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While depositing checks into your bank account is generally a straightforward process, when it comes to double endorsed checks, many banks approach with caution. A check in the name of one person, yet cashed or deposited into the account of another, double endorsed checks can be used for various fraudulent schemes that generally don't end well for either the bank or the holder of the original checking account. So if you need to deposit a double endorsed check, it's important to keep in mind that banks may not immediately accept or process the check. Here are some steps you can take to make successful deposit more likely. The Basics You have to have an account with the bank where you want to deposit double endorsed checks. Also, be sure to go over your bank's policy regarding double endorsed checks before going forward. Each bank typically has its own set of guidelines on whether or not it processes these transactions, and if it does take them, under what circumstances. It's possible that your bank doesn't take double endorsed checks at all, or if it does, it could require that you bring in additional identification. Wells Fargo, for instance, has stopped taking third party checks but will generally make an exception if you go to a bank branch in person and bring the owner of the check with you. Chase, however, will take third party checks for deposit, even over its mobile phone applications, but needs to also see the owner of the check with you, in person, if you intend to cash it. TD Bank, on the other hand, generally won't allow double endorsed checks deposits unless it is being deposited into a joint account naming both parties. So, to sum it all up, banking practices can vary widely. Either way, for many banks, depositing a double endorsed check requires an identity check. So when you bring your check to the bank, also be sure to bring a form of identification, such as your driving license, or a credit card with your picture on it. A few banks might even require a fingerprint scan for further verification. If the bank requires the presence of the person who signed their check to you, that person should also bring identification, so that the bank can be sure that your payer is who he or she says. Filling out the check In order to deposit or cash one of these checks, you need to fulfill the requirements of endorsement: That is, the check must be endorsed to you. Generally, the payer notes "payable to" or "pay to the order of" and your name on the back of the check. After that, you have to sign underneath his or her signature to deposit it in your bank account. You could also take a second route: in lieu of writing your name, if the check payer writes 'bearer' on the back of the check, the check becomes what is known as a 'bearer paper'. After that, whoever has legal possession of it can either deposit or cash the check. This process is called 'indorsement', under Section 3-204 of the Uniform Commercial Code in the United States. Don't use ATMs While ATMs are easy and in many cases far more efficient when it comes to making deposits, dthey aren't helpful in the case of third party checks. Because depositing double endorsed checks generally require extra identification, and because the ATM process is automated, your transaction isn't likely going to be processed if you feed it into an ATM as a deposit. Go to a bank branch in person instead, so that you can talk to a live person and show any identification required. Fraud issues So why do banks approach the matter of double endorsed checks with caution? The largest concern banks have is over forgery. Regardless of whether the bank believes the depositor is trustworthy, it can be difficult to verify the truth about the first endorsement. And if it's in fact a forgery, that makes the depository bank liable on their warranty that the previous endorsement was geniune -- and that warranty will exist for one year to three years, according to the Uniform Commerical Code. In fact, some law enforcement organizations srongly discourage banks from accepting third party checks in general. In the event the drawee bank is notified by its customer of an endorsement forgery, the drawee bank has the right to make a 'without entry' claim against the bank for breach of its warranty. Changes Some banks tightened down the security measures on third party checks after the terrorist attacks on September 11, 2001, as many bankers were concerned about the possibitity that terrorists might try to obtain funds through forging checks. As a result, banks have become even more stringent about enforcing their particular policy regarding third-party and double-endorsed checks.
In a Nutshell Depending on your bank’s policies, it may be possible to deposit someone else’s check in your account. But you may want to consider other options to avoid potential fees, deposit delays and check cashing scams. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted. If you’re asked to deposit a check made out to someone else into your account, is it a good idea?If you have a checking or savings account, you’ve likely deposited checks made out to your name. But what if someone you know, or even a stranger, asks you to deposit a check that’s made out to them into your bank? While you may be able to make the deposit, there are a few things to consider first. Let’s take a closer look.
Can you deposit someone else’s check in your account?It all depends on your bank’s policies. Some banks may not allow you to deposit or cash a check made payable to someone else (a third-party check) while others may have special requirements you’ll need to meet. Why someone may ask you to deposit their checkThere are a few reasons you might be asked to deposit a check made out to someone else, including:
Before you deposit someone else’s check into your account, here are some things to keep in mind. Do your researchBanks don’t have a legal obligation to accept a check written out to someone else, and not all banks will accept someone else’s check, so it’s important to know what your bank’s policy is. Have the person sign their check over to youIf your bank allows it, you may need the owner of the check to sign the check over to you. Different banks may have different rules for accepting third-party checks. For example, some banks may require the original payee, or the person whose name is on the check, to write “Pay to the order of (your first and last name)” underneath their endorsement. This tells the bank that both parties approve of the transfer of ownership for the check. Deposit or cash the checkTake the endorsed check to the bank or ATM, or use your bank’s mobile check deposit feature to process the check. It may be helpful to have the other person at the bank with you when you deposit the check to help verify their identity. But be aware that some banks, like Bank of America, won’t accept a third-party check via mobile deposit, so you may have to go to a physical location and talk to a bank teller, depending on your bank. The risks of depositing someone else’s checkEven if you’re cashing a check or depositing one for someone you know, there are still some risks you should keep in mind.
What’s next?Given the risks involved, it might not be the best idea to deposit someone else’s check into your account — even if your bank allows it. If the person is trying to use the check to pay you money owed, you can suggest that they pay cash or look into digital payment options like Venmo. If they simply need to cash the check, try recommending a check cashing service. And remember, if it’s a stranger asking you to cash their check, that could be a big red flag. About the author: Sarah Sidlow is a freelance writer and editor based near Detroit. She has a master’s degree in journalism from Georgetown University. Sarah’s work has appeared in Luxembourg’s national newspaper, Washington City Paper… Read more. Can I deposit an endorsed check at Wells Fargo?You can deposit checks payable in U.S. dollars and drawn at any U.S.-based bank, including personal, business, and most government checks. Checks must be payable to, and endorsed by the account holder.
Can I deposit a check into someone else's account at Wells Fargo?Some banks, however, don't let you deposit cash into someone else's checking account. They include the three biggest banks — JPMorgan Chase, Bank of America and Wells Fargo. As the banks see it, the decision to ban cash helps prevent money laundering and fraud — cash is hard to trace, after all.
Can you deposit someone else's check in my account?It all depends on your bank's policies. Some banks may not allow you to deposit or cash a check made payable to someone else (a third-party check) while others may have special requirements you'll need to meet.
Can I deposit a check that's not in my name?In general, many banks and credit unions allow this. However, you'll want to check with your financial institution before you initiate the process. If you do not follow their specified rules, it can result in the check being voided.
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Can i deposit someone elses check in my account wells fargo
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