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#2152036 - 11/02/17 02:13 PM Cashing Checks Made Payable to the Bank
Wildcat Rampage Offline
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Joined: Aug 2016
Posts: 93
Kentucky - Home of the 8 time ...
I have found this thread and this thread in this forum that say, "Don't cash checks that are made payable to "Your Bank", instead have the customer make them to themselves or to "Cash" and everything is much better."

I like that train of thought, but I like to say that while we're in Kentucky, management at my shop might as well be from Missouri - they live and die by "show me" when it comes to these things. In my information search, I haven't been able to find anything that supports this train of thought. That means when I take it to management, they'll think I'm just being too conservative and that unless I can document my position, there is no reason to inconvenience customers with significant deposit balances.

So, are there outside sources to support this train of thought? Thanks in advance for helping me find anything that I have missed.
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#2152046 - 11/02/17 02:45 PM Re: Cashing Checks Made Payable to the Bank Wildcat Rampage
burkemi Offline
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Joined: Nov 2013
Posts: 522
The biggest reason is that funds on a check payable to the bank actually belong to the bank - loan payments, safe box fees, etc. Take a look at Ken's post (2nd reply to the original post) on the first thread example you listed. This is likely to be your best defense.
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#2152053 - 11/02/17 03:01 PM Re: Cashing Checks Made Payable to the Bank burkemi
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
I'm not offering a citation for you either, but isn't it as simple as: You can only deposit the check to account whose title matches the payee on the check. If the payee is the Bank....then the money goes to the Bank.

That's how I explain not cashing checks payable to a business. The business isn't standing there, so the check goes into an account that matches the Payee.

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#2152061 - 11/02/17 03:19 PM Re: Cashing Checks Made Payable to the Bank Wildcat Rampage
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,967
Galveston, TX
Negotiable instruments 101.

The payee has to endorse the check to make it properly payable. Who from your bank is endorsing these checks?
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#2152114 - 11/02/17 05:09 PM Re: Cashing Checks Made Payable to the Bank Wildcat Rampage
RockChucker, CAMS Offline
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Joined: Jul 2013
Posts: 1,639
The Country
Bingo! There is not other official regulatory guidance other than what has been provided in this thread or the prior ones you found. There is also no law prohibiting people from jumping off the roof of their house but it is just a bad idea to do so and can have negative consequences. Good luck convincing the powers that be.
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