 Check endorsement? (by Dan [NY]) Oct 14, 2018 2:22 PM
 Check endorsement? (by LisaFL [FL]) Oct 14, 2018 4:06 PM
Check endorsement? (by Dan [NY]) Oct 14, 2018 4:11 PM
Check endorsement? (by fred [CA]) Oct 14, 2018 5:09 PM
Check endorsement? (by Vee [OH]) Oct 14, 2018 5:26 PM
Check endorsement? (by Robert J [CA]) Oct 14, 2018 6:15 PM
Check endorsement? (by Dan [NY]) Oct 14, 2018 6:21 PM
Check endorsement? (by cjl [NY]) Oct 14, 2018 6:50 PM
Check endorsement? (by LindaJ [NY]) Oct 14, 2018 7:18 PM
Check endorsement? (by J [FL]) Oct 15, 2018 3:18 AM
Check endorsement? (by Robert J [CA]) Oct 15, 2018 6:48 AM
Check endorsement? (by Doogie [KS]) Oct 15, 2018 8:13 AM
Check endorsement? (by Dan [NY]) Posted on: Oct 14, 2018 2:22 PM
Message:
Does using the word “or” compared to “and” make a difference when writing to three tenants? It is my understanding “and” the bank will require all parties to be present and “or” all parties sign, but don’t need need to be present. Does anyone have factual information or does it matter based on bank?
--107.242.xxx.x |
Check endorsement? (by LisaFL [FL]) Posted on: Oct 14, 2018 4:06 PM
Message:
At my banks "and" requires both parties whereas "or" mean either or. --75.89.xx.xxx |
Check endorsement? (by Dan [NY]) Posted on: Oct 14, 2018 4:11 PM
Message:
“Or “meaning both present at bank or both signing? --107.242.xxx.x |
Check endorsement? (by fred [CA]) Posted on: Oct 14, 2018 5:09 PM
Message:
No bank will honor a check with "or" and only one person showing up, even if the other person "signed" on the back. --99.59.x.xxx |
Check endorsement? (by Vee [OH]) Posted on: Oct 14, 2018 5:26 PM
Message:
The short answer is -and- so that all parties must sign in presence of a bank officer. --76.188.xxx.xx |
Check endorsement? (by Robert J [CA]) Posted on: Oct 14, 2018 6:15 PM
Message:
As a contractor I do many jobs for landlords. Many of those jobs are for "insurance" purposes due to a loss. When I sing my contract with the client it clearly states that I will not deal with their insurance company, mortgage holder or others when it comes to my payment, the client must pay me with their funds on a timely basis.
But NO!, They change their mind so the "Insurance Checks read, Payable to: The Client, The Mortgage Holder and then me" as the contractor to receive such funds. Each party must have an Endorsement Guarantee affixed to the check which may take up to 4 to 6 weeks for the Mortgage Holder to complete and a few days for the Client to get done. Then if I were to take the check to my bank to clear, they would want to put a 30 day hold on the check. If the check was an insurance draft check, then the funds could be reversed within the next two years. So I cut my losses and after two weeks of not being paid, I walk off the job... --47.156.xx.xx |
Check endorsement? (by Dan [NY]) Posted on: Oct 14, 2018 6:21 PM
Message:
I delt with an insurance check and my note holder with “and” what a pain in the butt. --107.242.xxx.x |
Check endorsement? (by cjl [NY]) Posted on: Oct 14, 2018 6:50 PM
Message:
Honestly, depending on where they go to deposit/cash it would really matter.
Or would mean one or the other.
And would mean ALL need to sign.
If one goes to the ATM or deposits via their mobile app - the bank will just take it, I'm sure. No one looks at those things unless someone disputes it. --69.201.xx.xxx |
Check endorsement? (by LindaJ [NY]) Posted on: Oct 14, 2018 7:18 PM
Message:
And - only requires both signatures. I have the other party sign, then I deposit in my account. Never had a problem.
I would think -or- would only require one signature. At least that is the logic we always used when doing math, or programming a computer.
--108.44.xx.xx |
Check endorsement? (by J [FL]) Posted on: Oct 15, 2018 3:18 AM
Message:
"If one goes to the ATM or deposits via their mobile app - the bank will just take it, I'm sure. No one looks at those things unless someone disputes it."
I believe this is true...I made it to "AND" with one group -- one of the three in this group was a deadbeat and had disappeared long before -- the remaining two just forged his name on the check because it was cashed. --72.188.xxx.xxx |
Check endorsement? (by Robert J [CA]) Posted on: Oct 15, 2018 6:48 AM
Message:
One time I made an ATM deposit for $15,000 from a real estate deal. It was a check made out to me and my partners who signed the back of the check putting their State ID number and their account of that bank to confirm signatures.
The bank person who processed the ATM deposits put a hold on the check for the $15,000. Then the teller manager also put a $15,000 hold on the check. And the Branch manager put another $15,000 hold on the check. So there were $45,000 worth of hold's placed on my account over the weekend, I made a Friday deposit in the ATM.
During that weekend I went to Builders Emporium to buy supplies using my ATM Debit Card. The purchase was rejected, no enough funds in the account to cover it.
Monday I went into my bank and had a kitten, why $45,000 holds placed on a $15,000 account?
My mistake was dealing with Bank Of American a billion dollar bank who treated a long term 20 year client like dirt! --47.156.xx.xx |
Check endorsement? (by Doogie [KS]) Posted on: Oct 15, 2018 8:13 AM
Message:
Former bank teller here. The way it's SUPPOSED to work is if it is made out to Jon AND Jane, both parties must sign the back of the check. If it's made out to Jon OR Jane, then only one party must sign the back of the check. If it's made out without the "and" or the "or", then it is an implied "OR". In any of the cases, they don't need to be present at the bank in order to cash. Only the signature is what matters.
With ATM and phone deposits now though, that doesn't seem to be enforced much anymore. If someone complains, the bank is supposed to send it back for the other signature. Insurance companies are the main ones that will require all signatures. This is mainly on insurance claims as well. --98.175.xxx.xxx |
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