Cash for scrap?

[mjt]

My local scrappy has emailed me saying that with the new laws they can only pay by cheque or onto a card- we all know that!!!
however they have said that they will also offer to cash the cheque for you immediately for a 3% commission charge!
Two issues with that:
1- robbing bar stewards
2- surely that defeats the whole object of no more cash for scrap
to be fair they still give you a voucher for free bacon roll when you weigh in!!!

 

[Guest123]

Unless they are licensed credit brokers like The Cheque Centre, then it's illegal for them to offer a cheque cashing service.

That's a bit like saying " We'll pay you by cheque, because that's the new rules, but give us the cheque back and we'll pay you cash instead but minus 3%".

HMRC would love this one.

 

[Ray Stafford]

Unless they are licensed credit brokers like The Cheque Centre, then it's illegal for them to offer a cheque cashing service.

That's a bit like saying " We'll pay you by cheque, because that's the new rules, but give us the cheque back and we'll pay you cash instead but minus 3%".

HMRC would love this one.

Different set of regulations - they would need to be a registered money service business HMRC link which is part of the money laundering regs.

I haven't read it all the way through, but it looks like a scrappy in a relatively small business could operate as described without registering.

 

[mjt]

Just seems wrong to me

 

[nicro3]

Got texts from my local one, still pay cash with two forms of ID

 

[Destroyer2813]

Which one nicro

 

[andyplumber2009]

Part of me things "robbing bar stewards", other part thinks "darn it, why am i not that business savvy? Basically giving 3% less than 2 weeks ago.... and everytime the copper scrapt price increases so can the commission for changing the cheque to cash !

 

[stevetheplumber]

it probably costs them to pay cheques in to the bank

 

[stevetheplumber]

mine found out that the scrapmen were taking the cheques to cash convertors and paying 10 % to change them maybe your man has done a deal where he gives the cheques to CC and does it at a reduced rate as they can be fairly certain the cheque will be good

 

[nicro3]

Which one nicro

Simply recycling solutions unit 26 The Empire ctr Imperial Way Watford wd24 4YH

 

[Resolute]

Simply recycling solutions unit 26 The Empire ctr Imperial Way Watford wd24 4YH

Wish I still live in Watford now!