My daughter doesnt want to put a large cheque into her bank, for reasons I'm not sure about. She has asked if I can pay it into my account, and give her money as she needs it. When I say large, about £900, compensation for an accident she had, nothing dodgy.
Can she sign the back, or wha is the procedure these days.
If it's overdraft problems she could try opening a savings account in another bank and paying it in there, although if the overdraft has got to be a problem then her credit rating maybe affected and she won't be able to do that
I'd open a second account with another bank or building society to pay that into, then she can draw out some it and give it to you if she wants to. I've got accounts with two separate organisations.
Thanks all, I wasn't sure. I too suspect it's overdraft, maybe she will tell me, when I tell her that her plan is no go.
If it IS overdraft, will she still be able to open another account, elsewhere ?
You can open another account at a different bank reguardless of ovedraught at the first bank. All you need is photo ID , like a driving licence and proof of address. They will open the account instantly.
Those cheque cashing places charge a fee and a % of the cheque , around £50 fee and 15% for a £900 cheque so she would only get approx £800 for the £900
She doesn't need another current account. If she has money problems having another will probably end up with her getting another overdraft & more into debt.
Open an instant access savings account. Pay the cheque in. Once it clears she can draw the money out as and when she needs it.