(In fact, many of the mail services we found will deposit checks for an extra fee. 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? This does not influence whether we feature a financial product or service. If you don't even know me, why would your bank subject you to that risk, by letting me deposit a check they don't know will clear? If a check was made out to my name instead of my business name, is there some way I can still deposit it into my business account? Choose an account both you and the other person share, if possible. I was a teller manager in college- If the check is small and you have been a good customer for a long period of time an exception can be made. There are several ways to deposit money into someone else's bank account. Although fewer and fewer banks accept cash deposits into another person's account, many still accept check deposits. What would cause a culture to keep a distinct weapon for centuries? $10 monthly service charge is also waived if any owner of the account … The best answer to whether anyone can deposit into your savings account is that it depends on your individual banking institution. I want to avoid the hassle of asking my client to send the check by postage, and then use the iphone app or something else. Yes, you can endorse a check for someone else to deposit in any account, yours or his or some random person in the Middle East. Can I really not close a checking account if I have a year old outstanding check? I have additionally had several people make deposits directly into my account without problem. Your bank will let you know what to write. I am named as the executor of the will. "So, unless they know you, you can't deposit to someone else's account without their deposit or clear authorization" - I'm not sure I understand this statement. The answer I got to this from Bank of America, from calling their help line, is that the proper way to do this is ordering a special endorsement stamp that has the account name, number, branch number, and "for deposit only", at a cost of $24. Also, if you open an account at a bank/credit union (e.g., Star One) that lets you upload a check photo or scan via the website, you could upload the emailed photo, wait for the deposit to clear, then inter-bank transfer it to your Chase account. It can be especially useful if you don't have access to the recipient's bank. However, after I made the deposit I asked for my account balance; they then requested identification. You probably won't be able to send more than $1,000. Under certain circumstances, however, it is possible. Your bank's policies may vary. We occasionally highlight financial products and services that can help you make smarter decisions with your money. There are multiple websites and apps that allow you to transfer money to a friend. They have the account number and just deposit their rent checks into an account that is setup for just apartment stuff. One of the easiest banking tasks in the world is depositing money. So I deposited $10 and the $600 check was cashed for me. If the checks were yours and were written to him, then that's no problem.. 1. Bank policies vary from bank to bank. Once you endorse the check, it … Or you can walk into a bank and ask the teller to deposit the check into the person's account, as long as you have their full name and account number. It seems as if it would be impossible to deposit a check into your own account if the check is made out to someone else. }); Disclosure: This post is brought to you by the Personal Finance Insider team. Not ATM, because for that your friend would need your ATM card, but yes in person in the branch. Before attempting to send a wire transfer, make sure your account and the recipient's account are both set up for wire transfers. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. That individual can now endorse the check just as though it had been written out to them personally and deposit it in any account they like. Why do banks have daily deposit limits for check deposits with app? The use of segments in non-relocating assemblers. But then such an extreme case, would the bank stop someone from depositing checks? Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. We are not going through probate as mom had no real assets (residing in CA - less than 150,000 in assets). Some of the offers on this site are from companies who are advertising clients of Personal Finance Insider (for a full list. Tip. Some banks are banning cash deposits into someone else's account, though. If the check is in someone elses name - then Yes, you can deposit such a check into the account of the person to whom the check … How can someone else deposit my unendorsed paychecks? Is it sufficient to write "for deposit only" and the account number, without any signature? Why would they really? CEO is pressing me regarding decisions made by my former manager whom he fired. Handling cash can lead to fraud, so banks are steering clear. How should I handle the problem of people entering others' e-mail addresses without annoying them with "verification" e-mails? While most people find this convenient, some workers don't have an account in their name or don't wish to have their pay deposited into that account. googletag.enableServices(); By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider When you buy a money order, you'll pay the small fee plus the amount you want to deposit. Deposit the check into a joint account as an alternative. The most basic way to move money into someone else's account is to walk into the bank and tell the teller you'd like to deposit cash. My boyfriend and I do it all the time. He's just the errand guy. As I said, if I deposit a check to your account, it can bounce and the bank would charge you a fee. How to do so? For example, you might pay the $200 you want to put into your friend's account, then a $2 fee for the money order itself. technically they are all breaking the law by not doing so I've worked for three different banks. You can even deposit money into someone else’s bank account if you wish. Can my significant other deposit a check made out to me? When was the phrase "sufficiently smart compiler" first used? Is italicizing parts of dialogue for emphasis ever appropriate? Can I colorize hair particles based on the Emitters Shading? Which banks have cash-deposit machines in Germany? Because most banks have fraud-prevention measures that won't allow a direct deposit into