Cashing or Depositing Third Party Checks

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Cashing or Depositing Third Party Checks
by John Burnett, BOL Guru
BIO AND CONTACT INFO

Question: When cashing or depositing a check for a third party should we required the second parties signature be verified?

Answer: This is one big reason we don't like to cash "third party" checks. Confirming the signature of the payee is difficult if at all possible.

So you fall back on how well you know the person who wants you to cash the check. If he/she is a good customer and you feel confident you can collect from him/her if the other signature proves to be forged or otherwise a problem, perhaps as much as three years from now, then go ahead! Otherwise, tread very cautiously.

First published on BankersOnline.com 12/16/02

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