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Cheque In Business Name - Can It Be Cashed?

Discussion in 'Business & Tax Advice' started by pokerjk, May 2, 2013.

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  1. pokerjk

    pokerjk Senior Member

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    I've just been sent a cheque for something I did a while back but they have paid it in my business name not my name.

    I don't have a business account in this name, is there anyway I can cash it?

    Note. I can't get them to change it, it took months for me to get this cheque in the first place. p.s. I am from the UK.

    :ranger:
     
  2. ozzke

    ozzke Regular Member

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    I'm no expert, but actually I don't think so. It depends on the amount but maybe you can just open a bankaccount on your businessname? Then if you want you can send the money to your personal name and close the businessaccount.
     
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  3. pokerjk

    pokerjk Senior Member

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    Yeah think I might have to, know of any free ones?

     
  4. alternatesword

    alternatesword Jr. VIP Jr. VIP

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    I think, it's not possible. Better you consult your bank manager and explain the situation will help you cash the cheque.
     
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  5. seanboyka

    seanboyka Newbie

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    NO.. Bank usually dont, as you cant show any identity proof of your business (as ofcourse it will be a company or organization name). Still you can consult with bank authorities, only they can guide you on this !!
     
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  6. BHopkins

    BHopkins Moderator Staff Member Moderator Jr. VIP

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    You can just open a bank account in the business name or maybe prove your own the business and just cash the check at the originating bank.
     
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  7. WORK@HOME

    WORK@HOME Senior Member

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    You need to get a business license in order to cash it.That's the only way.
     
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  8. ozzke

    ozzke Regular Member

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    Well I just searched really fast in google for UK since I saw you were from England, and Barclays and HSBC both offer 1-2 years free business banking, now I'm sure there are some costs, maybe if you close it early it will have some sort of fee. Just go to a branch and talk to them there that you want to open an account which should work with cashing cheques. Of course don't mention that you want to close it very fast after.
     
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  9. pokerjk

    pokerjk Senior Member

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    Thanks all. If I can't add my business name to my personal account then I will open a free one that I can close quickly.
     
  10. GauravJ

    GauravJ Power Member

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    Yup, Opening a New Bank Account in Payee's name
    Morover, open it as a Sole proprietorship concern, there avoiding many unnecessary documentation formalities and hassles
    thereby saving lot of time and money.

    But, before doing that take into confidence Bank official/Manager as
    Opening a new Bank a/c just to encash a cheque is often viewed with a suspicious eye and even may be termed as money laundering.
     
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  11. pokerjk

    pokerjk Senior Member

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    Thanks all after all that sorted managed to get them to Paypal it.. many months late!
     
  12. babypowder

    babypowder Regular Member

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    third party deposit... it's getting harder now a days, but in the US when this happens I just endorse it, write for deposit only and my acct number and put it in the ATM. have done in with my bank probably 20 times in last 5 years, some for upper 4 figures never a problem.