an account bearing a different name. 1 Deposits include direct deposit, mobile deposit, ATM deposit or in branch deposit of any amount. A deposit endorsement is sufficient. Edit - To know how your bank would handle, contact your bank. Have the Personal Finance Insider newsletter sent straight to your inbox. You will … They simply don't care where the money comes from (assuming there is no fraud). In chase phone line they told me "is up to the branch to accept this or not" but of course, most of the time the phone operator doesn't know anything :). There is no other way to be certain. Many banks and credit unions also let you deposit joint checks through mobile apps or ATMs this way. While paper checks are falling out of favor, you can still deposit a personal … The case you mentioned can be handled by catch hold of person who wrote the check. Since both names are on the account, the bank accepts the check automatically. Your friend should not sign your name on the check -- that's against bank policy and possibly the law. A wire transfer is a tool for sending money to someone who lives far away. And just as a negative credit report can hurt your ability to borrow, a checking account history that shows a closed account can impair your ability to open a new account. What you decide to do with your money is up to you. You can certainly try to sign a check over to someone else so they can deposit it, but it won’t always work. You might have to pay a fee to send a direct … However, it is their policy. So, unless they know you, you can't deposit to someone else's account without their deposit or clear authorization. The bank will place a freeze on the account to prevent any further transactions from posting to the account. A cashier's check is similar to a money order, but there's no limit on how much you can send. Generally, if the check is endorsed "For Deposit Only" with your account number below, your friend will have no problem depositing it on your behalf with a teller. But typically it's not happening. Although you will have to pay a couple dollars for a money order, it's a worthwhile alternative if you don't already have a paper checkbook. Sharing research-related codes and datasets: Split them, or share them together on a single platform? In your question, the friend's name doesn't appear anywhere to the bank. Before venturing into a bank branch to put cash in a friend's account, double check that the bank will allow you to do so. A bank tried to do this once to me and I simply told them they are breaking the UCC laws. Yet, they never asked my wife. googletag.defineSlot('/1035677/Business_Insider_AMP_', [[300, 139], [1, 1], [300, 360], [300, 475], [595, 139], [595, 360], [595, 475], [300, 250], [595, 250]], 'div-gpt-ad-1602088621612-0').addService(googletag.pubads()); You may be able to walk into a branch and deposit cash into someone else's account, but many banks are rejecting cash deposits to avoid fraud. How can I have someone deposit a check for me? In this case, you can deposit money into their bank account. Can I Cash in someone elses Check into my bank account or deposit? Many banks in the US will allow you to deposit someone else’s check in your account – if the payee or the owner of the check has endorsed the check over to you. Just make certain the person knows you’re putting money in his account. I once had a tenant who often bounced checks on me, so I cashed them in person. The downside is that there's usually a limit on how much you can send with a money order. Unfortunately, the money isn't yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. To know for sure, ask. In one case, it depends on whether you share an account with the actual payee. I'm currently out of US territory, someone needs to pay me, so he made a check to me, with my name and CHASE account number on it, of course. So this might not work. A wire transfer is a tool for moving money electronically from one banking institution to another. If someone deposits a check into your account without your permission, you must inform your bank that you have been the victim of fraud, especially if you have unknowingly removed funds from the account based upon that check. I specifically asked if a FDO endorsement and same payee/deposit account name would work and the answer was no. Such a check can only be deposited into your own bank account b. The named beneficiary, which in this case is hopefully you, can try to deal with the bank informally with this type of account. You may choose to write a paper check and give it to the person. You can send wire transfers within the US or internationally, and international transfer fees are more expensive. If you decide to enter someone else's account information anyway, chances are the bank will reject the IRS's direct-deposit request because the name on the refund (yours) doesn't match the account holder's. Depositing a check, unless it's drawn on the same bank, runs the risk of a bounce. googletag.cmd.push(function() { Why not? Heck, let ANYONE deposit money in my account that wants to. Account active If your friend has your ATM card and PIN, he will of course have no problem at all depositing into an ATM. But they MUST do it according to UCC. Reply. You can transfer money electronically through websites and apps such as Venmo, PayPal, and Zelle. I've had two different banks ask for ID when depositing a check. That said, anecdotally, on at least one occasion I know I have accidentally deposited a check through the Bank of America ATM without having endorsed it (payee and account name were the same) and it was deposited successfully. I once had a tenant who often bounced checks on me, so I cashed them in person. @Joe - the bounced check and the fee will be collected from the person who gave the bad check. Stories, strategies, and tips for better personal finance. (unknown) 2227. no you can sign the check over to him. If this is the case for you, you might wonder if there are payroll deposit rules or direct deposit restrictions that prohibit you from depositing your paycheck into an account without your name on it. We do not give investment advice or encourage you to adopt a certain investment strategy. Just to warn you. There are plenty of times you'll need to give money to someone, but for one reason or another, you can't just hand them cash. Subscriber My dads Income Tax Refund just came but he doesnt have a bank account. Wire transfers are often for large sums of