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The payee, who is the person the check is written to. If they don't sign the back of the check before they deposit it, then the bank the check is drawn on (where the person who wrote the check banks at) can return the check for up to 7 years after it is deposited into the payees account. If that happens, then the bank where the payee banks at (where the check was deposited) will usually debit your account for the amount of the check. Also, if a check is made out to more than one person and includes the word "and" between the persons names, then both must sign or it must be deposited into an account owned by all payees listed on the check and stamped by the bank. If the word "or" is between the names, then only one payee need sign it. If it is made payable to a business or trust, then it must go into a business or trust account. It cannot go into the personal account of the business owner or of a trustee.
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What does for deposit only mean on a check?
I means exactly what it says, that the check can only be deposited, not cashed and no cash back on a deposit. An even more restrictive endorsement would be "for deposit only in acct. xxxxxxx". Generally speaking, people use this endorsement to prevent someone from stealing the check and then cashing it out.
What type of endorsement is for deposit only on a check?
"For deposit only" is a restrictive endorsement.
What is the safest type of check endorsement?
The safest type of check endorsement is the "Restrictive" endorsement. It limits use of the check to the restricted endorsement stated on the back. It is also considered the safest type of endorsement. It can not be cashed by someone who has stolen the check. It is also the safest way to send a check through the mail. Here is an example of a "Restrictive" endorsement. Ex: "For Deposit Only".
Who are demand deposits a liability for?
demand liabilities is deposited for
Is Primary and non contributory the same as general liability additional insured endorsement?
NO
Which endorsement of a check is signed by the person it is made out to but has instructions to pay the check to someone else?
Full Endorsement
Is there an endorsement to a homeowners policy that extends liability for another residence?
No. You would need to purchase a policy for your additional residence and ask for liability coverage on it.
What is the procedure for cashing two payee check when one is out of state?
My bank told me to send check to person for endorsement and have the person send a copy of license to verify signature. When I deposited it was acceptable, the next day I got a call saying that it was rejected. Why did this happen?
What is it called when you sign a check?
endorsement
To sign a check on the back?
endorsement
When a person signs the back of a check they call it an endorsement What do you call it when you sign the bottom of your check with your signature Is it still called an endorsement?
Yes. It is.
A lost check with a blank endorsement on it can be cashed by?
Anyone. A blank endorsement indicates that the subsequent owner is whoever has the check. If a check with a blank endorssement is lost or stolen, the check can be cashed by anyone.
