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3rd party cheques

  • 08-12-2003 11:41am
    #1
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭


    Are 3rd party cheques legal? If the original payee signs over the cheque can the third party lodge it ok to their bank?

    Also are cheques payable to cash legal?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Originally posted by Bond-James Bond
    Are 3rd party cheques legal? If the original payee signs over the cheque can the third party lodge it ok to their bank? Also are cheques payable to cash legal?
    AFAIK they are legal - just be damned sure they have cleared before you hand over the merchanise. You would also need a good explanation as to why the original payee can't give you cash or a cheque of their own.

    If in doubt don't accept it or don't hand over the goods until you have spoken to your bank and confirmed the cheque is OK. If needs be also check with the cheque signer that it is valid.


  • #3
    sceptre
    Registered Users, Registered Users 2 Posts: 19,608 ✭✭✭✭sceptre


    Cheques payable to cash are also legal. Pretty dangerous though for both the payer and payee - it's the equivalent of walking around with a signed cheque with no payee where you can't enter your own name to give you some protection. In other words, I'd take one but run to the bank with it pretty quickly.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Most "cash" cheques are for small amounts (e.g. petty cash for €100) - if you get one cross it (two parallel diagonal lines) and it can only be lodged through and account then and not taken as cash.


  • #5
    shoegirl
    Registered Users, Registered Users 2 Posts: 2,029 ✭✭✭shoegirl


    Yes, both types of cheque are legal.

    However, if the signature does not match the bank's copy of the signature it will be returned. I would not accept a 3rd party cheque from somebody I did not know. It is just the same as taking a cheque without a cheque guarantee card.


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