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Endorsing a Check


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#21 TimeRebbe

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Posted 14 March 2011 - 05:02 PM

i sign/write my name on the back, but only when im at the bank or just before i leave to the bank
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#22 Xi

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Posted 14 March 2011 - 05:14 PM

Do you endorse your check before depositing it into the bank? If not, why not?

No. Why would I?
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#23 Kalashnikover_Rebbe

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Posted 14 March 2011 - 06:12 PM

No. Why would I?

:stupid:

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#24 cynic

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Posted 14 March 2011 - 06:29 PM

I just sign if and then write FDO underneath. If it's a small check, I try to deposit it using my phone, otherwise I go to the bank and then usually sign it there.
(BTW, there are halachic differences between a US check and a European/Israeli check with regards to ribbis, so before you buy/sell checks consult a rabbi.)

#25 FYI

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Posted 15 March 2011 - 09:41 AM

How what?

How do you make a deposit. What happens once you receive check - > bank account. What steps do you take?
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#26 Xi

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Posted 15 March 2011 - 10:00 AM

How do you make a deposit. What happens once you receive check - > bank account. What steps do you take?

I go to the ATM, insert my card, insert my PIN, hit 'deposit checks', see a flashy green light, insert my check, and then have the bank take care of the rest.
But who even gets checks on a regular basis anymore? That's wacked.
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#27 FYI

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Posted 15 March 2011 - 10:17 AM

I go to the ATM, insert my card, insert my PIN, hit 'deposit checks', see a flashy green light, insert my check, and then have the bank take care of the rest.
But who even gets checks on a regular basis anymore? That's wacked.

I was asking lyric since it sounds like she has a different system.
Me...I'm wacked..We knew that already, though, I believe.
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#28 mediabias

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Posted 21 March 2011 - 02:10 AM

many banks have gotten rid of deposit slips and envelopes. u can just insert your deposit in the banks ATM and you're good to go. there r even apps that let u take a picture of a check so u save a trip to the bank. in any case, i always endorse my checks before submitting them
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#29 comfortingsong

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Posted 21 March 2011 - 02:20 PM

hardly ever get checks, but when I do I endorse at the bank, or if I endorse beforehand I'll write "For Deposit only to Account # xxxxxxxxx"
logic is that once you endorse it, if you lose it anyone else can take it and cash it.

Correct, once someone endorses a check, it becomes "cash," meaning anyone can use it. AFAIK, you can have someone endorse a check and then deposit it into your own account. It's just like when someone writes a check to "cash." You can even pay a store or another person with such a check.

But if it were, say, a $10,000 check, I definitely wouldn't endorse it until I was at the bank.

Just for the record, never deposit a check for $10,000 or $10,000 worth of cash, for that matter. Once the amount is $10,000 or higher, you have to fill out a tax form at the bank and declare it. Unless you declare all cash to the IRS anyway, which I believe hardly anyone does.

You don't need to endorse a check made out to you AFAIK, unless you are paying it over to someone else.

I've never heard of this. Whenever I bring checks to the bank, that are made out to me, I have to endorse them. By endorsing I mean signing and writing your account number. I'm going to the bank today to deposit checks, so maybe I won't endorse anyone and just ask them if I can deposit it. If a check's made out to cash, though, and not to your name, isn't it safest to write you account number on the back? Then, in case it gets misplaced by the bank, they'll know it's meant to you.

#30 Guest_miri_*

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Posted 21 March 2011 - 02:30 PM

Just for the record, never deposit a check for $10,000 or $10,000 worth of cash, for that matter. Once the amount is $10,000 or higher, you have to fill out a tax form at the bank and declare it. Unless you declare all cash to the IRS anyway, which I believe hardly anyone does.

You have to fill out the form, but as long as you properly report all your income on a tax return, shouldn't be a problem.
Depositing multiple $5,000 checks (halevy!) looks like you're money laundering.

#31 comfortingsong

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Posted 21 March 2011 - 02:36 PM

You have to fill out the form, but as long as you properly report all your income on a tax return, shouldn't be a problem.
Depositing multiple $5,000 checks (halevy!) looks like you're money laundering.

The money laundering issue is true. However, most people don't declare all cash income on their return. So, if you aren't doing so, don't deposit $10,000 or more in cash or check. Not like I should be giving advice on how to avoid paying taxes, just saying.

#32 FYI

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Posted 22 March 2011 - 09:39 AM

I've never heard of this. Whenever I bring checks to the bank, that are made out to me, I have to endorse them. By endorsing I mean signing and writing your account number. I'm going to the bank today to deposit checks, so maybe I won't endorse anyone and just ask them if I can deposit it. If a check's made out to cash, though, and not to your name, isn't it safest to write you account number on the back? Then, in case it gets misplaced by the bank, they'll know it's meant to you.

Right. They'll ask if its you and make you sign it there. But, bring a check made out to your spouse, for a joint account and say he didn't sign it. They 'stamp' it and deposit it for you anyways.

However, most people don't declare all cash income on their return. So, if you aren't doing so, don't deposit $10,000 or more in cash or check.

That's because most people don't have to. It depends how much the cash is. There are laws about what have to be reported and what doesn't.
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