^oh that is totally true. If the parties on the check are not parties to the account, banks make it very tough to deposit!
Banks can have rules that vary by type of check. Insurance company checks require both signature at our bank. Have not tried it with IRS checks.
For an IRS check…if both of you are on it, you both need to endorse.
I’ve always deposited the IRS check, usually just signed his name, mine, and “deposit.” Pretty sure I also deposited insurance checks the same way. I have also deposited checks made out to one of the daughters (my account, with their permission, but I signed her name.) Otoh, last few times I’ve been in, there were customers questioning the need for id, when making a cash deposit or w/d, even though they had presented their bank card. Some policy.
I was afraid there may be a different rule for an IRS check.
A check is a check, and endorsement rules don’t change for the IRS. An insurance company may require both parties to actually sign it because it may also serve as a release of liability for the accident or claim. Way back when, people used to write in the memo section of a check ‘Paid in full’ and that would stand if the check was endorsed and cashed. It no longer does as most creditors, banks, etc., mass process checks and no one looks at the front.
The reason some have been able to deposit joint checks with one signature is that the check is going into a joint account. My bank won’t accept third party checks, but they have on occasion made an exception if someone writes a check to one of my kids and we have the same last name, and I have an account… (not such an issue anymore I just deposit into the kid’s account and move the money).
We just put the account # on the back and run it through the ATM with no signatures. All the bank cares about is that the balances match at the end of the day. That said, if it’s a sizable check, I’d probably have both of us sign just to be sure.
^^Banks actually care about more than balances matching.
^^Well, yes, of course they do, but my point was that (at least in my experience) they are not overly concerned with the scribbles on the back of a check. Have a happy new year.
My experience has always been that it is easy to deposit a check to one and/or both of us except for an IRS refund. For that check the bank required both signatures as I recall (many months ago). I made sure the back had “for deposit only” on it and got H’s signature.
What’s an irs refund? Must be similar to this fabled sunshine I’ve heard so much about.
I agree a check is a check…but my bank will not take an IRS check for deposit without both signatures on it. Vet tried.
These policies are bank-specific, and probably in use bc of all the refund fraud going on the past few tax seasons.
@HRSMom : Excellent points.
@eyemamom : similar to this thing called “rain” that has only recently deigned to revisit California.
My credit union won’t give a receipt that shows the amount in the account unless I present a photo ID.
@wis75 That’s what I vaguely remember, something was different for an IRS check. It may no longer be the case.
@eyemamom Refund is not free money. Nothing to wish for.
http://banking.about.com/od/checkingaccounts/a/endorse_check_multiple_payee.htm says that for checks made to multiple people, the use of “and” versus “or” matters.
Pay to the order of:
“Chris and Pat”: both Chris and Pat need to endorse (usually)
“Chris or Pat”: either Chris or Pat needs to endorse (usually)
Individual banks can have more restrictive rules, but not less restrictive than the Fed requires. If you present a check and the bank credits it to your account immediately, that is up to your bank. It can wait until the check clears the issuing bank if it wants to, aND i think it has 5 days to credit you or return the check to you. If the bank takes a check and doesn’t make sure the correct endorsement is on it (most don’t check) and issuing bank (say the one the IRS uses) doesn’t accept the check when presented, and the bank has already advanced you the funds, your bank may be out the funds if you won’t or can’t repay the advance. Many IRS checks are for higher amounts, and the banks dont want to float the funds if they know the incorrectly endorsed check will be rejected.
I have a check I get with my name and my moms name (we do not have a joint account) I use a small bank they have maybe 4 or 5 branches. when I get the check I sign it as does my mother and when I go to the bank… the manager ok’s it. she stamps something and initials it than I go to the teller. my check is for about 50.00 a couple times a year.(not big bucks) I would ask the manager of your bank and he/she says ok ask them if they need to sign off somehow . if they sign off you are good. if it is an IRS check they may be less willing to sign off. (nobody wants to upset the IRS)