Ditto to what Ken said. The only party with an ox to gore if the "for deposit only" instruction is ignored is the party that put it there. If that's the party who wants to cash the check, and you'd ordinarily cash it for him/her if those three little words weren't there, what's the big deal? But if Ken's signature appears in the endorsement following "for deposit only" and I bring it to his bank and try to line out the instruction and endorse under Ken's signature, you can plan on a visit from Ken or his attorney.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8