In simple words- YES! In the U.S., this process is known as a third-party check and generally requires the mediator in between to initiate the check made out to them with a signature on the back- now yours.
Whether your bank allows you to do so or not is up to them because there is no legal requirement for them to do so. The decision to make is dependent on a variety of factors that can reject you outright and refuse the process of it.
In this blog, we will discuss the two burning questions: first, can I deposit someone else’s check in my account, and second, can I mobile deposit someone else’s check? So, let’s get started.
Will The Bank Accept My Endorsed Check?
Various banks may not take an endorsed check only if the original receipt comes to the bank in person to deposit it with you, bringing an official form of ID so that their identity can be verified. Thought it might also be the case that the banks only endorse the checks which have been sent to two different people at once, with one endorsing it to another person in order to deposit it into a separate account.
If a cheque has the account payee only read as non-negotiable, then it cannot be transferred- if the account number of the payee is printed on the check, then it is forbidden to cash into a different one, so you won’t be able to do it.
It is with checking out your bank’s official policy on depositing checks before you go there in order to avoid any disappointment- it is not the truth teller’s fault that someone who works on the high table has taken the call!
Can I Deposit Someone Else’s Check in My Account?
There are various steps that must be taken and should be followed in order to successfully deposit a check that was initially sent to someone else. Keep in mind that you may not be able to do it successfully, so it is all about the context.
- Appoint The Recipient: It can be an individual, or a group- just figure out who it is you need to sign your check to. It is occasionally difficult to do, so ensure that you set beside plenty of time before the amount is needed in order to do it.
- Cross Check The Recipient Will Accept It: Do not assume that whoever you want to cash a check for you will do it. Ask them if they will accept you, as both parties should be in agreement about the process in order to follow it thoroughly.
- Decide If The Recipient’s Bank Account Third-Party Checks: Find out whether or not the bank that the receiving party belongs to will accept the endorsed check, as they are not bound by the law to do so. Be sure to confirm it before you attempt to cash it, as you might find yourself in a hot mess for fraudulent behavior.
- Sign The Check Correctly: If a check can be endorsed, there will be a box on its reverse labeled as “Endorse Check Here.” In order to correctly endorse a check, you must sign your name as it is given on the check itself. It is crucial to write “Pay To The Order Off” followed by the name of the recipient, ensuring that this is well within the endorsement area and comes directly underneath the signature.
- Go To Bank To Cash It: Although it may not actually be important it is recommended that you go with the check’s recipient to cash it, as they might wish to see some ID proof before they will fulfill this process for you.
Can I Mobile Deposit Someone Else’s Check?
Most of the banks prohibit mobile deposits of third-party checks, even if it’s a parent cashing a check on behalf of a minor child, so you might need to visit a bank in person.
How Much Time Does a Third-Prty Check Take To Clear?
This solely depends on the law- any kind of bank is permitted to hold funds for a reasonable period of time, generally upto two working business days, but this amount can be increased to over a week in various circumstances- as additional procedures are to be carried out.
The bank with whom you have an account might want to wait until they actually receive the funds from wherever the check is arriving from before they release them to you.
Can I Deposit Someone Else’s Stimulus Check?
NO! Most checks provided by the government are non-negotiable and they are not designed to contain blank space on the border where a signature can be authorized to endorse and transfer the check to another party.
That means you can’t put a stimulus check into a different bank account from the person whose name is on it. But your buddy can cash their check using another company, such as Paypal, and transfer the funds to want you might to do so with them around if you don’t have faith in them.
Conclusion
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