money, like a down payment on a house. How can I convince my bank to accept deposits without my signature? There's a fundamental difference between the two--your account balance requires to bank to disclose personal information that making a deposit does not. If fact if any regulated bank (national or state) receives money clearly identified for deposit into a bank account in the bank, they must either deposit the money into the account within 24 hours or officially return the deposit to the source, if they have a good reason to do so. The basic information you need to deposit money into a third-party bank account is: You may send a money order for amounts smaller than $1,000, or a cashier's check for larger amounts. Logically speaking, everyone's experience here is meaningless unless they bank at the branch you have in mind, this is a gray area, and it's worth dropping the dime. Unfortunately, cashier's checks cost a little more than money orders, usually around $10. A leading-edge research firm focused on digital transformation. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. We operate independently from our advertising sales team. Unfortunately, you'll … My wife can intercept checks to me and deposit even with no signature. Here are some of the most popular ones: One disadvantage to this method is that both people need to have an account with certain services, including PayPal and Venmo. Banks can say all they want "the don't allow it". Many people fear signing or endorsing a check for deposit because if it is lost or stolen before it gets deposited, the money could be lost for good. I've deposited checks to my brother's account several times, and not even once was asked to present an ID. I once made a deposit into my own account. window.googletag = window.googletag || {cmd: []}; Legally speaking, as a general rule identification is not required to make a deposit. I am responsible for paying all the bills and then i give him money to spend. Pros and cons of different methods to transfer money from India to the U.S.? Whereas you can get a money order at a bank, the post office, or a convenience store, cashier's checks are only available at banks. On the back you just sign your name and then write "pay to the order of (insert boyfriend's name) and then he signs his name under that. Even if I cite a rule I know to be true, a dozen people can say their bank will do this for them. I'm sure the teller broke a law doing this. Making a deposit does not require the bank to disclose anything and therefore does not jeopardize either your privacy or assets. If your parents or anyone else has ever deposited money into one of your accounts, ask them if they made the unexpected deposit before contacting the bank. the bank doesn't and shouldn't care about who deposited it, it's the account owner's responsibility to do the collection. Different banks have their own set of policies, however, there is no legal restriction that to make a deposit, you would have to undergo identification. If the bank discovers the mistake before you do or before you notify them of the mistake, the bank will take back the money and put it in the correct account. You can expect to spend $10 to $50 on a wire transfer. rev 2021.1.15.38327, The best answers are voted up and rise to the top, Personal Finance & Money Stack Exchange works best with JavaScript enabled, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site, Learn more about Stack Overflow the company, Learn more about hiring developers or posting ads with us, Did you tried this on chase before or you are speculating about it? Get it now on Libro.fm using the button below. But yes, it is possible for someone else to deposit checks for you. Write a check. Why is it so hard to build crewed rockets/spacecraft able to reach escape velocity? It's as simple as that. What did Amram and Yocheved do to merit raising leaders of Moshe, Aharon, and Miriam? So, unless they know you, you can't deposit to someone else's account without their deposit or clear authorization. You'll need the recipient's full name and bank account number to complete the deposit. The other answers below cannot confirm this either way, no one (including me) has cited a government banking regulation. Sign up for Personal Finance. My boyfriend and I have a joint account but without checks, and I have a single account bc i was working and it is where my unemployment now goes. The clerks obviously don't know me personally, and they didn't seem to care as to my identity, as long as the name in the "Pay to the order of" section was the one of the account holder. Of course the bank just got bought by US Bank, so the rules may change. The check has now been written over to someone else, whether it's Spouse B or Joe Neighbor. It’s a simple process that has been around for decades, but in the age of online banking, it seems quite a few people might have forgotten how to do it the old school way. What was the name of this horror/science fiction story involving orcas/killer whales? Stack Exchange network consists of 176 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. It’s the simplest way to handle the check. Does not include fund transfers between Bank of the West accounts or any credits from Bank of the West. As long as you have the other person’s account information and all paperwork is filled out properly, you can make the deposit. googletag.pubads().enableSingleRequest(); The answer is ‘Yes’, someone else can deposit your checks. honestly all banks across the us require id by the Patriot act it is up to the individual teller on your experience whether or not they know you and that's how people get away without being properly identified. For instance, maybe you bank with a national bank but your friend banks with a local institution across the country. It did not matter if I was the account holder or anyone else. How can I deposit a check made out to my business into my personal account? You might have to write some other information such to what account the check is being deposited. One time, the bank said it wouldn't clear, but the teller kindly told me,"if only he had $10 more." As I've answered in similar questions, banks may have their own rules, stricter or more lenient than the law suggests. Unless the other person is standing there with you. How to reveal a time limit without videogaming it? The check must be endorsed, and when my brother endorsed the check - he authorized the bank to collect it, it doesn't matter who physically brought it to the bank. The tellers did not know me and did not ask for identification. While you can’t just withdraw money from another person’s bank account, you can deposit money if the situation calls for it. If you can have someone who knows your account number come in to a Chase branch with the check - they'll be able to deposit it for you. