Most people usually asks this question. and although it seems impossible, I’m here to tell you YES it is possible for you to deposit a check for someone else, as long as it has the payee’s endorsement and the payee must include the word “for deposit only”.
If this answer seems confusing keep reading to understand more..
Is it possible to deposit a check for another person?
The answer is YES depositing a check for someone else is possible, but it has to be under a few conditions.
It is only possible to make a check deposit for someone else as long as the phrase ” for deposit only” is present in the check and it is duly endorsed (signed) by the payee.
If the check in question has all of these. You shouldn’t be faced with any problems while deposit the particular check.
Please also note that you would only be able to deposit the check into the payee’s account.
And you won’t be allowed to withdraw money from the check or deposit the check into your own account.
What is a check?
A check is a paper order directing one’s bank to pay a particular amount to a third party from his or her account.
For a check to be valid, it must be dated and carry proper endorsement (signature) by the owner of the check.
The person writing the check is known as a payer or drawer while the person receiving the check I known as the payee.
The bank where the payee would submit the check to make the withdrawal is known as the drawee.
How can I pay in a check
To pay a check into your account you have to first endorse the check correctly with your signature, then write the date on which you are paying in the check and the amount you are paying.
Once you have done this, you have to go into any of your Bank’s branch, and submit the check to a teller.
Make sure you wait till the check has been successfully deposited into your account.