Deposit Bank Cheque under business name

andyken on 12/03/2014 - 10:56

Hi all,

I do some freelance job (part time with ABN register as sole trader) for some big company and they always sent me a bank cheque with my business name instead of my personal name. I told them specifically to write my name but they cant be bother to do it. I dont want to upset them as I afraid I'll lost this good "part time" job :)

The bank cheque is from Westpac and payable to my business name.

I try to deposit the cheque into my everyday account (NAB) but the teller told me that I need to open a business account to be able to deposited the cheque.

The only problem is I rarely received the bank cheque, is that worth it to open a business account with the fee around $30/month?

Can I bring the cheque to the westpac and ask them to cash out the cheque? (The cheque is sent to my home address)

what other solution do I have? currently I received 7 cheque from them (do 7 job and maybe that is all for this year), try "cash cheque instantly" services, one cheque will cost $30 so 7 cheque will occur $210 fee.

Any help will greatly appreciated it

Financial

Comments

    • andyken on 12/03/2014 - 11:24

      Thank you very much fruit, guess what I cant rely on teller, she told me that $30/month for business account.

      • Daabido on 12/03/2014 - 12:30

        If you were in Brisbane I would say use Heritage Bank (previously Heritage Building Society). They have a $0 a month business account which is perfect for low transaction use.

        • andyken on 12/03/2014 - 12:43

          Thank you, I am in VIC

  • MITM on 12/03/2014 - 13:25

    Big business like to follow the correct proceedures so they dont get caught. Same with banks. Just follow the rules and open a biz account at the cheapest bank with a deposit ATM - then you dont even have to go into the bank. No big deal.

    Alternatively, talk to your friendly bank MANAGER and explain your situation.
    They may be able to arrange a third party cheque indemnity waiver for your personal account. But they may also convince you to open a biz acc with them @ XX$ PM.

    • andyken on 12/03/2014 - 14:40
      +1

      thank you for the advise, I decide to open a business account with $0 from fruit advise, I did not know there is $0 monthly fee, all I know is from the teller, she told me business account fee is $30/month but super thanks to fruit to point me in a good direction :)

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