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Deposit of Personal Check into Business Account

by John Burnett, BOL Guru
Guru Bio

Question:  In the past, Iíve seen Q & A's regarding the deposit of business checks into personal accounts. Can you deposit a personal check into a business account if the check is payable to a signer on the account?

Answer:  It's not on my list of best practices, but the legal arguments against accepting checks payable to businesses for deposit to individual accounts won't apply when the opposite is being attempted. While your bank can still prohibit such a deposit, it can be accomplished within the law if the individual payee of the check endorses it properly before it is deposited by the business. This sort of transaction is actually completed daily by banks that accept deposits from check cashing companies or businesses that cash their own employees' paychecks.

First published on BankersOnline.com 4/21/08






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