yeah but these hypotheticals are very extreme! Do it however works best for you.

Wheres_My_Cashback

pafpcg wrote: »

Wow! That's a "solution" that sounds just like I'd have suggested back in the days when I had responsibility for IT systems: avoid the problem and hope a fix for the fault can be found sometime later!

Nothing wrong with a short term work around whilst dealing with the fundamental issue, however in your case I suspect nothing would be suitable !

lisyloo

aj23 wrote: »

Yeah but these hypotheticals are very extreme! Do it however works best for you.

Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.

aj23_2

lisyloo wrote: »

Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.

You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.

lisyloo

aj23 wrote: »

You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.

Thanks for the info.
I agree it's rare for post to get lost, but it does happen occassionally, for example post vehicles are involved in an accident.

I can imagine it would be very stressful if your life savings were withdrawn and you didn't know where they were.