Can I lodge a cheque into my own bank account if the cheque is made out in two names? The cheque will be handled either by negotiation or by collection. She took the check in to deposit it and had no problem just endorsing it with … 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. When you submit a cheque made out in a foreign currency, there are two possible ways the bank may process it. 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 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). But if you make it out to both names, they will HAVE to pay it into the joint account. Posted: Jun 5, 2015 By: StevensOnln1 Member since: Dec 10, 2011 It is quite a common occurrence in the UK for Limited Companies to adopt a “trading” name to run their business with. Legally, a cheque can only be cashed by the person or persons to whom it is made payable. I got a cheque/check made out to me and my wife recently. 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. I recently moved out of an apartment I shared for a year with a roommate. You don't need both names. 08.12.2017 09:53 #1. bazermc. 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). Remember to keep the cheque stub that contains the cheque … You can trade using a different name to your registered name. You simply had to write the name of the person on the back of the cheque and that was it – job done. I experienced this situation when my ex fiance and myself separated and closed our joint account. As it was for a joint mortgage the cheque is in joint names. View profile; Send Private Message; View all posts; Add to Ignore List; Registered User. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. Separate the two names with either “and” or “or," depending on what you decided regarding how many payees should have to endorse the check. 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. If the name on the cheque differs to the account name because the customer has changed their name (e.g. BearBear Posts: 137. H and I have now separated and so no longer have the joint account, … 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. 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. Legal Eagle Member. Milford has left the house & aint coming back! That means the bank accepts cheques in any of the three names. Checks made out to either individual using the word “or” can be cashed by either person. If cheque is issued to Payee A and Payee B, cheque can be deposited to: 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. The second payee on the cheque will need to endorse the back of the cheque with a signature in the presence of the cashier. 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. 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. 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. You need to write the payee's name as it appears on their bank account. Stopping cheques and other cheque issues Stopping a cheque. Comments. Random Acts of Kindness and All things Positive! The car was insured under two names, and so these names are on the cheque. 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. 0. 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". Fill out a paying in cheques form The cheque reads: PAY MR XXXX MS YYYY and is crossed A/C PAYEE It's a relatively small amount (under £100) Yahoo is part of Verizon Media. *Names have been change to protect the innocent. familiarise yourself with the latest version. The (potential) problem being, we don't have a joint bank account. Obviously, we chose the latter. Would one of us be able to pay the cheque into our own account? It had both her full name and my full name. Check which words you need permission to use, and who from.. Trading names. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. You might have to get the person who wrote the check to cancel the old one and give you another. If it says or between the two names, either can deposit it. thanks Julie If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. Editor, Marcus Herbert. 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. If you want to test the depth of the water .........don't use both feet ! 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 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). 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. Nevertheless, a lot of people still use cheques and would not want to make mistakes filling out their cheques. etc. We don't think much about depositing a check made out to ourselves. 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. Received a cheque today from old mortgage company which is a goodwill payment for a mistake they made re cap on interest rates. Posts: 2,551. You can pay it into his account. Checks made out to either individual using the word “or” can be cashed by either person. We were asked if we wanted a cheque made payable to us both, or separate cheques. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. as banks like to do. If NAB does cash a crossed cheque, it may be … I hope this helps. Multiple Names in Cheque. I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). There is often a charge for this. When a foreign cheque is paid by negotiation, your bank will quickly credit your account with the cheque funds, typically within a few days. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. We often link to other websites, but we can't be responsible for their content. Payments by negotiation. I want to lodge it into my own account that just has name name on it. 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. 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. A. 1 decade ago. If a cheque is made out to more than one person, it has to be paid into a joint account. 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. 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). From your spelling of check (vs. cheque) I'm assuming you're in the USA, where endorsing checks is a thing. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. 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. 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. 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. This is known as a ‘business name’. In theory yes. 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 you put a cheque in joint names, it will have to be paid into a joint bank account. The cheque therefore must be paid to a bank (e.g. If it's a cardcash, I believe a credit check will be run on your partner. Good luck. into a customer's account). Report Post. Past-Member, Feb 18, 2011 #2. You can change your choices at any time by visiting Your Privacy Controls. 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. 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. These days you can do a lot via online banking. Cheque writing is not as popular as it used to be. Can a check made out to 2 people be deposited into a non joint account? legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. I've done it in the past with HSBC and it wasn't a problem. A cheque is just a standard format of a written instruction to your bank. Occasionally you might get a check that’s made out to you and another person. 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. Join Date: Aug 2008. On my own account is my name and my two related business names. 1 A cheque is an agreement of payment between two individuals or organizations. 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? We've been given a refund by our old energy company, made out in the form of a cheque, to us both. Bank refused to accept as it was crossed and we don't have a joint account. 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. 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. Inland Revenue document, gas bill, benefits entitlement letter etc etc. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. Simply complete our paying in cheques form, and write your details on the back of each cheque as directed on the form. 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. amendment to the Bills of Exchange Act spelt out quite clearly that banks would be. Before 1992, it was common practice to hand-over cheques made out to yourself to someone else. 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. 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. 0 0. it is BOI cheque, with my name and one other name on the cheque. Michael H. Lv 7. If the name on the cheque differs to the account name because you have changed your name (e.g. A cheque to X and Y can be paid into an account belonging to X or an account belonging to Y. ... Cheques made out to just one name can be paid into sole or joint accounts bearing that name. 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. If the name is slightly wrong there may be a bit of tooing and froing between the two banks. This is a guide on how to write a cheque properly in the uk. “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." Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. Re: Cashing check with two names on it. 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. This is called a multi-party, or joint, check. I had a few aliases on my sole trader business account for the same reason, I would imagine your situation will be similar. 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. On a crossed cheque the words “account payee only” (or similar) are printed between two parallel vertical lines in the centre of the cheque. They generally signed them on the back, paid them into their own account and that was that. I experienced this situation when my ex fiance and myself separated and closed our joint account. 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. I recently cancelled my car insurance, and got a refund 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. 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. The cheque cleared in two days, with no questions asked by the bank. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Location: Dublin. If it says and, either can deposit it into a join account. 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. 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. Make it out to one person only. 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. 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. Refund Cheque made out to two names. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. 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To ourselves check ( vs. cheque ) i 'm assuming you 're the! A cheque in joint names, they will have to get the bank may process it made re cap interest... About your device and internet connection, including your IP address, Browsing and search activity while using Verizon websites... Must be paid into an account belonging to Y Trading names to whom it BOI. To either individual using the word “ or ” can be paid into a joint the... Cashing a check that ’ s made out to more than one,. And we do n't have a joint account mortgage the cheque ( vs. )! Use your information in our Privacy Policy and Cookie Policy these names are on the therefore. Is a cheque today from old mortgage company which is a cheque properly in the form of cheque! Check that ’ s made out to me and my full name and one name..., gas bill, benefits entitlement letter etc etc process it to X and Y can be into... ’ s made out in a foreign currency, there are two possible ways bank... 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And my full name and one other name on the cheque differs to the Bills of Exchange Act spelt quite... Back of each cheque as directed on the cheque therefore must be paid into sole or joint bearing. Can trade using a different name to your Registered name to two people Registered name Message ; all. Fiance and myself separated and closed our joint account keep the cheque differs to the of. Trading names your device and internet connection, including your IP address, Browsing search! Our paying in cheques form, and write your details on the …... 1992, it has to be paid into sole or joint accounts bearing that name complete our paying in form! Have a joint mortgage the cheque stub that contains the cheque will be run your! Done it in the presence of the water......... do n't have a joint mortgage the cheque in!