What Happened Here?

sheramber

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

When a cheque is presented to a bank it is forwarded to the issuing bank who deduct the money from the payer's account. 

The bank then retains that paid cheque , in some form, for at least 5 years. They used to send them to the payer with the monthly statement. They  stopped returning them  a few years ago.

But you can ask the bank for it.

grumbler

sheramber said:

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

But you can ask the bank for it.

Well, a statement looks like an easier option in this case. 

Stenwold

Nowadays most cheques are processed using the digital Image Clearing System, rather than the physical cheque being forwarded to the issuing bank.

The main reason for cheques being returned unpaid is due to there being an issue with the image once the cheque has been scanned e.g. it's a bit fuzzy or there's part of the image missing.

p00hsticks

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

I think the point being made is that if you send or give a beneficiary a crossed cheque then they have to make an effort to bank it, and the executor can see that this has happened - it therefore acts as a form of acknowledgement that the recipient has indeed received the cheque. Whereas if you send the money by faster payment, then you first have to obtain the beneficiaries banking details (via some reasonably secure method), then set them up as a new Payee on line, then make the Faster Payment and there is no real confirmation at the senders end that the payment has correctly reached the right recipient.

I'm shortly going to have to distribute money from an estate to around 40 beneficiaries, and don't know many of them at all well, so am currently weighing up the easiest / safest way of doing it ....

SiliconChip

sheramber said:

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

The bank then retains that paid cheque , in some form, for at least 5 years. They used to send them to the payer with the monthly statement. They  stopped returning them  a few years ago.

 You must have a different definition of "a few" to me. I've been banking for over 40 years and have never once had a cleared cheque sent to me with a statement.

Rob5342

SiliconChip said:

sheramber said:

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

The bank then retains that paid cheque , in some form, for at least 5 years. They used to send them to the payer with the monthly statement. They  stopped returning them  a few years ago.

 You must have a different definition of "a few" to me. I've been banking for over 40 years and have never once had a cleared cheque sent to me with a statement.

Same here - in 29 years I've never had a cheque returned (obviously I don't use them any more but when I was younger I used them all the time)

GaleSF63

SiliconChip said:

sheramber said:

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

The bank then retains that paid cheque , in some form, for at least 5 years. They used to send them to the payer with the monthly statement. They  stopped returning them  a few years ago.

 You must have a different definition of "a few" to me. I've been banking for over 40 years and have never once had a cleared cheque sent to me with a statement.

I've been banking for longer than that - Midland and Nationwide, and have never had cheques returned to me however I was always aware of the facility - I just never asked for it. 

noitsnotme

sheramber said:

grumbler said:

sheramber said:

For an executry , a cashed cheque is proof of payment, rather than having to produce a bank statement.

What's a 'cashed cheque' that can serve as a proof? Just curious...

Daliah said:

sheramber said:

For their own reasons, some people do not wish to give their bank details to someone else.

So they would write a cheque, which has their name, their sort code and their account number printed on it?

No, they wouldn't - exactly for this reason.

When a cheque is presented to a bank it is forwarded to the issuing bank who deduct the money from the payer's account. 

The bank then retains that paid cheque , in some form, for at least 5 years. They used to send them to the payer with the monthly statement. They  stopped returning them  a few years ago.

But you can ask the bank for it.

When I worked for Barclays 25+ years ago, the cheques written by the customers of the branch were never returned to them as a matter of course, only if requested.  They were stored in the branch basement, hundreds of boxes of them, poorly maintained.  It was a nightmare when we had to find a specific cheque if a customer wanted it back or there was a query.

Daliah

@PoGee, have you got to the bottom of what was wrong with the cheque?

p00hsticks

Daliah said:

@PoGee, have you got to the bottom of what was wrong with the cheque?

Yes, they updated us towards the start of page 2 - it turns out that the executor had transferred the money from the executor account to their own personal account, then written the cheque from that account and then not co-operated when their bank had asked some additional security questions when the cheque was presented.