The car was insured under two names, and so these names are on the cheque. If you put a cheque in joint names, it will have to be paid into a joint bank account. Random Acts of Kindness and All things Positive! Stopping cheques and other cheque issues Stopping a cheque. A. Cheques addressed to two persons can be deposited into a joint account belonging to them, or to either person's personal account depending on how the cheque is written. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. Other Reclaiming: Mortgage Fees, Council Tax etc, Pensions, Annuities & Retirement Planning, Report Holiday Deals, Bargains & Special Offers, Martin's Blogs & Appearances & MoneySavingExpert in the News. Having already set up a limited company and registered with Companies House with one name they find that they would rather run the business under another name. Location: Dublin. Print and sign the form, then post it to us, along with your cheques, to: Nationwide Building Society PO Box 8888 Swindon SN38 1NW. If the name is slightly wrong there may be a bit of tooing and froing between the two banks. If NAB does cash a crossed cheque, it may be … SANTANDER TO CUT 123 CURRENT ACCOUNT INTEREST AGAIN - AND IT'LL NOW PAY 0.3%, FORMER UTILITY POINT CUSTOMERS STRUGGLING TO GET CREDIT REFUNDS, VIRGIN MONEY TO AXE ONLINE CREDIT CARD SERVICES NEXT MONTH - HOW IT AFFECTS YOU. etc. Similarly, a cheque payable to two people (normally known as a joint account) can only be paid into an account in the name of the two people exactly as they appear on the cheque. If a credit check is a no-go, you'll have to open a joint Easycash account (these are not credit checked), pay the cheque in, wait for it to clear, then take the money out. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. That means the bank accepts cheques in any of the three names. If you think you made a mistake, for example you wrote the wrong name on your cheque, or you lost it, you can ask your bank to cancel it. A cheque to X and Y can be paid into an account belonging to X or an account belonging to Y. We've been given a refund by our old energy company, made out in the form of a cheque, to us both. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. If we're the only check payee, we just endorse it by signing it on the back and we put it in the ATM, bring it to the bank or take photos of it with our cellphone. Legally, a cheque can only be cashed by the person or persons to whom it is made payable. You can trade using a different name to your registered name. Occasionally you might get a check that’s made out to you and another person. It's in my maiden name/payable to two people. Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. Biggest problem I had is that everyone in the bank wanted to tell me it was a big job and I needed to visit various different branches and book appointments, wait around, fill in forms etc. Before 1992, it was common practice to hand-over cheques made out to yourself to someone else. Cashing a check with two names on it can be done in one of two main different ways depending on how the names are written out. Source - had to figure out how to deposit a cheque made out to 3 people (parents + contractor) from insurance...My parents went to the contractor's bank and signed the cheque and deposited into the contractor's account. Received a cheque today from old mortgage company which is a goodwill payment for a mistake they made re cap on interest rates. Bank refused to accept as it was crossed and we don't have a joint account. Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. I had a few aliases on my sole trader business account for the same reason, I would imagine your situation will be similar. it is BOI cheque, with my name and one other name on the cheque. Find out more about how we use your information in our Privacy Policy and Cookie Policy. as banks like to do. Refund Cheque made out to two names. But when a check is made out to more than one person, it gets a little more complicated.How you go about depositing a check with two names on it depends on how the \"pay to the order of\" line is filled out. Cheques are a crucial part of the British payments landscape - nearly £840 billion of cheques were processed in 2012 – accounting for 10% of all payments made by individuals. Nevertheless, a lot of people still use cheques and would not want to make mistakes filling out their cheques. It is quite a common occurrence in the UK for Limited Companies to adopt a “trading” name to run their business with. The apartment management sent one check for the deposit return however since my roommate and I didn't live anywhere near each other, they sent the check to her address since it was closer. The cheque will be handled either by negotiation or by collection. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. Multiple Names in Cheque. 0. Yahoo is part of Verizon Media. Simply complete our paying in cheques form, and write your details on the back of each cheque as directed on the form. We often link to other websites, but we can't be responsible for their content. Can a check made out to 2 people be deposited into a non joint account? This is known as a ‘business name’. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. If it says or between the two names, either can deposit it. 0 0. Good luck. The cheque therefore must be paid to a bank (e.g. For example, if paying two individuals with different last names, write “John Doe and/or Jane Smith.” Find out if the two payees have the same surname. The bank should be able to add the trading name to your account to enable you to pay in cheques made out to that name. If a cheque is made out to more than one person, it has to be paid into a joint account. I received my refund check, however it is made out to myself and my exwife, so my first name, her first name and my surname. In theory yes. Fill out a paying in cheques form Check which words you need permission to use, and who from.. Trading names. Posted: Jun 5, 2015 By: StevensOnln1 Member since: Dec 10, 2011 If it says and, either can deposit it into a join account. If your bank is reasonable you can go there with your marriage certificate and get them to add an "also known as" onto your account (without changing your name on the account). Report Post. There is a charge for this service which means that the person to whom the cheque was made payable will get back less cash than the face value of the cheque. I've done it in the past with HSBC and it wasn't a problem. When you submit a cheque made out in a foreign currency, there are two possible ways the bank may process it. From your spelling of check (vs. cheque) I'm assuming you're in the USA, where endorsing checks is a thing. Canada has one of the most efficient cheque clearing systems in the world and, while the use of cheques has been declining with the growing popularity of electronic and card payments, financial institutions in Canada still process nearly a billion cheques every year. Make it out to one person only. The cheque is in date; The cheque has been signed and dated; The cheque has both the words and figures on the front of the cheque and that these match; That both the sort code and account number is included on the back of the cheque on the right hand side (we will pay the cheque to the account confirmed on the back of the cheque). Always remember anyone can post on the MSE forums, so it can be very different from our opinion. The rules concerning crossed cheques are set out in Section 1 of the Cheques Act of 1992 and prevent cheques being cashed by or paid into the accounts of third parties. The cheque cashing agencies will have already cashed the cheques for the person who has received the cheque (that is the person named in the payee line). 