bank account question

[Bacardi151]

basically i was wondering if i could write a check and deposit it into somebody's account by telling the teller the checking account....and the bank i'm speaking of is wells fargo..

anybody has any idea if that's possible?

thanks in advance

 

[Kelvrick]

Yea, its possible.

 

[Jzero]

The check would probably need to be endorsed by the person to whom it is written.

 

[Bryophyte]

Yes, you can fill out a deposit slip with the person's acct number and deposit a check made out to that person. No problem. Now, you can't make a withdrawal...

 

[Jgtdragon]

Its possible if you enter in the wrong routing number. Happen to me before.

 

[Bryophyte]

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

 

[Jzero]

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

 

[Vic]

Yes, you can deposit funds into someone else's account. You just can't withdraw.

 

[Bryophyte]

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

Not much. I usually don't sign checks unless they HAVE to be signed (like insurance checks). I put "For deposit only, acct number" on the back instead.

 

[Bacardi151]

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

because im the one who's going to deposit it into the persons account, if the person endorsed it, then the person could simply have deposited it themselves.

ok thanks for all the responses, i will go and deposit it then.

 

[Vic]

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

There is no need to endorse your own check.

When you endorse a check before depositing it at the bank, that because the check was written by someone else to you, and you sign it over to the bank by endorsing it. The bank then places the funds in your account and/or forwards you cash.

 

[eLiTeGoodGuy]

I've done this before with checks made out to other people... if it's going to their account and their name is on the check you can just right "FOR DEPOSIT ONLY" on the back and it will post. Or atleast my bank will accept it like that

 

[Jzero]

Originally posted by: Bacardi151

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

because im the one who's going to deposit it into the persons account, if the person endorsed it, then the person could simply have deposited it themselves.

ok thanks for all the responses, i will go and deposit it then.

If no one endorsed it, how is there proof that the check isn't forged or stolen? I hope they would at least check that you have ID matching the name on the check....

 

[Bacardi151]

Originally posted by: Jzero

Originally posted by: Bacardi151

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

because im the one who's going to deposit it into the persons account, if the person endorsed it, then the person could simply have deposited it themselves.

ok thanks for all the responses, i will go and deposit it then.

If no one endorsed it, how is there proof that the check isn't forged or stolen? I hope they would at least check that you have ID matching the name on the check....

yeah i was thinking all i would have to do is show them my ID and that it matches and they'd do the rest, i'm in a rush so i hope i dont have to fill out a bunch of forms

 

[Bryophyte]

Originally posted by: Jzero

Originally posted by: Bacardi151

Originally posted by: Jzero

Originally posted by: Bryophyte

Originally posted by: Jzero
The check would probably need to be endorsed by the person to whom it is written.

nope

Then what is the point of endorsing a check?

because im the one who's going to deposit it into the persons account, if the person endorsed it, then the person could simply have deposited it themselves.

ok thanks for all the responses, i will go and deposit it then.

If no one endorsed it, how is there proof that the check isn't forged or stolen? I hope they would at least check that you have ID matching the name on the check....

If you deposit a check into your bank account, it doesn't matter. If you stole it, they can take the money back out, and they know who you are. If the check was stolen by whoever wrote it to you, they'll still take the money from your account. Up to you to prove who you got it from.

 

[Jzero]

Originally posted by: Bryophyte
If you deposit a check into your bank account, it doesn't matter. If you stole it, they can take the money back out, and they know who you are. If the check was stolen by whoever wrote it to you, they'll still take the money from your account. Up to you to prove who you got it from.

But we're talking about depositing a check in SOMEONE ELSE'S bank account.
Seems at the very least that it would be too easy to cause a royal PITA for two unsuspecting victims by stealing one person's check and depositing it in some other sucker's account.

 

[Legendary]

I'm a bank teller - let me clear this up.
First of all, to answer the OP - you can do that, just write out the check, get the account number, write "for deposit only, acct # xxx-xxxx-x-xx" and you're done.
The purpose of endorsements is for checking cashing. When you endorse a check, you make yourself liable for the funds. Endorsing the check gives the bank authorization to remove funds out of your account if the check is stopped during processing. Basically, if the bank can't collect from the check, they collect the funds from your account.
You cannot cash checks without an endorsement. Generally the teller is supposed to compare the signature on the ID vs. the signature on the endorsement, or ask you to endorse it in their presence.
Word to the wise, NEVER endorse your checks before you get to the bank. As soon as you endorse it, if it's stolen, it can be cashed, or deposited into another account.

 

[Jzero]

Originally posted by: Legendary
When you endorse a check, you make yourself liable for the funds. Endorsing the check gives the bank authorization to remove funds out of your account if the check is stopped during processing. Basically, if the bank can't collect from the check, they collect the funds from your account.
You cannot cash checks without an endorsement. Generally the teller is supposed to compare the signature on the ID vs. the signature on the endorsement, or ask you to endorse it in their presence.
Word to the wise, NEVER endorse your checks before you get to the bank. As soon as you endorse it, if it's stolen, it can be cashed, or deposited into another account.

