Problems Lodging Cheques to AIB recently

Chevy RV

Hello There,

I work for a Company that has a long Name e.g.Irish XXXXXXXX XXXXXX Society Limited.

We receive in cheques from many of our members and as you can imagine, there are many variants of the exact name above on these cheques we receive. Recently, AIB have started rejecting any cheques that do not have the 100% exact payee details as outlined up top. Some are very close - say, leaving out Irish or Limited for example but are still being rejected by AIB.

Can any of you explain to me why this happening?

Is it Money Laundering rules gone mad ? Is there any way to avoid sending these cheques back to members and requesting them to issue new ones with the exact PAYEE as per above on them?

Any suggestions would be most welcome.

Regards,


Chevy RV

biko

How are the cheques being rejected? By a person in the bank? By a lodgement machine?

Henry Ford III

Not being smart but why not ask AIB?

Chevy RV

Some were returned by post. I thought that some of them should be fine so i brought them the next day when doing the lodgement. I spoke to one of the more "senior" ladies there who agreed with me that it seemed harsh but that they had to correspond to the EXACT name. On further discussion, she said that many of the ones that i had in the next lodgement wouldn't be accepted either - again for minor differences.

This used not tend to happen before. Have they tightened up a lot on this issue or something?


Regards,


Chevy RV

Jim2007

Chevy RV wrote: »

Some were returned by post. I thought that some of them should be fine so i brought them the next day when doing the lodgement. I spoke to one of the more "senior" ladies there who agreed with me that it seemed harsh but that they had to correspond to the EXACT name. On further discussion, she said that many of the ones that i had in the next lodgement wouldn't be accepted either - again for minor differences.

This used not tend to happen before. Have they tightened up a lot on this issue or something?


Regards,


Chevy RV

I’m surprise you have managed to get a way with it for so long... it’s well over thirty years ago since I was involved in investing a case were a couple of employees had opened an account with a similar name to the charity they worked for and were regularly diverting cheques to it.

This is the reason banks introduced the policy.

sdfsdfdf

I work for an organisation that gets quite a few cheques. This has been the AIB policy for at least the last 7 years (the length of time I have been in this job). It's a nuisance but I understand their reasons.