Thread Options
#1115274 - 01/22/09 06:52 PM Protective Payee Accounts - Cash Check for "Owner"
Yada...Yada...Yada... Offline
Gold Star
Joined: Jan 2005
Posts: 279
We have protective payee accounts where a company handles the finances for people unable to do so. The owner of the account does not have signature rights, only the company handling the account has signature rights.

If the owner of the account comes in to cash a check that was made payable to them, should we cash it? They don't have signature rights on the account, so if the check would come back, could we charge it against the account?
These Pretzels Are Making Me Thirsty!

Return to Top
Deposits and Payments
#1115311 - 01/22/09 07:18 PM Re: Protective Payee Accounts - Cash Check for "Owner" Yada...Yada...Yada...
BrendaC Offline
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
If the check was signed by an authorized signer on the account, you should be fine to cash the check. Many of these individuals are given responsibilities for small amounts of money by their rep to help them learn how to manage their finances. If they are bringing in a check from a third party, I would decline. I don't think you could charge that back to the account.
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top

Moderator:  John Burnett