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Crossed cheque stolen - bank Liability

bottomdog · 2012-03-29 18:24:10

Our company (company A ) issued a cheque to Company B and the cheque got stolen in the post, the thief draws a line through the Company B's name on the cheque and writes his own name above it, and adds two initials The theif presents it to his bank, the cashier ignores that fact that is a crossed cheque with two very large…

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#32 30-03-2012 9:39pm
nlgbbbblth

Closed Accounts Posts: 5,668 ✭✭✭

Join Date: November 2003

Posts: 5446

bottomdog wrote: »

I know if you write a cheque to Cash it cannot be cashed anymore

Cheques given to third parties with "cash" as the payee are unwelcome as the beneficiary does not have to be identified by the bank. Therefore if the original recepient loses the cheque the lucky finder might be able to cash it.

However they can still be cashed. Totally depends on the bank and their procedures. There's no legal basis for refusing to cash them.

Encashment of cheques is certainly not as common as it was. But it's still done.

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