I wrote a cheque out to "N W Plumbing", and have discovered it was paid into a HSBC account of "Norman John Jefferies". I thought this wasn't allowed because of money laundering regulations.
If it's not allowed, can someone point me to the relevant rule/ legislation?
Also, am I, as the drawer, in a position to say to the bank "give me my money back"?
You would be wrong.
no
tim
So why will my bank not allow me to pay a cheque with another name into my account? You used to be able to counter-sign cheques but not any more.
It may be that the account is set up thus: "Norman John Jefferies T/A N W Plumbing" in which case Mr Jefferies can pay in cheques made out to to either.
BTW: How did you discover where it was paid in ?
Lars - I asked! I am getting a 3rd-party order to enforce a debt and so needed the other persons bank account details. I noticed the discrepancy when the info came back from my bank.
So why will my bank not allow me to pay a cheque with another name into my account? You used to be able to counter-sign cheques but not any more.
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Because they brought in a law to make the counter signing of crossed cheques more difficult.
It's still possible to pay a cheque into a different account but much harder than it was.
tim
What law, how much more difficult, and what new hoops do you now need to jump through to handle "counter-signed" (the technical term is "endorsed") cheques?
Are these rhetorical questions Ronald (perhaps because you believe that there is some incorrect technical simplification with my answer) ?
I find it hard to believe that you haven't seen someone like JB post the correct answer when he was still here.
tim
It may sound like it, but no, not at all. Difficult though you might find it to believe, I wasn't out to pick holes in what you said.
"Someone like"? I don't think there's anyone "like" John Boyle, he's pretty unique. I hope he's OK. I miss his banter.
He may well have given an answer to this particular question, but my memory ain't what it used to be. The way you said it seemed to suggest you meant a more recent change. Either way, I'm sure other readers would like to know, so if you don't mind, it's over to you.
Lars - I asked! I am getting a 3rd-party order to enforce a debt and so needed the other persons bank account details. I noticed the discrepancy when the info came back from my bank.
No probs, just wondered out of interest really, (no pun intended) :)
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