Cheque Deposit Confusion

MickoDeBucko

Hello Lads,

I would like some advice about cheque deposits. I recently attempted to lodge a joint name cheque from an An Post account of approximately 19k euro to my EBS bank account.
My local EBS branch coudlnt lodge it because the cheque was in two names and my account was in a single name. The manager said I should contact An Post and get the cheque reissued in a single name.

Unfortunately, An Post can't do this, so I'm still stuck with a joint name cheque. So I'm trying to figure out what I can do with the this, the other name on the cheque is my father and he has no problem with me lodging the cheque (The only reason the an post account was joint name was because it was set up before I was 18, the contents was always intended to go to me at some date)

So that's where I'm at currently, trying to figure out what I can do next, I've gone back to An Post a few times, and sadly they've been less then helpful.

I was thinking that I could open a joint name EBS account with my father and then transfer the contents of the joint account to my single name account with his consent, but I'm not actually sure if this is possible? or if there are any restrictions on doing such a thing. There's quite a lot of money in the cheque after all.

Any help would be appreciated on the subject, I'm at a bit of loss as to what to do.
P.S. my EBS account is a money manager account (the one with no quarterly charges) if that makes any difference.

averagejoe123

I would go back to an Post and tell them to cancel the cheque. Once that has been done and the funds arrive back in your account I would instruct them to issue a cheque in your name alone, this may require your dads signature.

If they won't issue in your name alone tell them that you wish to withdraw the funds in cash. This may require your dad's signature and proof of the origin of the funds need to be given to the EBS but easier than setting up another joint account with your dad.

I would also look at seeing if your dad can resign off the account with an post at this stage.

Good luck with it.

G_R

Is the cheque crossed account payee only?

If not, if your dad signs the back of the cheque you should be able to lodge it in your account.

Alternatively, is there no way that AnPost could do an EFT for you and just transfer the funds to your account using your IBAN and BIC?

Spocker

I've been in this situation too (a crossed cheque made out in two names), and had some luck in writing to An Post and asked them to issue an uncrossed cheque (asked via letter, signed by both parties)

Failing that, I've also been able to lodge a cheque in joint names to my Credit Union account, where both of us hold an account in the Credit Union, and we are both known to the staff

The J Stands for Jay

G_R wrote: »

Is the cheque crossed account payee only?

If not, if your dad signs the back of the cheque you should be able to lodge it in your account.

Alternatively, is there no way that AnPost could do an EFT for you and just transfer the funds to your account using your IBAN and BIC?

An Post refuse to do EFTs.

cmore123

Signing the back of cheques is long gone, due to problems with signatures forged or applied under duress.

By law, a cheque payable to two people is their property equally - the legal definition being "joint and several". Thus, no matter who agrees what, or is happy to sign whatever, it cannot be lodged to the account of a single person.

There is a single option open to you, which is to bring your dad to your bank and make your own account a joint one. Then lodge it. Naturally, your dad will need ID.

Many people blame banks for this, but they have no control over laws which exist to protect the customer from cheque theft, and the banks from claims that they have allowed funds to be placed in the account of X only, when Y was as entitled to it as X.

The bank's hands are absolutely tied on this, unfortunately. I have been involved in a similar situation myself a few years ago.

cmore123

In the case of an EFT, the same rules apply. The reason An Post can't do it is that they are unable, due to (quite correctly) the banks' confidentiality rules, to tell what names are on the recipient's account - or not!

cmore123

If a credit union accepts a joint cheque into a sole account, they are breaking the law - but if you can do that, work away while you can!

The J Stands for Jay

cmore123 wrote: »

In the case of an EFT, the same rules apply. The reason An Post can't do it is that they are unable, due to (quite correctly) the banks' confidentiality rules, to tell what names are on the recipient's account - or not!

An Post won't even do EFTs for individual accounts.

danjo-xx

Could u not open an post smart account. It's a current a/c and just use this to transfer the money out?

Then close the account.