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tracking cheque

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  • 26-06-2012 7:07pm
    #1
    Departed
    Registered Users Posts: 306 ✭✭


    If you pay by cheque to a company can the issuing bank track the proper business name of the company


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    #2
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    Departed wrote: »
    If you pay by cheque to a company can the issuing bank track the proper business name of the company

    check it yourself www.cro.ie


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    #3
    Departed
    Registered Users Posts: 306 ✭✭Departed


    nlgbbbblth wrote: »
    check it yourself www.cro.ie
    can't


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    #4
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    A company can register a trading name

    i.e. ABC Limited t/a Horses

    If they haven't registered Horses as a business name then cheques should be made payable to ABC Limited.

    There's nothing to stop them having Horses as a designation on their bank account (like No 2 account / Rent account) or on the second line of their cheque book name.

    The issuing bank can put a trace on where the cheque was actually lodged.


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    #5
    Departed
    Registered Users Posts: 306 ✭✭Departed


    nlgbbbblth wrote: »
    A company can register a trading name

    i.e. ABC Limited t/a Horses

    If they haven't registered Horses as a business name then cheques should be made payable to ABC Limited.
    but the name the cheque was payable to should be the one regd on cro? It is not there



    [quoe]The issuing bank can put a trace on where the cheque was actually lodged.[/QUOTE]that would be to their correct business name?

    Thanks;)


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    #6
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    There's nothing to stop a cheque being made payable to an incorrect entity or one that does not exist. Such cheques should not be accepted for lodgment but in practice they may slip through the net. The person who writes the cheque ceases to be the true owner on handing it over to the third party.

    You might have a case of conversion against the bank that lodges the cheque but it's not clearcut. The bank who whom the cheque is drawn on will pay it in good faith - once there are sufficient funds in the account. They have no idea where the cheque was originally lodged when it's presented for payment.


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    #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,271 Mod ✭✭✭✭Jim2007


    Departed wrote: »
    but the name the cheque was payable to should be the one regd on cro? It is not there

    It depends on where the company was incorporated.. the UK, Channel Islands, or where ever.... Just because it is not registered with the Irish CRO does not mean that it is not a valid corporation.


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