A UK money and finance forum. Finance Banter

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Go Back   Home » Finance Banter forum » UK Finance Newsgroups » UK Finance
Site Map Home Register Authors List Search Today's Posts Mark Forums Read Web Partners

UK Finance (uk.finance) Discussion about Finance issues in the UK.

Premium Bond prizes (Rant) (again): payment via BACS?????



 
 
Thread Tools Display Modes
  #11  
Old June 15th 09, 09:00 PM posted to uk.finance
Alan
external usenet poster
 
Posts: 76
Default Premium Bond prizes (Rant) (again): payment via BACS?????

In message , Tim
wrote
"RobertL" wrote
So what will they do with the crossed cheque from the premium bonds?


NS&I don't give you crossed cheques from premium bonds...


Although they are called warrants (NS&I state that they are like
cheques) they are crossed with the words "ACCOUNT PAYEE ONLY"

The accompanying slip says
" Please sign the warrant and pay it into your bank as soon as possible"
No other method for payment is specified!
--
Alan
news2009 {at} admac {dot} myzen {dot} co {dot} uk
Ads
  #12  
Old June 16th 09, 08:30 AM posted to uk.finance
Tiddy Ogg
external usenet poster
 
Posts: 458
Default Premium Bond prizes (Rant) (again): payment via BACS?????

On Mon, 15 Jun 2009 22:00:22 +0100, Alan
wrote:

In message , Tim
wrote
"RobertL" wrote
So what will they do with the crossed cheque from the premium bonds?


NS&I don't give you crossed cheques from premium bonds...


Although they are called warrants (NS&I state that they are like
cheques) they are crossed with the words "ACCOUNT PAYEE ONLY"

The accompanying slip says
" Please sign the warrant and pay it into your bank as soon as possible"
No other method for payment is specified!

So going back to your original point about security... if they're not
crossed, there's no security. And if they are, well, I guess you can
still "open the crossing" by signing across it. Or am I getting
confused in my old age?

  #13  
Old June 16th 09, 10:44 AM posted to uk.finance
Tim
external usenet poster
 
Posts: 4,199
Default Premium Bond prizes (Rant) (again): payment via BACS?????

"RobertL" wrote
So what will they do with the crossed cheque from the premium bonds?


"Tim" wrote
NS&I don't give you crossed cheques from premium bonds...


"Alan" wrote
Although they are called warrants (NS&I state that they are like cheques)
they are crossed with the words "ACCOUNT PAYEE ONLY"


Exactly ... they are crossed warrants, *not* crossed cheques...


  #14  
Old June 16th 09, 11:01 AM posted to uk.finance
Ronald Raygun
external usenet poster
 
Posts: 5,228
Default Premium Bond prizes (Rant) (again): payment via BACS?????

Tim wrote:

"RobertL" wrote
So what will they do with the crossed cheque from the premium bonds?

"Tim" wrote
NS&I don't give you crossed cheques from premium bonds...


"Alan" wrote
Although they are called warrants (NS&I state that they are like cheques)
they are crossed with the words "ACCOUNT PAYEE ONLY"


Exactly ... they are crossed warrants, *not* crossed cheques...


Is there a difference other than in name? They are described as
"like cheques", but in what way(s) are they unlike cheques?

If they are capable of being cashed directly (as someone up-thread
claimed could be done, for example by people who don't have a bank
account), this would seem to imply that the crossing on the warrant
is ineffective.

  #15  
Old June 16th 09, 10:36 PM posted to uk.finance
Derek F[_2_]
external usenet poster
 
Posts: 7
Default Premium Bond prizes (Rant) (again): payment via BACS?????


"tim....." wrote in message
...

"Derek F" wrote in message
...

"Tiddy Ogg" wrote in message
...
On Fri, 12 Jun 2009 11:00:50 +0100, Allan
wrote:


Well, why not listen to this. Stop wasting paper and postage, make the
prize payments more secure, and start paying prizes via BACS.

It might surprise you, but there are still people who do not, or will
not, have a bank account. And they'll use the recent shenanigans as
evidence that their decision is a wise one.

How do they cash their Premium Bond Cheques?


They're not cheques, they are warrants (whatever that actually means). As
the other poster says, the Post Office will pay out cash on them. The
last time I tried, they do this in return for an unchecked signature so
possibly they are "pay to bearer" instruments.

tim

You did not have to prove your identity?
Derek


  #16  
Old June 17th 09, 08:34 AM posted to uk.finance
tim.....
external usenet poster
 
Posts: 693
Default Premium Bond prizes (Rant) (again): payment via BACS?????


"Derek F" wrote in message
...

"tim....." wrote in message
...

"Derek F" wrote in message
...

"Tiddy Ogg" wrote in message
...
On Fri, 12 Jun 2009 11:00:50 +0100, Allan
wrote:


Well, why not listen to this. Stop wasting paper and postage, make the
prize payments more secure, and start paying prizes via BACS.

It might surprise you, but there are still people who do not, or will
not, have a bank account. And they'll use the recent shenanigans as
evidence that their decision is a wise one.

How do they cash their Premium Bond Cheques?


They're not cheques, they are warrants (whatever that actually means).
As the other poster says, the Post Office will pay out cash on them. The
last time I tried, they do this in return for an unchecked signature so
possibly they are "pay to bearer" instruments.

tim

You did not have to prove your identity?


It's ages since I took one into a post office, so no!

tim



 




Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT. The time now is 03:42 AM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.Content Relevant URLs by vBSEO 2.4.0
Copyright 2004-2014 Finance Banter.
The comments are property of their posters.