Friday, November 20, 2009

Can I Cash in someone elses Check into my bank account or deposit?

My dads Income Tax Refund just came but he doesnt have a bank account. I recently opened a bank account and my dad wants me to deposit the check, Can I deposit my dads Check into my account or does he have to have his own account to deposit or cash it in?

Can I Cash in someone elses Check into my bank account or deposit?
He needs to sign the check and then write "pay to order of" to your name and then you endorse and deposit it. This shows he signed it, which is required, and then authorized you to endorse and deposit. A suggestion is for your father to open an account for himself and authorize you as a signatory.
Reply:Because the check is a government check, the bank won't require holding the funds until it clears. They WILL require proof of identification for the check owner (your dad). Go to the bank with him and have him endorse the check to you while the teller watches.
Reply:On the back of the check he can endorse it over to you- "Pay to Joe Blow" and then sign his name, then you endorse it like a check made out to you.
Reply:You can cash the check for him. It's best if you both go to your bank and he has a valid form of identification. This will clear up problems that the bank might have. You will need to have enough funds in your bank account to cover the check though. If you don't, then deposit the check and get the money out 2-3 days later. By then, the check should have cleared.
Reply:It depends on your bank. Most don't allow it under any circumstances. Just think of the potential for fraud and theft of checks. Save yourself the trouble and have your dad take his check down to the local check cashing house and pay the 3-5% charge. Next year, have him file his tax return with H and R Block and have him get the Emerald Card. It's a checking account without the checks (so he cannot get into trouble using it) and acts just like a master card check card. He avoids the deposit nightmare and can start building a banking record again. Everyone is approved. He can also have his paycheck or government check direct deposited into the same account. I know I sound like a commercial, but Block handed out around 2 million cards this year, mostly for people who don't have checking accounts. Many consumer groups applauded there efforts. As a tax professional, I liked signing people up (we don't get paid for signing people up, BTW). Plus, you get your tax return prepared by a tax professional. If your dad has not been getting all the refund that he deserves, he might be able to amend the last few years worth of returns and get additional money back. Block usually does not charge to look over the last few years of returns (though this may change in the future...).
Reply:that would all depend on the bank
Reply:have your dad sign it %26amp; then have him write "pay to the order of *your name), sign it %26amp; then deposit it
Reply:Have him endorse and sign it on the back as:

Pay to the order of (your name)

(your dad's signature)

Then you immediately endorse it as:

For deposit only to acct#(your account number)

(your siganture)

It may help if he accompanies you to the bank to clear up and problems while there.
Reply:Most banks will not take a third party check (one made out to someone other than the account holder). He can go to the bank the check is drawn on and cash it there as long as he has proper identification.

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