Banking business cheques made out to the the wrong business
Discussion
Our energy supplier has sent us cheques to the value of around £12k, made out to one of our companies that doesn't have a bank account. So, instead of making them out to Balfourco Ltd, they have made them out to Balfourco Services Ltd.
It's taken us two months to wrench the cheques from their grasping claws and I don't want to go through the process of having them reissued.
We've bank accounts with Barclays, HSBC and Nat West but I suspect that none of them will allow us to pay these cheques into one of our accounts.
I am tempted to set up a Starling account or similar, in the correct company name, pay them in and then pay the balance to where we want it. But does anyone have a better idea please?
It's taken us two months to wrench the cheques from their grasping claws and I don't want to go through the process of having them reissued.
We've bank accounts with Barclays, HSBC and Nat West but I suspect that none of them will allow us to pay these cheques into one of our accounts.
I am tempted to set up a Starling account or similar, in the correct company name, pay them in and then pay the balance to where we want it. But does anyone have a better idea please?
I think that's your only choice. You could, of course, neatly cross through the word "services" and see what happens.
As regards opening an account in the "wrong" name I don't think you'd get anywhere. With all the money laundering checks that are made these days the first thing the bank's going to do is ask for the certificate of incorporation etc, or at least check online with Companies House for the existence of the company and identity of its directors.
As regards opening an account in the "wrong" name I don't think you'd get anywhere. With all the money laundering checks that are made these days the first thing the bank's going to do is ask for the certificate of incorporation etc, or at least check online with Companies House for the existence of the company and identity of its directors.
Panamax said:
I think that's your only choice. You could, of course, neatly cross through the word "services" and see what happens.
As regards opening an account in the "wrong" name I don't think you'd get anywhere. With all the money laundering checks that are made these days the first thing the bank's going to do is ask for the certificate of incorporation etc, or at least check online with Companies House for the existence of the company and identity of its directors.
No need for a “wrong” name. The company whose name is on the checks is real, it just does not trade.As regards opening an account in the "wrong" name I don't think you'd get anywhere. With all the money laundering checks that are made these days the first thing the bank's going to do is ask for the certificate of incorporation etc, or at least check online with Companies House for the existence of the company and identity of its directors.
I’ve “paid in” several of them this afternoon to Barclays using the app and one of our companies with a similar name. I note however that there is quite a low weekly limit for cheques, so they may yet refuse them even if the name passes.
Louis Balfour said:
No need for a “wrong” name. The company whose name is on the checks is real, it just does not trade.
Presumably it must have traded at some point and that's why the cheque's been made payable to it. If the old bank a/c has been closed it looks like a simple case of opening a new one to clear this cheque, if the bank won't accept your explanation and just pay it in. They should be pretty familiar with dealing with groups of related companies and some of the slip-ups that can occur.Panamax said:
Louis Balfour said:
No need for a “wrong” name. The company whose name is on the checks is real, it just does not trade.
Presumably it must have traded at some point and that's why the cheque's been made payable to it. If the old bank a/c has been closed it looks like a simple case of opening a new one to clear this cheque, if the bank won't accept your explanation and just pay it in. They should be pretty familiar with dealing with groups of related companies and some of the slip-ups that can occur.Going back many years we used to get sent cheques from customers made out to all sorts of variants of the legal company name, even trading names that bore no resemblance. Never had trouble banking them at Barclays.
Personally I'd head into branch and try your luck, sounds far less time consuming than getting them reissued.
Personally I'd head into branch and try your luck, sounds far less time consuming than getting them reissued.
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