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cheques

  • 27-09-2006 7:48pm
    #1
    paf
    Closed Accounts Posts: 9 ✭


    hi

    just wondering does anyone one know,whats the difference between writing a cheque say "to pay joe blooggs" and writing a cheque "to pay cash"


Comments

  • #2
    gonk
    Closed Accounts Posts: 144 ✭✭gonk


    paf wrote:
    hi

    just wondering does anyone one know,whats the difference between writing a cheque say "to pay joe blooggs" and writing a cheque "to pay cash"

    If it's made out to Joe Bloggs, Joe must either lodge it to his own account, cash it personally at the bank of the cheque writer, or endorse (sign) the back of the cheque (if it's not crossed "a/c payee only") so that it can be lodged or cashed by anyone.

    If the cheque's made out to cash, its effectively a bearer instrument, and can be lodged or cashed by anyone.


  • #3
    Hitchhiker's Guide to...
    Registered Users, Registered Users 2 Posts: 3,323 ✭✭✭Hitchhiker's Guide to...


    also the money will immediately leave your account if it is made out to "cash". It might take a bit longer if it is made out to a name.

    Far safer to make out a cheque to a name, unless you very much trust the other person.


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