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#1431394 - 08/19/10 03:44 PM Checks Payable to the Bank
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
Customer brings in a check to cash but it is payable to the bank. Shouldn't this be payable to either cash or themselves?

I thought I had recently read a thread on this issue but can't seem to find it now.
Last edited by ltackett; 08/19/10 04:17 PM. Reason: added info
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General Discussion
#1431534 - 08/19/10 05:44 PM Re: Checks Payable to the Bank HR Banker
West Coast Comp Offline
Gold Star
West Coast Comp
Joined: Jun 2010
Posts: 350
Lost in the rain.
If it is payable to the bank then the funds should go to the bank. That's how people pay the bank.
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#1431569 - 08/19/10 06:08 PM Re: Checks Payable to the Bank HR Banker
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If a customer wants cash then the check should be payable to the customer or to "cash." In the first case, the customer's endorsement on the back of the check is necessary. In the second, the customer's endorsement is not required by law, but definitely may be required by policy.

The customer makes a check payable to the bank when he wants the bank to keep the money; e.g. makes a loan payment. Ask your customer if he wants you to keep the money or give it back. wink
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