Check Endorsement - For Deposit Only.

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

Post Reply
User avatar
MarketIfTouched
Junior Member
Junior Member
Posts: 9
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: 788
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: 430
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: 557
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.
User avatar
pugchief
Executive Member
Executive Member
Posts: 2906
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: Check Endorsement - For Deposit Only.

Post by pugchief » Sat Jan 11, 2020 8:13 pm

flyingpylon wrote:
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.
Same. Phone app and exact same endorsement. However, the payee has to sign under For Deposit Only unless you use an endorsement stamp with the payee's name.
StJohnVianney
Junior Member
Junior Member
Posts: 3
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