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Can there be democracy in a society that cannot count? Print a conversion table for (un)signed bytes. This will clear up problems that the bank might have. moving money electronically from one banking institution to another, Why open a high-yield savings account now, with interest rates down, 7 reasons you may need life insurance, even if you think you don't, The best online high-yield savings accounts right now. There are no rules to prevent a payee from endorsing a U.S. Department of Treasury check and depositing it in someone else's account. site design / logo © 2021 Stack Exchange Inc; user contributions licensed under cc by-sa. For example, one teller cashes my wife's check, but other one asks me for ID. Re: Can you deposit a check in someone else's name in your account . Select the option to complete the transfer. We are in possession of will and death certificate. Another way to deposit a check with a payee other than you is in a third-party transaction. You can even endorse a check over to someone else and they can deposit it into their own account. and someone else's name right beneath their signature. Can I ask some other friend to go and deposit that check into an CHASE ATM easily? How to make columns different colors in an ArrayPlot? As a workaround, if you feel comfortable asking your client to do this, you could request the client email a close-up photo of the check to you, which you could print out and then deposit using the iPhone Chase app. It's best if you both go to your bank and he has a valid form of identification. All checks, especially government checks, are subject to scrutiny. My experience shows that not all banks follow all rules. They could even cash it. As to that particular clerk - he definitely broke the law by letting you know the private financial info of that person. You'll get a receipt, so if the deposit never goes through for some reason, you have proof of the money order. They will have to write something like “Pay to (your full name)” and then sign it on the back of the check. since, “No Rules Rules: Netflix and the Culture of Reinvention”. How can we cash this check or deposit in to out account? Many banks won't allow it because of fraud. However, the account owner can't just cash a check that belongs to another person. So yes, someone else can deposit your check in Well Fargo, US Bank, Bank of America, Chase, TD Bank, etc. The best choice will depend on which institutions you each bank with, how much money you're sending, and how much you're willing to pay in fees. My bank used to ask me for ID to cash a check. Re: Can you deposit a check in someone else's name in your account . as well as other partner offers and accept our, Fee-only vs. commission financial advisor. He choose to use my single acct to have his payroll deposited, i didnt and dont think that is allowable, so i had told him to just wait and get it by check. I think you should ask the bank. The matter of "identity" becomes an issue if there is ever dispute over who got the money. The bank will accept a deposit into the account regardless of who tries to do it. Why is the country conjuror referred to as a "white wizard"? Typically, check holders sign a check when they want to cash the check, but a signature endorsement is not necessary for depositing a … Banks are charged with protecting your privacy and your assets. Why does my halogen T-4 desk lamp not light up the bulb completely? They are simply going to tell unsuspecting customers they don't allow it to limit their liability. Assuming your bank lets you deposit checks from home, then you will likely only need to prepare your check by endorsing the back. @littleadv is correct, its not speculation as you can endorse the check, if its in your name, or just mark it for deposit only and as long as you are not cashing it or getting money back, it will go through. Air-traffic control for medieval airships. Depositing a check, unless it's drawn on the same bank, runs the risk of a bounce. I hope I can change my client's mind into using wire tranfers or person-to-person quickpay, but before that happens, I've to find a easy way to get those checks deposited without being there in person. The IRS has reopened the Get My Payment tool so you can track your stimulus check. Take your ID, the death certificate, and any other paperwork that proves your relationship to the deceased to the bank, and – barring any further complications – the bank might simply accept the check made out to the account holder for deposit into the POD account. I keep telling them they don't have to do that on my account. So, if the deposit was a mistake, you can't keep the money. To subscribe to this RSS feed, copy and paste this URL into your RSS reader. Locate the deposit option on your banking app. Is Harry Potter the only student with glasses? I've deposited checks for my brother and had a friend deposit checks for me, in Chase in California. Suppose I am out of country and someone else is handling the check for me, so I cannot sign it. A reminder - the check must be endorsed by you or be "for deposit only". It only takes a minute to sign up. I have my tentants in an apartment out of state do this for years. To deposit money into someone else's bank account, you can send a money order for amounts under $1,000, or a cashier's check for larger amounts. Explain for kids — Why isn't Northern Ireland demanding a stay/leave referendum like Scotland. @JoeTaxpayer: Did not think in these terms, some one would willing deposit a check for fun in my account so thay i get penalized for bounce charges. Is it possible to cash a check made to someone else's name? Yes, it is legal to make deposits into another person's bank account. Call ahead to the branch and ask before you attempt it. but it does get infringing on a relationship so typically tellers and managers make exceptions based on how well they know you some banks don't even allow tellers to complete a transaction without inputting each persons Id information in the system.