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

Reply
 
LinkBack Thread Tools Display Modes
  #11   Report Post  
Old June 15th 09, 09:00 PM posted to uk.finance
external usenet poster
 
First recorded activity by FinanceBanter: May 2009
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

  #12   Report Post  
Old June 16th 09, 08:30 AM posted to uk.finance
external usenet poster
 
First recorded activity by FinanceBanter: Apr 2005
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   Report Post  
Old June 16th 09, 10:44 AM posted to uk.finance
Tim Tim is offline
external usenet poster
 
First recorded activity by FinanceBanter: Jul 2004
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   Report Post  
Old June 16th 09, 11:01 AM posted to uk.finance
external usenet poster
 
First recorded activity by FinanceBanter: Jul 2003
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   Report Post  
Old June 16th 09, 10:36 PM posted to uk.finance
external usenet poster
 
First recorded activity by FinanceBanter: May 2009
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   Report Post  
Old June 17th 09, 08:34 AM posted to uk.finance
external usenet poster
 
First recorded activity by FinanceBanter: Dec 2006
Posts: 729
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





Reply
Thread Tools
Display Modes

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Compliment to NS&I re Premium Bond prizes & email notification Allan[_2_] UK Finance 0 September 3rd 11 06:36 PM
Payment of Premium Bond prizes via BACS: successful Allan[_2_] UK Finance 3 February 9th 11 01:19 PM
NS&I: Premium Bond prizes: facility to pay prizes direct into Bankaccount Allan[_2_] UK Finance 0 January 4th 11 01:50 PM
NS&I Premium Bond prizes via BACS?? Allan Gould UK Finance 8 January 21st 08 06:05 PM
Premium Bond prizes are cut Allan Gould UK Finance 15 May 22nd 06 06:05 PM


All times are GMT. The time now is 06:55 AM.

Powered by vBulletin® Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Copyright 2004-2017 Finance Banter.
The comments are property of their posters.
 

About Us

"It's about UK money and finances"

 

Copyright © 2017