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signing over and lodging a crossed cheque

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  • 25-11-2014 9:32pm
    #1
    Flaccus
    Registered Users Posts: 3,971 ✭✭✭


    Hi,

    A friend has received a cheque from a credit card company which is drawn on BOI.

    -The cheque is crossed and made out to this person.  
    -There is nothing written between the 2 lines where the cheque is crossed (.e.g not negotiable, a/c payee only etc.)
    -The person does not have a bank account but I do with BOI

    Therefore can  this person simply sign over the cheque to me so I can lodge it into my account ?
    What is the procedure
    e.g. They sign it and write Pay to my name, and then I sign it ?

    Thanks


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    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi Flaccus,

    Thanks for getting in touch.

    A cheque that has been crossed, must be lodged to a bank account and processed for clearing. The person the cheque is made payable to needs to endorse the back, if it's not being lodged to an account in their name. Crossed cheques cannot be cashed. 

    Cheques marked account payee only can only be lodged to an account in the name of the payee. 

    Provided your friend signs the back of the cheque and it is not marked account payee, you will be able to lodge this to your account. 

    Thanks
    Tara


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    #3
    Flaccus
    Registered Users Posts: 3,971 ✭✭✭Flaccus


    Bank of Ireland: Tara wrote: »
    Hi Flaccus,

    Thanks for getting in touch.

    A cheque that has been crossed, must be lodged to a bank account and processed for clearing. The person the cheque is made payable to needs to endorse the back, if it's not being lodged to an account in their name. Crossed cheques cannot be cashed. 

    Cheques marked account payee only can only be lodged to an account in the name of the payee. 

    Provided your friend signs the back of the cheque and it is not marked account payee, you will be able to lodge this to your account. 

    Thanks
    Tara
    Thanks.  I was able to lodge it in my BOI account today.  Balance updated immediately but I assume I must wait 3 working days for cheque to clear before I withdraw money for friend or I could be liable if cheque does  not clear (which it obviously should as its from a well known credit card company).


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    #4
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Hi Flaccus,

    Yes this is correct. Your balance online will include the cheque lodgement, but until the cheque clears you will not be able to withdraw those funds. A Bank of Ireland cheque can take three working days to clear, while a non Bank of Ireland domestic cheque can take three to five working days to clear.

    Please let us know if we can help with any other query.

    Thanks,
    Sarah


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