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Melody | Can you deposit a check into your account if it's made to someone else? |
My sister does not have a bank account yet but she gets checks from work. I was wondering if I could help cash her checks for her with my account after she's signed the check? It would be better than to have to pay the fee. And if I was able to do that, would I be able to deposit the check into my bank account through an atm machine? Don't tell me to get my sister a bank account because my mom won't let her until she's eighteen. It's weird but that's the truth. Please just answer this question for me. THANKS:) |
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Corporate America !!
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I owe back taxes, so any $$ I have in the bank that's in my name, is subject to garnishment. I use my GF's acct to cash my checks by signing my name, then she signs it, then we deposit it on the ATM machine. We tried walking up to the bank teller, but they refused my check due to bank policies. When we started using the ATM machine, they processed the checks so fast, they don't stop to check and make sure the check is made out to whom ever the acct belongs to. Been doing this for over 2 years now, and the bank still hasn't realized the checks she's depositing on her acct (through the ATM machine) are not made out to her name.
RE SiriusMary's posting; its only accts that pay interest, like savings acct, money market certificate accts, etc... that are subject to IRS reporting. Unless you have an interest-bearing checking acct, deposits (and balances) into checking accts are not reported to the IRS. Your checking acct is only subject to review during an IRS audit, when they're investigating unreported income to evade paying taxes. |
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singlegal
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You may have to counter sign it depending upon your bank, you would have to deposit it, and would probably not be able to access it for a certain period of time. If your mother knows your sister is working.................................... |
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yasaswi g
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no |
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terribrooke
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No, you cannot deposit the check into your account. That is illegal. There were new laws and regulations regarding this put into effect after 9/11. The company that your sister works with should have an account with a local bank and they should be able to cash your sister's check as long as she has I.D.
Since you have your own account, you must be over 18. You and your sister should be able to go to the bank and open a savings account with you as the custodian. Then your sister shouldn't have a problem with cashing her checks and saving money. |
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tonalc1
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If she endorses it and you sign it as well, you can deposit it into your account. And yes, you can deposit it through the ATM.
If you have any doubts, contact your bank. They will agree with me. |
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siriusmary
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That's called a Third Party Check and most states have made them illegal. She can go to the bank from which the check was issued, show her i.d., sign the back of the check but don't put for deposit only, and put her fingerprint near the signature. Then she will get her cash. Why would you want to put that check in your bank and then have the IRS audit you and make you pay more taxes since you have that money running through your account? |
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squidburns
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Rella is correct! The bank might request proof of identification initially but typically become familiar. The funds can also be delayed for a random amount of time until the banks involved turn on a computer and allow processing. Modern payroll checks contain multiple security and account identification features that some newer automated banking machines can verify immediately. They are very similar to the currency vouchers Vegas' slot machines spit out when you decide to stop gaming.
A bank may also require fifty percent of the check to be left behind if there is a request for conversion to currency. There are numerous possible reasons for a HOLD and those policies vary between institutions. Customer Experiences may vary. Not valid in Missourah. Void where prohibited.
A more sneaky way is possible if the bank issuing the check is local. If your sister can present the check in person she may be able to cash it in for tender herself. Although, I have discovered most banks become skiddish if they see a dollar amount containing commas. That's when they start requesting thumbs.
If all else fails try the grocery store conveniently located next to a municipal plasma bank. They know what they are doing. ;)
Good luck
_s |
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Rella
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If the bank did accept a check for deposit and later realized it was made out to and signed by someone else, not the account holder, they could reverse the deposit, potentially causing checks and debit transactions to bounce.
However, if your sister signs her name on the back of the check, and then writes "Pay to the order of" and then your name, and then you sign the check to either cash or deposit it, you should have no problems. By doing this your sister is making the check a third party check and signing it over to you.
I would think you would then be able to deposit the check into your bank through an ATM without problem, as long as you followed the above procedure. You could check with your bank to make sure the first time.
P.S.
I just read SiriusMary's post. It's the first I've heard about third-party checks being illegal, but maybe that's because I've never had any problem with them in my state.
Safest thing to do: just phone your bank and ask them what their rules are! |
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EJU
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As long as she signs the back of the check and you sign the back and let the bank know you will be depositing the checks otherwise they will think you are depositing stolen checks. |
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snwrist84
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So long as she signs the checks, I don't see why not. If you have an account, they have to cash it if she signs it over. |
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pinx
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no u cant deposit the check into your account. Gotto be in her name only.. |
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RomeyM
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You can deposit the check as long as your sister signs her name and on the next line puts pay to and your name. Never heard of depositing a check at an ATM machine though. You can cash her checks easily, just take her to the bank with you and have her sign the check over to you, the only thing would be if the check is written for more than you have in your account, that could be a problem. |
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Dr. Wong
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no you can't |
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