If a check is in two names with "&" between them do both payees have to sign the check to deposit it?
Does occasionally accepting a customer’s paycheck as a form of payment and providing them cash for the difference constitute a business as providing check cashing service? My current bank will not accept a third party check. They say that is an indicates we are running a check cashing service and have to be licensed.
We have a commercial customer who regularly receives Insurance checks made payable to their customer AND the business. Typically, they'll have their customer sign the check over to the business, the business will sign the check and deposit to their business account. What steps do we need to take to insure compliance. We run OFAC on the individual signing the check over to the business, but all we have is their name. No SSN/DOB/etc. We have no way of verifying the identification of the individual. Furthermore, are we causing UDAAP issues? If a non-commercial customer presents a check made payable to a consumer signed over to the customer, we mandate both parties be present with identification.
We have several attorney trust accounts (IOLTA) in the State of Florida. The attorneys receive checks made payable to their clients but deposit the checks without having their clients indorse them. The attorney will sign the check and use the deposit to the account of stamp or just use the stamp. What is our risk?
Can a business endorse a check over to another business with the same signers? Ex. Carefree Sprinkler signs checks over to Carefree Lawn.
Who is the payee on the check? Hanes Company or Mary Smith?
c/o Mary Smith
1234 Abc lane
New York, NY
I am an operations officer at a small community bank and I need some solutions to a couple of questions. Can a bank deposit a check payable to an individual into an LLC or corporate account (the individual is a part of the LLC or corporate account)? An example - John Doe has a check made payable to him and he wants to deposit it into his LLC account (John Doe Trucking, LLC). Also, what documentation does a customer need to provide a bank if the customer has an LLC account with the bank but recently purchased another business and has checks made payable to the newly purchased business that need to be deposited into the LLC account (that is not in the name of the newly purchased business)? An example - my LLC is titled Never Hungry Cafe, LLC. I recently purchased Mary's Cafe and just for simplicity for my customers they still make their checks out to Mary's Cafe but I need to deposit these checks into my Never Hungry LLC. Any guidance would be greatly appreciated.
Can a bank or credit union put a hold or extended hold on a check that has been second endorsed or when the first endorser cannot be verified?
I work in a money center within a large retail Supercenter. It is very fast paced and understaffed. I cashed a payroll check for $2200. The customer forgot to indorse the back. Is it still able to be deposited and paid?
I have a customer who had a check clear in December 2013 and the payee is claiming they did not receive it. I've sent a SOR (source of receipt) through FED to find where the check was negotiated, but what other options do I have in regards to returning the check?