Stimulus Cheque, please help - unable to cash at Nationwide bank

DiamondLil

Citibank.  Pretty sure they still have USD current accounts as well as sterling

[Deleted User]

DiamondLil said:

Citibank.  Pretty sure they still have USD current accounts as well as sterling

They only deal with high net worth individuals in the UK- this may or may not apply in this case

DiamondLil

dahj said:

DiamondLil said:

Citibank.  Pretty sure they still have USD current accounts as well as sterling

They only deal with high net worth individuals in the UK- this may or may not apply in this case

Thanks -  didn't know this. I had accounts with them for years.

MNicholas

Socajam said:

I have a friend with a NatWest Bank account who have no problems depositing US cheques into their account.
Bear in mind the cheques take a while to clear. 

Thanks Socajam, they used to be with NatWest, shame they switched accounts really!

MNicholas

_shel said:

 Hsbc but you will need to open an account. Costs about £12 

 Thats the reason we didnt shift to nationwide despite their good accounts. They wont cash foreign cheques and we receive them regularly. 

Thanks shel, it's looking more and more like that's the only option then...to try and open another account

MNicholas

jonesMUFCforever said:

No account = no chance of getting the USD cheques cashed.
Nationwide Building society made a decision some time ago to stop accepting dollar cheques. If they are not happy with Nationwide they could switch their accounts to a bank that will accept them.
As far as I am aware he could bank both cheques together and incur one charge for both cheques (based on sterling value).However he needs to get his skates on - banks will only accept foreign cheques if they are less than 5 months old giving them time to negotiate them before they go stale or out of date.

Thanks jonesMUFCforever, I wonder if they would be able to open a 2nd joint bank account then, just in order to cash the cheques. Do people have more than one bank account these days?

MNicholas

Thrugelmir said:

There'll be fees for depositing foreign cheques plus a considerable time lag in obtaining clearance. 

Thanks Thrugelmir, they wouldn't have minded that if it meant they could cash it

MNicholas

born_again said:

Putt in a frame and hang it on the wall.

Cashing this will cause some interesting questions from the bank and also mean you get reported to the US tax authorities by the UK bank.
FATCA....

Thanks born_again, that's exactly what my Mum said 
They've had foreign US social security and VA cheques paid in for 40+ years (last dozen or so with Nationwide), there's been no issues that they've been made aware of, none that any bank (or any other entity) have advised on at any rate.

MNicholas

John_ said:

Why not open a USD account and pay it in?

Thanks John, how would that happen? They reside only in the UK, don't you need to be actually living in the US in order to open a bank account in that country?

MNicholas

Ballard said:

born_again said:

Putt in a frame and hang it on the wall.

Cashing this will cause some interesting questions from the bank and also mean you get reported to the US tax authorities by the UK bank.
FATCA....

Presuming that they advised the bank that they are US citizens when they opened the account I don’t see why this would raise any awkward questions and FATCA would already be aware of them. 

Thanks Ballard, my mother is English, my father is American; they disclosed all personal information on the bank account application form/s so Nationwide is aware of my father's nationality. There hasn't been any issues to date.