That doesn't make sense. So if you don't endorse the check, you have not given the bank authorization to yoink the funds if the check bounces?

 

[Bryophyte]

Originally posted by: Jzero

Originally posted by: Bryophyte
If you deposit a check into your bank account, it doesn't matter. If you stole it, they can take the money back out, and they know who you are. If the check was stolen by whoever wrote it to you, they'll still take the money from your account. Up to you to prove who you got it from.

But we're talking about depositing a check in SOMEONE ELSE'S bank account.
Seems at the very least that it would be too easy to cause a royal PITA for two unsuspecting victims by stealing one person's check and depositing it in some other sucker's account.

But what would you gain by doing that? It is easy for the money to get transfered back to the first victim and the bank would have video proof that the second victim wasn't involved, so they would not likely impose any NSF fees or whatever. Other than being a dick, why would someone do that anyway?

 

[Jzero]

Originally posted by: Bryophyte

Originally posted by: Jzero

Originally posted by: Bryophyte
If you deposit a check into your bank account, it doesn't matter. If you stole it, they can take the money back out, and they know who you are. If the check was stolen by whoever wrote it to you, they'll still take the money from your account. Up to you to prove who you got it from.

But we're talking about depositing a check in SOMEONE ELSE'S bank account.
Seems at the very least that it would be too easy to cause a royal PITA for two unsuspecting victims by stealing one person's check and depositing it in some other sucker's account.

But what would you gain by doing that? It is easy for the money to get transfered back to the first victim and the bank would have video proof that the second victim wasn't involved, so they would not likely impose any NSF fees or whatever. Other than being a dick, why would someone do that anyway?

Well, people certainly do bizarre things all the time just to be dicks with no perceptible gain to themselves, so I don't see why this practice would be any exception.

 

[Bryophyte]

Originally posted by: Jzero

Originally posted by: Legendary
When you endorse a check, you make yourself liable for the funds. Endorsing the check gives the bank authorization to remove funds out of your account if the check is stopped during processing. Basically, if the bank can't collect from the check, they collect the funds from your account.
You cannot cash checks without an endorsement. Generally the teller is supposed to compare the signature on the ID vs. the signature on the endorsement, or ask you to endorse it in their presence.
Word to the wise, NEVER endorse your checks before you get to the bank. As soon as you endorse it, if it's stolen, it can be cashed, or deposited into another account.

That doesn't make sense. So if you don't endorse the check, you have not given the bank authorization to yoink the funds if the check bounces?

Doesn't matter. Probably in the fifty million line form you sign when you open the account, they mention that they can do it if/when they want.

 

[Jzero]

Originally posted by: Bryophyte

Originally posted by: Jzero

Originally posted by: Legendary
When you endorse a check, you make yourself liable for the funds. Endorsing the check gives the bank authorization to remove funds out of your account if the check is stopped during processing. Basically, if the bank can't collect from the check, they collect the funds from your account.
You cannot cash checks without an endorsement. Generally the teller is supposed to compare the signature on the ID vs. the signature on the endorsement, or ask you to endorse it in their presence.
Word to the wise, NEVER endorse your checks before you get to the bank. As soon as you endorse it, if it's stolen, it can be cashed, or deposited into another account.

That doesn't make sense. So if you don't endorse the check, you have not given the bank authorization to yoink the funds if the check bounces?

Doesn't matter. Probably in the fifty million line form you sign when you open the account, they mention that they can do it if/when they want.

Which brings me back to my original question of what is the point of endorsing checks at all?

BTW, my dentist endorsed a check from my insurance company to him and gave it to me (reimbursement for treatment I paid for that was later paid by insurance) and my bank would not allow me to deposit it - I had to give the check back to the dentist and have the dentist cut me a check from the dentist to me - again the endorsement on the check is utterly useless since the bank could not easily verify its authenticity.

So I don't need an endorsement to deposit a check made out to me in my own account.
I don't need an endosement to deposit a check from me into someone else's account.
I can't deposit a third-party check even with an endorsement.

What is the purpose, then? Seems I only need it to deposit a check written FROM a first party, TO me, in a third party's account....and even that seems sketchy.

So it seems that it's not as easy as it sounds in Legendary's post. Maybe my bank is more cautious than others? Just another reason I love my little bank.

 

[Bryophyte]

Insurance checks are in a special class like certain other checks that have to be handled carefully. They usually carry some kind of legal weight and always have to be handled/signed by the people named in the Pay to the Order line. Kind of like those checks from AT&T that say that you have to sign them, and signing them obligates you to change your LD carrier.

 

[Jzero]

Originally posted by: Bryophyte
Insurance checks are in a special class like certain other checks that have to be handled carefully. They usually carry some kind of legal weight and always have to be handled/signed by the people named in the Pay to the Order line. Kind of like those checks from AT&T that say that you have to sign them, and signing them obligates you to change your LD carrier.

I don't know much about check law but I don't see why an insurance company's check has more legal weight than anyone else's check.

I should think my bank wouldn't deposit any check for which they can't authenticate the endorsement.