So, I have a check that was signed over to me. Will most banks take that or will the person that the check was written to has to be there?

4/29/2007 10:57:27 PM

what would be the point of signing over the check if they have to be there??

4/29/2007 11:03:36 PM

touche

And all the person who signed it over to me had to write was

Pay to (my name here)

and sign it?

[Edited on April 29, 2007 at 11:07 PM. Reason : a]

4/29/2007 11:05:16 PM

As I understand it, they didn't even need to do that much.

My bank teller told me all we needed to do was have both of us sign it. Of course, they also said they only accept third party checks if I have an account at that bank.

example:
Joe has a checking account with Bank of America and writes a check to Steve.
Steve does not have an account anywhere, signs the check and gives the check to Adam.
Adam has a checking account with Wachovia; Adam goes into Wachovia and deposits the check, signing it underneith Steve's signature.
Zane has a checking account with Citibank

As I understand it, once Steve signs the check it is as good as cash. Steve writing "pay to the order of Adam" does nothing more than make sure Zane does not steal the check and deposit it into his account (the teller will see Zane is not Adam and confiscate the check).

All the banks care about is producing a paper trail. If Zane does steal the check, then Adam will tell Steve will tell Joe will tell Bank of America will tell Citibank will take back the money from Zane's account.

4/30/2007 12:46:24 AM

okay, I'm not really familiar with this.

basically, once someone endorses the check on the back...it's fair game? anyone can cash it?

4/30/2007 12:50:18 AM

when you're rich you dont write checks


straight ca$h, homie

4/30/2007 1:03:59 AM

nm

[Edited on April 30, 2007 at 1:17 AM. Reason : a]

4/30/2007 1:06:44 AM

I use to cash checks for friends who didn't have accounts via them signing it over to me, and the bank always made them be present and they had to have a valid id also.

4/30/2007 1:32:03 AM

i think you can deposit the check in your account.

if you want to cash it they are a little more sketch because they don't know who to back charge it to if it bounces.

4/30/2007 1:44:02 AM

^they only cash it if you have the money to cover the check if it bounces

a lot depends on the bank

[Edited on April 30, 2007 at 2:27 AM. Reason : .]

4/30/2007 2:22:07 AM

I did this at the Wachovia on Hillsborough st and had to have the other person with me (and I think I may have just deposited it, not actually cashed it).

4/30/2007 2:52:20 AM

^ Then why not just have them cash it by themselves at the issuing bank?

My bank did not care if it was cash or deposit, as long as my account had enough to cover the check if it either bounced or was otherwise refused (no such account holder, stolen check-book, etc).

It could also be a function of how well the bank knows you. My Wachovia account has been open and active for 12 years, so the bank may trust me far more than some of you shady characters.

4/30/2007 9:06:22 AM

I bought contraband a long time ago by signing a check over.

I never saw the guy again. I hope he was able to get the money from it!

4/30/2007 9:40:31 AM