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Lodging bank draft in baby's name?

  • 30-12-2021 6:08pm
    #1
    [Deleted User]
    Posts: 0 ✭


    Our baby got a kind gift in the form of a bank draft from a relation for Christmas. It's in our baby's name but they don't have a bank account.

    Is it possible to lodge to our account as parents or how does this work...? 😬



Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,021 ✭✭✭✭Mrs OBumble


    You want to steal your baby's money?


    Open a bank account for the child. Lodge draft.



  • #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Wow, your attitude spans multiple forums.

    Obviously not intending to steal money; mind it for them. The last we checked most accounts were for around 7 year olds and over. We'll do a deeper dive into the options - this thread is an initial part of that.



  • #4
    the_syco
    Registered Users, Registered Users 2 Posts: 37,303 ✭✭✭✭the_syco


    Generally, if the cheque is crossed the cheque can only be lodged into the payees account. Otherwise, it should be okay.


    If your bank is Bank of Ireland, ask here; https://www.boards.ie/categories/bank-of-ireland



  • #5
    Minier81
    Registered Users, Registered Users 2 Posts: 627 ✭✭✭Minier81


    You can open bank accounts for babies which also have a parent named. We did this with permanent tsb and the account moves into the child name only from 7yo (I think). I am sure all the banks offer something similar. We did need the birth cert to do this, and may have needed their pps (can't remember). It has been an handy spot for lodging any presents we got for them.



  • #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,739 Mod ✭✭✭✭Henry Ford III


    https://www.boards.ie/discussion/comment/118392144#Comment_118392144

    Mind your tone.



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  • #7
    [Deleted User]
    Posts: 3,505 ✭ [Deleted User]


    I think bank drafts come pre-printed as "a/c payee only", if memory serves. So technically you'd need to open an account for the child.

    However, if you've a bank with a manned cash desk near you, I think it would be worth bringing it into them and hoping they might be able to accommodate you. Bring the birth cert as proof, and if you have any kind of proof of address for the child (e.g. any communication about their PPS number) bring that too. If it was me, I'd also bring my own ID and proof of address, so that of you do need to open an account you'll have everything you need with you.

    Lastly, just to mention it doesn't have to be a bank account - you could always look into putting it into a long term NTMA product, post office savings, or prizebonds (t&cs dependent).



  • #8
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Sorted - opened a credit union account for them and lodged the bank draft.



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