hesperus Posted October 28, 2009 Share Posted October 28, 2009 Hi, A while ago, I received a Cashier's Cheque (a.k.a Cashier's Order) from a person. Instead of the payee name being "Cash" or my name, the name on it was the person who applied for the Cashier's Cheque. Initially, I was worried if I could bank in the Cashier's Cheque into my Thai bank account. However, the bank teller accepted my cheque without asking any questions and the money was in my account the next day. Usually if I want to pay the other party but I am not sure of the exact name, I would ask that the Cashier's Cheque be paid to "Cash". How the heck can a cheque with someone else's name be paid into my account? Thanks for any clarifications. Link to comment Share on other sites More sharing options...
lannarebirth Posted October 28, 2009 Share Posted October 28, 2009 Hi,A while ago, I received a Cashier's Cheque (a.k.a Cashier's Order) from a person. Instead of the payee name being "Cash" or my name, the name on it was the person who applied for the Cashier's Cheque. Initially, I was worried if I could bank in the Cashier's Cheque into my Thai bank account. However, the bank teller accepted my cheque without asking any questions and the money was in my account the next day. Usually if I want to pay the other party but I am not sure of the exact name, I would ask that the Cashier's Cheque be paid to "Cash". How the heck can a cheque with someone else's name be paid into my account? Thanks for any clarifications. I have no idea why your bank would take that deposit with only the payor's name (as payee) on it. It is not uncommon however for the payor to list the intended recipient OR themselves as possible payees For Example: Pay To The Oder Of: John Q. Public OR John Doe. Link to comment Share on other sites More sharing options...
nakachalet Posted October 28, 2009 Share Posted October 28, 2009 the teller was apparent sleeping over her watch.... lol did you get a charge back....? lol Link to comment Share on other sites More sharing options...
gotlost Posted October 28, 2009 Share Posted October 28, 2009 TIT Link to comment Share on other sites More sharing options...
david96 Posted October 28, 2009 Share Posted October 28, 2009 The cheque would have been regarded as a bearer cheque and you were in possession of it, in other words anybody could have deposited it in their account. Link to comment Share on other sites More sharing options...
tangoll Posted October 29, 2009 Share Posted October 29, 2009 This has happened to me once. A bank cashier's cheque with the payee's name can be endorsed to another payee by the original payee signing the back of the cheque twice. This then makes the cheque a bearer's cheque and the bearer can deposit the cheque into the bearer's account. Why might this be done? A payee may need to prepare a cashier's cheque in advance of final negotiations over a sale/purchase of say a condo. If the S+P contract is signed, then the payee endorses the cheque over to the other party. If for some reason, the contract is not signed, then the payee is still holding the cheque in the payee's name and can then redeposit the cheque back into his own account without difficulty. If the cheque had been drawn with the other party's name as payee, and the contract ends up not being signed, then the drawer of the cheque is still holding the cheque with the other party's name, and the drawer must somehow get the bank to cancel the cheque and recover his funds. Link to comment Share on other sites More sharing options...
opalhort Posted October 29, 2009 Share Posted October 29, 2009 If the cheque has not been crossed with either "& CO" or "AC Payee only" and the words "or bearer" have not been crossed out then anybody can cash it. But when you cash/deposit it you ll have to sign on the back of it. opalhort Link to comment Share on other sites More sharing options...
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