SIGN UP

crossed cheque

Avatar Image
CACAAYO | 13:18 Tue 01st May 2007 | Law
4 Answers
a cheque crossed account payee is not entirely safe. Who takes the loss if such a cheque is intercepted in the post and the thief obtain value

Answers

1 to 4 of 4rss feed

Best Answer

No best answer has yet been selected by CACAAYO. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
If the cheque is crossed 'A/C payee' then by provision of the Cheques Act 1992 it can only be paid into the account of the named payee. The crossing cannot be deleted, nor can the cheque be transferred over to a third party.

It is at the risk of the bank to accept a crossed cheque into someone else's account when it is written in favour of somebody else, which means that banks don't generally accept them. Businesses such as High Street cheque encashment agencies accept the risk that the original cheque may be fraudulent and to counter this risk they charge an upfront fee.
a cheque crossed account payee is not entirely safe. who takes the loss if such is intercepted in the post and the thief obtains value?
-- answer removed --
-- answer removed --

1 to 4 of 4rss feed

Do you know the answer?

crossed cheque

Answer Question >>