Past-Member, Feb 18, 2011 #2. amendment to the Bills of Exchange Act spelt out quite clearly that banks would be. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. 0 0. This is known as a ‘business name’. The cheque therefore must be paid to a bank (e.g. When a foreign cheque is paid by negotiation, your bank will quickly credit your account with the cheque funds, typically within a few days. 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. 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. The cheque will be handled either by negotiation or by collection. The cheque cleared in two days, with no questions asked by the bank. If the name on the cheque differs to the account name because the customer has changed their name (e.g. 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. I had a few aliases on my sole trader business account for the same reason, I would imagine your situation will be similar. 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. On my own account is my name and my two related business names. Cheque writing is not as popular as it used to be. You don't need both names. Before 1992, it was common practice to hand-over cheques made out to yourself to someone else. 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. thanks Julie Stopping cheques and other cheque issues Stopping a cheque. 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. 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. Report Post. 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. Random Acts of Kindness and All things Positive! 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. The (potential) problem being, we don't have a joint bank account. Good luck. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. If you want to test the depth of the water .........don't use both feet ! On a crossed cheque the words “account payee only” (or similar) are printed between two parallel vertical lines in the centre of the cheque. We often link to other websites, but we can't be responsible for their content. Checks made out to either individual using the word “or” can be cashed by either person. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. 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? 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. familiarise yourself with the latest version. We were asked if we wanted a cheque made payable to us both, or separate cheques. If the name on the cheque differs to the account name because you have changed your name (e.g. 08.12.2017 09:53 #1. bazermc. Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). Obviously, we chose the latter. Editor, Marcus Herbert. Refund Cheque made out to two names. From your spelling of check (vs. cheque) I'm assuming you're in the USA, where endorsing checks is a thing. *Names have been change to protect the innocent. 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 check was made out to both people using the word “and,” then it has to be cashed by both parties. There is often a charge for this. We don't think much about depositing a check made out to ourselves. 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. 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. Location: Dublin. You need to write the payee's name as it appears on their bank account. Checks made out to either individual using the word “or” can be cashed by either person. I've done it in the past with HSBC and it wasn't a problem. 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. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. These days you can do a lot via online banking. If a cheque is made out to more than one person, it has to be paid into a joint account. Bank refused to accept as it was crossed and we don't have a joint account. I want to lodge it into my own account that just has name name on it. Would one of us be able to pay the cheque into our own account? Multiple Names in Cheque. 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. Check which words you need permission to use, and who from.. Trading names. It had both her full name and my full name. If it's a cardcash, I believe a credit check will be run on your partner. 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). If it says or between the two names, either can deposit it. Fill out a paying in cheques form Simply complete our paying in cheques form, and write your details on the back of each cheque as directed on the form. 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. 1 A cheque is an agreement of payment between two individuals or organizations. 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). We've been given a refund by our old energy company, made out in the form of a cheque, to us both. as banks like to do. It is quite a common occurrence in the UK for Limited Companies to adopt a “trading” name to run their business with. 0. If you put a cheque in joint names, it will have to be paid into a joint bank account. The cheque reads: PAY MR XXXX MS YYYY and is crossed A/C PAYEE It's a relatively small amount (under £100) into a customer's account). I experienced this situation when my ex fiance and myself separated and closed our joint account. This is called a multi-party, or joint, check. If cheque is issued to Payee A and Payee B, cheque can be deposited to: Comments. You might have to get the person who wrote the check to cancel the old one and give you another. Posted: Jun 5, 2015 By: StevensOnln1 Member since: Dec 10, 2011 A cheque to X and Y can be paid into an account belonging to X or an account belonging to Y. 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. Up until 1992, there was no reason why a person could not hand over a cheque, made payable to themselves, to someone else for them to pay into their own bank account. etc. Milford has left the house & aint coming back! Nevertheless, a lot of people still use cheques and would not want to make mistakes filling out their cheques. Yahoo is part of Verizon Media. Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. Inland Revenue document, gas bill, benefits entitlement letter etc etc. Re: Cashing check with two names on it. A common instruction is for the cheque to be deposited directly to an account with a bank and not to be immediately cashed by the holder over the bank counter. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. Make it out to one person only. 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. 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. Separate the two names with either “and” or “or," depending on what you decided regarding how many payees should have to endorse the check. 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. 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. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. BearBear Posts: 137. If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. 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. Join Date: Aug 2008. If the name is slightly wrong there may be a bit of tooing and froing between the two banks. Legal Eagle Member. Received a cheque today from old mortgage company which is a goodwill payment for a mistake they made re cap on interest rates. 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. “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." 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". Posts: 2,551. H and I have now separated and so no longer have the joint account, … amendment to the Bills of Exchange Act spelt out quite clearly that banks would be. Legally, a cheque can only be cashed by the person or persons to whom it is made payable. But if you make it out to both names, they will HAVE to pay it into the joint account. A. 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. I recently cancelled my car insurance, and got a refund cheque. 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). We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. 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. If you cross a cheque (by drawing two parallel lines from top to bottom across the front of the cheque), you are telling NAB not to cash it over the counter. it is BOI cheque, with my name and one other name on the cheque. You can trade using a different name to your registered name. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. Stopping cheques and other cheque issues stopping a cheque to X or an account belonging X. Or separate cheques done it in the presence of the three names be run your. As directed on the cheque with a roommate about how we use your information in our Policy... Their content account other than in the USA, where endorsing checks is a goodwill payment for a year a. 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