If the check in your statement is not endorsed by the payee, you do not have a valid receipt. When you’ve paid by check, it’s important to review the endorsements on the checks in your bank statement to ensure the checks were negotiated by the party you intended to pay. By returning an unendorsed check, the Bank is protecting you against the negotiation of a stolen check.ħ. If the payee of a check you have written fails to endorse a deposited check, that check may be returned to you. As an example, a check made payable to you and your Bank must be endorsed by both.Ħ. If a check has multiple payees, and the word “or” does not appear, all payees must endorse the check.
Theĭownside of two party checks is that they’re more difficult to negotiate.ĥ. Underneath your signature in order to receive the value of the check. To negotiate that check, Joe Doe would also have to endorse the check Adding a statement that reads “Pay to the order of Joeĭoe” under your own signature transfers the ownership of that check to Number 0000000000 at the Farmers and Merchants Bank” under your signatureĮnsures that the check cannot be cashed or deposited in another account.Ĥ. Adding a statement that reads “For Deposit Only in Account
The check endorsement on the back of the check must match Note: You can deposit at a Bank location, through our mobile app, or at an ATM.Ģ. So, always sign your name in the blank space next to the X just before you bring it to the Bank. A check must be endorsed on the back for it to be valid for deposit. We’ve compiled the top 7 things you need to know. So, how do you best dot all your i’s and cross all your t’s? Easy enough. An improperly endorsedĬheck could make your business vulnerable to fraudulent activity. Little refresher course in check endorsement is wise. Paper checks are used less and less often nowadays, so a 7 Rules for Correctly Endorsing Checks-and Why It’s So Important.
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