08.12.2017 09:53 #1. bazermc. You need to write the payee's name as it appears on their bank account. Editor, Marcus Herbert. If the name on the cheque differs to the account name because the customer has changed their name (e.g. There is often a charge for this. I have a check made out to myself and another person My bank will not allow e to deposit it into my personal account and there is no way to set up a joint account at this time. Comments. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. BearBear Posts: 137. Milford has left the house & aint coming back! You can pay it into his account. This isn't a common practice in some other countries, so for some people in this situation they may have to use a joint account or have both parties present at the bank. You can change your choices at any time by visiting Your Privacy Controls. If cheque is issued to Payee A and Payee B, cheque can be deposited to: Cheque writing is not as popular as it used to be. A cheque is just a standard format of a written instruction to your bank. I experienced this situation when my ex fiance and myself separated and closed our joint account. Obviously, we chose the latter. I was told (Natwest) that they couldn’t deposit a cheque that was made out to two different people with different names without a joint account. If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. For example, you’d get a multi-party check if you are due a tax refund and you and your spouse filed a joint tax return. amendment to the Bills of Exchange Act spelt out quite clearly that banks would be. We were asked if we wanted a cheque made payable to us both, or separate cheques. “After section 81 of the Bills of Exchange Act 1882 there shall be inserted the following section—81A—(l) Where a cheque is crossed and bears across its lace the words "account payee" or "a/c payee", either with or without the word "only", the cheque shall not be transferable, but shall only be valid as between the parties thereto." thanks Julie amendment to the Bills of Exchange Act spelt out quite clearly that banks would be. You simply had to write the name of the person on the back of the cheque and that was it – job done. Posts: 2,551. marriage) and can provide documentary proof (we would require a legal linking document such as a marriage certificate to prove the link between the names or in the case of divorce, a birth certificate to show the maiden name), it is acceptable for a branch to process a cheque. These days you can do a lot via online banking. Inland Revenue document, gas bill, benefits entitlement letter etc etc. If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. The rules mean that a cheque which bears the ‘A/C Payee’ crossing can only be paid into an account in the name of the recipient exactly as it appears on the cheque. 1 decade ago. Re: Cashing check with two names on it. Remember to keep the cheque stub that contains the cheque … If it's a cardcash, I believe a credit check will be run on your partner. When a foreign cheque is paid by negotiation, your bank will quickly credit your account with the cheque funds, typically within a few days. They generally signed them on the back, paid them into their own account and that was that. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. On a crossed cheque the words “account payee only” (or similar) are printed between two parallel vertical lines in the centre of the cheque. I recently cancelled my car insurance, and got a refund cheque. View profile; Send Private Message; View all posts; Add to Ignore List; Registered User. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. This is called a multi-party, or joint, check. 1 A cheque is an agreement of payment between two individuals or organizations. into a customer's account). We don't think much about depositing a check made out to ourselves. As far as I'm aware, if you both sign, you can cash it, but as this cheque says "not negotiable a/c payee only" I think I have to deposit it? So I crossed off her name and initialled the change with the account holder's initials and re presented the cheque and it was accepted. I hope this helps. She took the check in to deposit it and had no problem just endorsing it with … The cheque cleared in two days, with no questions asked by the bank. *Names have been change to protect the innocent. If you are making the cheque out to an individual you will need to use their full name, for example "Martin Lane" or "M Lane". familiarise yourself with the latest version. I don't know the policies at all banks, but I was told by someone at CIBC that there are rules for items being deposited into the ATM and the name would not be verified unless the cheque was over a certain amount (don't remember the number, but it was very high). This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. I want to lodge it into my own account that just has name name on it. The (potential) problem being, we don't have a joint bank account. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). Separate the two names with either “and” or “or," depending on what you decided regarding how many payees should have to endorse the check. If the name on the cheque differs to the account name because you have changed your name (e.g. Checks made out to either individual using the word “or” can be cashed by either person. ... Cheques made out to just one name can be paid into sole or joint accounts bearing that name. You don't need both names. You might have to get the person who wrote the check to cancel the old one and give you another. On my own account is my name and my two related business names. The second payee on the cheque will need to endorse the back of the cheque with a signature in the presence of the cashier. Would one of us be able to pay the cheque into our own account? If the drawer of the cheque crosses out the term "account payee only" and initials the amendment, then the cheque can be presented in to a single name account. If you want to test the depth of the water .........don't use both feet ! The cheque reads: PAY MR XXXX MS YYYY and is crossed A/C PAYEE It's a relatively small amount (under £100) Will have to pay it into my own account that just has name... Word “ or ” can be paid to a bank ( e.g i to! Bearing that name how the check to cancel the old one and give you.... Quite clearly that banks would be us both, or joint accounts bearing name. Word “ or ” can be paid into sole or joint accounts bearing name! To either individual using the word “ or ” can be cashed by the person on the of. 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