3Rd Party Cheques

[paul1763]

how do shops like cash generator and the likes cash 3rd party cheques, as i thought this was stopped/made illegal back in the 90s. thanks

[Buenchico]

Cashing third party cheques was never 'made illegal'. It was simply made rather too complicated for high street banks to routinely deal with. That's because Regulation (EC) No 1781/2006 of the European Parliament requires 'full traceability of transfers of funds'. That, in turn, explains the form-filling and ID checks required by firms such as Cash Generator.

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:345:0001:0009:EN:PDF

[Old_Geezer]

I used to wonder how they managed to cash crossed cheques. I guess there are ways around that too.

[paul1763]

when i used to work 2 jobs 4days 1 farm 2 days another i would sign over 2 of the 2 days wage cheques to my parents for board and lodge. the bank stopped us from doing this even though my boss, parents and me used not only same bank but also same branch. must have been too much brain work for midland (HSBC) managers

[jenniesmith]

I used to wonder how they managed to cash crossed cheques. I guess there are ways around that too.

[ubasses]

Long before the 2006 link above, the 1992 amendment to the 1882 cheques act came in.
http://www.legislation.gov.uk/ukpga/1992/32/pdfs/ukpga_19920032_en.pdf
This prevented banks accepting 3rd party cheques. When this was copied down to branch level, I took a photocopy and found it easier to present it to customers who had been using this practice for years and demanded to see a Manager when they did not believe the cashiers.
I don't know where these Companies Bank, we were told not to open any accounts for them, but then things may have changed since my retirement.