Depositing child’s cheque to child saver account

jos_kel

I have 2 cheques made out to my 2 children willed by my Dad to them.

I already have child saver accounts for both.

How do I deposit them?

I would prefer not to tell my children and keep the money locked away until they are 18.

coylemj

Go to the bank and lodge the cheques to their accounts.

RetroEncabulator

Anyone can lodge (deposit) a cheque in an account. Just go to a bank branch and put the cheque in.

jos_kel

Ok thanks. I thought because their names are on the cheques that I can’t lodge the cheques myself.

Thanks I’ll lodge them myself

zell12

https://www.boards.ie/discussion/comment/121091373#Comment_121091373

Well no. An Post current account will only let the account holder lodge cheques, and even then they need their debit card

RetroEncabulator

A Post is an outlier though as the systems in their post offices aren’t really full service bank facilities. Everything is done using a card and the majority of their post offices are franchisees. So it’s a bit like an agency for the a virtual bank

jos_kel

So in summary I can just lodge the 2 cheques payable to my children directly into my current account.

From there I can transfer to their child savers account.

Great. Less complicated than I thought.

coylemj

In a bank branch, the only restriction on lodging a cheque to an account is that if the account holder and the payee are different people, the cheque needs to be endorsed (signed on the back) by the payee. If the account holder and payee are the same person, the cheque does not need to be endorsed and anyone can lodge it.

Jakey Rolling

https://www.boards.ie/discussion/comment/121092013#Comment_121092013

No, you can't pay these into your own current account.

The cheques are only payable into an account of the person named on the cheque.

Are these saver accounts with a bank? If so, pay directly into those accounts.

If the saver account is a trust fund of sorts, then you would need to check with the fund manager as to options for paying in.

coylemj

https://www.boards.ie/discussion/comment/121092013#Comment_121092013

No, that's not what you're being told. Because you're now saying that you propose to lodge them to your current account first. Which you never mentioned up to now.

Why do you think the bank will not accept a lodgment direct to the savers accounts?

RetroEncabulator

You can lodge a cheque to a savings account. There's no problem doing that.

Cheques cannot be lodged to an account other than the person (or business) whose name is on the cheque.

You cannot lodge it into your own account. Your kids' don't need a current account to accept a cheque lodgement or a direct transfer either. Savings accounts just aren't intended for day-to-day transactions. They're quite manual in how they process things. They don't do direct debits, can't be linked to a chequebook or a debit card. However, they often have a basic ATM card link and can accept lodgements of cheques and basic electronic transfers.