Are signed checks same as cash??

[z0mb13]

I am talking about checks payable to you, then you sign the check in the back. If somebody steals the check, will he be able to cash it?

 

[deftron]

Yes, but you can trace it


More like a stolen credit card

 

[KLin]

You never sign the back of the check until you're doing it in front of the bank teller. At least that's what I do.

 

[IGBT]

..possibly..at one of those check cashing joints. I always sign my payroll checks or payment checks "for deposit only" and deposit em in the savings/checking acct.

 

[BigJ]

Originally posted by: KLin
You never sign the back of the check until you're doing it in front of the bank teller. At least that's what I do.

 

[z0mb13]

Originally posted by: BigJ

Originally posted by: KLin
You never sign the back of the check until you're doing it in front of the bank teller. At least that's what I do.

oopsie I guess I should be doing this in the future...

I always sign my check whenever I get it because I usually dont have a pen when I deposit the checks at the ATM

 

[OffTopic1]

No it is not a legal tender as cash. When you sign it it just mean that you have endorse it that all. you can deposit it with out a signature, but the often ask for the signature at the bank is to make sure that you are who you saying. When you cash the check out at the teller is your actual money that you have taken out, and the bank would deposit the money that is owe to you on the check once they verify it with the bank that issue it.

Many people that run a scam by asking you to cash their check for them, and then it turn out to be a bad check that the person that cash the check have to absorb.

 

[OffTopic1]

Originally posted by: IGBT
..possibly..at one of those check cashing joints. I always sign my payroll checks or payment checks "for deposit only" and deposit em in the savings/checking acct.

They are just taken a chance of getting burn therefor they take a percentage for the service. However, they run pretty stringent check to verify if the check is authentic, but they do get burn some of the time.

 

[centexbnkr]

Depends on the endorsement. If someone writes it to you, then you are a "Holder in Due Course." Signed in blank (just the sig) then all someone needs to do is sign below your name and present identification to cash it at the issuing bank. That's called "Blank Endorsement" and makes the check a "Bearer Instrument," which anyone can sign and present for payment. You have no recourse toward the bank if someone steals it, signs it and cashes it. You would have to find the person that cashed it to get the money back, assuming they haven't fled the country.

Either (1) Don't sign it until you are ready to cash it (like it was mentioned before), or (2) put "for deposit only" on it and the account number. You don't even have to sign it. An unsigned check is easy to forge, but hard to cash without correct identification. For Deposit Only makes it a "Restricted Instrument" and the payor must honor the restriction. In other words, the bank can only deposit it as instructed by the Holder.

Don't ever assume that a check is traceable. There are many very good fake identification cards out there. The bank I work for has resorted to having people put a fingerprint on the check to help prevent forgery. It doesn't prevent all of them and many banks don't do that. A professional will find a way to cash a check if they want the money bad enough. Most of them are never found.

 

[Mallow]

I always put "deposit only" as stated above. Not sure if it is guaranteed.