Can I, with out penalty, casha cheque for some one?

[fever28]

My mum who at 65 still doesn't have a bank account, a relative has left a sum of money to her and siblings, and due to pick up cheque to more from solicitor.
Assuming solicitor will write the cheque out to me, is there any legal issues or tax panalties I may face in putting the cheque in my bank and giving her cash? (or more likey keeping and giving her cash as she needs it?
£30000

[boxtops]

In my experience, you are likely to be grilled by your bank as to where you got it from (they are very hot on individuals potentially money laundering these days) and they will want to advise you what to do with it. You would need to be careful what sort of account you put it in, you couldn't be seen to be gathering interest on someone else's money.

Why can't your mother just open an account, or better a building society pass book account, then she can access the money whenever she needs it?

[AliFlump]

You could always open a joint account with your mum then the cheque can go straight into the bank and you'll both be able to access it if need be

[factor-fiction]

Are you confident the solicitor would write the cheque out to you?

[wiltsman]

I've worked in a Building Society and agree with boxtops reply, especially regarding his comments on money laundering.

Why not persuade your mum to open a bank or building society account which can also be accessed through a local Post Office, such as the Bank of Ireland, Bank of Scotland, Barclays, Clydesdale Bank, First Trust Bank, Halifax, HSBC, Lloyds TSB, Nationwide Building Society, NatWest, Northern Bank, The Co-operative Bank, The Royal Bank of Scotland, Ulster Bank, or Yorkshire Bank. Not certain whether this is a complete list, or not.

Your mum may feel more at ease if she can just pop into the Post Office to manage her money.

[fever28]

Hi, did speak to bank they said its no issue if made out to me,

She is asking me at 19:00 the night before she goes to solicitor, bank accounts, bills not really her strong point at this age. Not very mobile either and in a village so no banks close buy

No I don't know if they will even write the cheque in my name, but she is the one asking them not me.


I'm not trying to take anything off her, or do anything dodgy, I'll give her the cash straight away if she wants just seems unsafe to literally put it under the mattress.

I have supported her for last 20 years, in a way it's made her less independent and. A bit naive on money.


Assuming solicitor will make it to me, and bank is still fine

[factor-fiction]

Remember if you are a taxpayer you will pay tax on the interest. And if she is claiming any means tested benefits /pension credit she'll need to declare any money you are holding on her behalf

[wolf63]

I would agree - I think that you should 'persuade' her to open a bank account that suits her needs.

As a pessimist I would think of - what would happen should anything happen to you? She would have no access to the money.

[fever28]

Good point about post office forgot about those :-) but there isn't one close buy. Closes about 2 years ago.

She is worrying over it, just trying to take away the worry for her.

As mentioned just spoke to HSBC re amount and taking it out shortly after.

[Graham-W]

Do none of your Mums siblings have a bank account which the cheque could be paid into and distributed from to each of the siblings, or is the £30,000 your Mums share?

[bednobs]

what is she going to do with 30 grand in cash? it seems very unsafe - not just being nicked but fire too

[fever28]

Points taken. If anything happens to me ,wife etc can sort it out.

Tax on interest, I'm with drawing soon plus I'll cover that

Being its I don't think she gets pension or anything yet.

I guess the cheque doesn't have to be cashed so soon, time to open account if she will want to.

[bednobs]

and if you are going to be giving her cash when she needs it (if you rest it in your account) there's no more effort in it for you to take it out of her account with her cashcard than taking it out of yours

[fever28]

Yes they all have accounts, and it's just her share.

I ment it figuratively not in brown paper envelopes under the bed. :-)

I think she will spend 2 or 3 k on tat and a holiday then have no idea what to do with rest of it.

[bednobs]

but if you are withdrawing 30k, she'll have to put it somewhere

[hc4361]

At 65 in the UK she should at least be getting her state pension, winter fuel allowance and £10 Christmas bonus.

[spotit3]

As soon as the bank realises a large deposit has gone in the will be contacting you trying to 'advise' you on investments!

[RATTER15]

Nobody contacted me when I put £40.000 into Lloyd's Bank.