Cashing a cheque without your name on it.

mac6767

Hi there,
I'm in a bit of a pickle regarding a recent promotional service I provided for a bar. The cheque is written to the company name but there is no account as of yet.

Can one set up through the Post Office a group account with direct debit access?
Maybe it is possible to set up a joint account with the company name and transfer the monies on to another account(s)?

can one cash a company(start-up) cheque/ cheque that is not in your name, but your businesses name at a credit union? provided you're a member.

Can one register a joint business account(start-up) with any institution and what tax rates apply and requirements apply?

P. Breathnach

Does the company actually exist, or were you trading under than name of a company that you propose to register?

I wouldn't think that you have the proverbial snowball's chance of lodging a cheque made out to an unknown company into a personal account. You would have even less chance of cashing it.

irish_goat

Ask the bar for a new cheque made out to you?

mac6767

The bar maintain that they can only pay the name on the invoices. Bit mean but well within their rights.

Could I set up a group/joint account in the company name (through credit union or post office) ?

P. Breathnach

Is there a company?

nlgbbbblth

No company, no account.

btw - the bar's excuse is weak.

unclebill98

You will need to register the company via the CRO website. You will then need to open up a business banking account and pay the fee's attached with such an account. Its not ideal.

No bank will take the chq to a personal account its against the T&C of a personal account. You can ask and explain the situation and they may bend the rules as a one off.

As for the Bar, no they don't have to make it payable to the invoice name. Its not against the law for them to make it payable to you. You can return the chq and as for a electronic payment.

mac6767

I'm dealing with a tricky lot on this one as they keep putting barriers and excuses in the way. On top of this they don't seem to know what they are doing by way of management. Honestly their conduct has been appalling "Oh yea , I'll sort the next Monday" etc. Even once I got the cheque it was wrong after repeatedly asking to have it signed to a named account. Either they're giving me the run around or just plain ignorant I can't really tell.

Yes there is a company , no account as we are waiting on this: Back to Work Enterprise Allowance (BTWEA)/ the Short-Term Enterprise Allowance (STEA). http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

I guess I could try the credit union and bring relevant documentation. Set persuasion to stun.

Adding to this pa-lava is the fact that my business partner is away tanning in Australia (He is with AIB and was therefore cashing the cheques to his account and dishing money out from there. The bar we worked for where also AIB)

The saga continues...Thanks for the input lads.

KoolKid

Have you a friendly shop owner or bar man who knows you well?
They could cash it no problem & lodge it into their account as 3 rd party.

ScouseMouse

KoolKid wrote: »

Have you a friendly shop owner or bar man who knows you well?
They could cash it no problem & lodge it into their account as 3 rd party.

Thats a good idea providing the cheque is not crossed a/c payee only. Also, as its addressed to a company not an individual, it still may not be possible.

I did this before christmas for the sister of a regular customer. The cheque wasn't even third party, it was FOURTH :eek:

As she was really stuck, I lodged it and made her wait 10 working days to be sure to be sure, it cleared. Then I paid up.

Where are you based OP ?

KoolKid

Depending on the company account crossed cheques are usually ignored anyway.
Although that's when its made out to a person.

ScouseMouse

KoolKid wrote: »

Depending on the company account crossed cheques are usually ignored anyway.
Although that's when its made out to a person.

Ulster bank refused to cash a crossed cheque made out to my wife. She is a director of the company and authorised signatory on the business account!

nlgbbbblth

Did your wife write the cheque herself? Who put the crossing on it? Why not ask the person not to cross it? Shouldn't be too difficult when she's a director of the company that issued it.

ScouseMouse

nlgbbbblth wrote: »

Did your wife write the cheque herself? Who put the crossing on it? Why not ask the person not to cross it? Shouldn't be too difficult when she's a director of the company that issued it.

She was given the cheque. It was made out to her.

KoolKid

The banks will be fussy here. What I meant was if it is made out to an individual and crossed but lodged by a third party like a pub or a shop there usually won't be a problem.

Peregrinus

If the company is carrying on business, it's going to need a bank account sooner or later. So why not sooner? Have the company open a bank account and pay the cheque into it. I can't see any reason why you would defer this until your application for Short-Term Enterprise Allowance is dealt with.

If there's some compelling reason why the company can't open a bank account just yet, then if the cheque is uncrossed have the company endorse it to you and lodge it to your personal account.

If the cheque is crossed, then you may get away with endorsing it and lodging it to your own account. But if not, then put the cheque in a drawer until the bank account is opened, and get on with opening the account.

For reasons which you are now discovering, it is not a sound business practice for a business which doesn't have a bank account to accept payments by cheque.

D3PO

nlgbbbblth wrote: »

No company, no account.

btw - the bar's excuse is weak.

How is the bars excuse weak ? If Im a company owner Im not making a cheque or payment out to anybody but the invoiced person either for two reasons

1) I don't want to get involve din any potential fraud that could be occurring

2) If I don't make payment to the invoice Im open to a dispute that payment was infact made.

The bar are right. If the company exists then it should have a bank account, if it doesn't then it needs one set up sooner rather than later at which point the cheque can be lodged then anyway.

baby and crumble

Peregrinus wrote: »

If the company is carrying on business, it's going to need a bank account sooner or later. So why not sooner? Have the company open a bank account and pay the cheque into it. I can't see any reason why you would defer this until your application for Short-Term Enterprise Allowance is dealt with.
.

If you're making money while waiting on the btwea then you're likely to be disqualified. I'm waiting to make an application and was told in no uncertain terms that I can spend as much money setting up as I want but can't get paid until I get approved for the btwea.

P. Breathnach

Does this mean that you are looking for advice on how to get away with breaking the rules?