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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4546
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am just started to so some small electrical jobs - nothing

Resolved Question:

I am just started to so some small electrical jobs - nothing major just on a part time basis. Customers normally pay me directly into my account via account transfer. However, I use the trading name abc (for example).
However, I got one person who sent me a check made payable to abc and not my personal name.
Do I need to open a bank account ?? How can I cash the cheque ?
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Is the check "crossed" or marked "account payee" ? If a check is crossed and marked 'account payee' or 'account payee only', it must be paid into the account of the person it's made out to. However, some companies offer check cashing facilities and they will cash a check marked 'account payee only'. They will charge you for this. If a check is uncrossed, or 'open', it doesn't have to be paid into an account. In this case, the payee can simply take the check to the bank and get the cash.

One such company is http://www.cashconverters.co.uk/we-loan/cheque-cashing/

So, if you have a check that is crossed, you have two options. One, to find a company that can offer cashing facilities or a fee or you will need an account to encash it. If it is NOT crossed or marked account payee, just simply take it to the bank and they will encash it for you.

OR Else, you may request the customer to issue the check in your name.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,
















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Customer: replied 3 years ago.

can i not just open a account me trading as abc and avoid this issue in the future ??

How difficult would it be to open a sole trader account ?

Expert:  Rakhi Vasavada replied 3 years ago.
Dear Rav,

Hello and welcome. Thank you for your reply.

Yes, you can certainly do that. I thought you did not wanted to open an account at all so you are looking for ways to encash it.

Opening a sole trader account in a bank should not be difficult at all. Just approach any bank and they would help you with that. You would require some minor and basic documentation. Kindly refer the following link.

http://www.barclays.co.uk/Businessbankaccounts/Openabusinessbankingaccount/P1242562653659


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,