S
Hi Folks,
Im wondering if I can lodge it to my a/c if I get her to sign the back of it and I sign it as well.
My limited understanding of "a/c payee only" is that it can only be lodged to an account in the name of the person to whom it is payable. Your mother would have to lodge it to her account and then write you a cheque for €100
Joe 1234 is correct.
BM
I do not agree.
Four types of crossing
1 / /
2 & Co
3 Account payee only
4 Not negotiable
Crossings 1, 2, 3 have no legal standing and therefore a cheque with any of these crossings is capable of being endorsed to a third party*. Bank will have full protection under Cheques Act 1959 if they negotiate a cheque in this way.
4 means what it says. Cheque cannot be negotiated by anybody else other than the payee. Bank is deemed negligent if this instruction is ignored and a problem later arises.
Unfortunately - the vast majority of cashiers are trained to take a cautious line and will interpret crossings 1, 2 and 3 at face value i.e. will not permit endorsement to a third party.
*for the purposes of lodging the cheque not cashing it.
The third party becomes the 'payee' and the cheque should be lodged to their account
"Account Payee Only" - means exactly what it says on the tin........
Cheque must be lodged to an account in the name of the payee only, it is not negotiable.
BM
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