Check Endorsement - For Deposit Only.

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

Post Reply
User avatar
MarketIfTouched
Associate Member
Associate Member
Posts: 34
Joined: Sun Sep 09, 2018 4:46 pm

Check Endorsement - For Deposit Only.

Post by MarketIfTouched » Sat Jan 11, 2020 3:42 pm

My wife received a check payable to her. I endorsed the back 'For Deposit Only' and then our account number for our joint checking account.

The teller refused to deposit it, because my wife didn't sign it.

OK, I realize my Business Law class was a long time ago, and I am sure that in class we learned 'For Deposit Only' + account number was the safest/easiest way to deposit a check. In any event it is the way I've always deposited checks.

The teller seemed to try to tell me that this method of endorsing a check, with 'For Deposit Only' only, is no longer allowed?

Anyone have any ideas? Internet searches don't seem to reveal any information about a change to the Commercial Code.
stuper1
Executive Member
Executive Member
Posts: 1365
Joined: Sun Mar 03, 2013 7:18 pm

Re: Check Endorsement - For Deposit Only.

Post by stuper1 » Sat Jan 11, 2020 3:47 pm

I think the problem was that you, not your wife, was trying to deposit the check into a joint account where you, and not just your wife, would then have access to the funds.

If your wife had been present, I bet there would have been no problem. Or if you had just used the ATM for the deposit, again I suspect there would have been no problem.
flyingpylon
Executive Member
Executive Member
Posts: 1102
Joined: Fri Jan 06, 2012 9:04 am

Re: Check Endorsement - For Deposit Only.

Post by flyingpylon » Sat Jan 11, 2020 4:57 pm

I can’t remember the last time I went to a teller to deposit a check. I’ve been doing it with my phone via my bank’s mobile app for several years. They instruct us to endorse the check exactly as you did. I have deposited checks into joint accounts and our kids’ accounts with no problem. Of course with the app it’s all automated so nobody asks any questions anyway.
User avatar
I Shrugged
Executive Member
Executive Member
Posts: 2062
Joined: Tue Dec 18, 2012 6:35 pm

Re: Check Endorsement - For Deposit Only.

Post by I Shrugged » Sat Jan 11, 2020 8:07 pm

I do know they don't like or don't allow For Deposit Only any more. I don't know why.
StJohnVianney
Junior Member
Junior Member
Posts: 6
Joined: Thu Dec 27, 2018 8:38 am

Re: Check Endorsement - For Deposit Only.

Post by StJohnVianney » Tue Jan 14, 2020 6:02 am

When I was a teller, this sufficed, "For credit to the account of the within named payee."
Post Reply