Some might have seen the reports of several energy customers receiving compensation cheques for over two trillion pounds each.
Bit of fun…. if they had kept quiet and presented the cheques (either electronically or at a branch) would they have automatically been cashed pending something? With the move to more speedy transactions do banks pay the cheques in and then sort out the details?
I guess they could have earned a bit of interest off it…. could they have kept that that even though the initial cash was taken back?
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That would be a direct referral to the bank’s anti money laundering team. (And likely automatically so.)
If I had a client that deliberately paid in a cheque that they knew they weren’t entitled to I would be obliged in law to report it. The client would likely get a CIFAS marker and their account would be suspended and probably closed.
On the other hand, a cheque can be used as the proof that a debt is actually owed?
What happened here I guess is that a CSV file sent to the cheque printer was mis-formatted and the account number or similar was read as the payable amount or similar.
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>> What happened here I guess is that a CSV file sent to the cheque printer
>> was mis-formatted and the account number or similar was read as the payable amount or
>> similar.
Would an organisation not sample check payable instruments?
I certainly did 30 or so years ago when I had authority to sign for payable orders and giro cheques.
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>>Sample check
We do. Well our printer “sense checks” the data for us before printing it but mistakes happen.
We’re supposed to process hand entered batches twice to highlight any keying errors. The double processing happened in the Civil Service but when I moved to industry it ceased before 1990!
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>> We’re supposed to process hand entered batches twice to highlight any keying errors.
I'd forgotten that. Until around 1986/7 we used a system where staff requisitioned payments by completing a paper form. That was authorised by an SEO or HEO who signed and stamped it.
It was then keyed by Data Processors who had to re-key for reasons above. This eventually produced a tape which was taken to a contracted processor who actually printed the cheques overnight.
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In the money! - zippy
