Posted: 2/14/2012 11:40:15 AM EDT
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Buddy (and fellow arfcommer) sent me a check through Online Bill Pay. Basically, the bank cuts a check for you. He sent it to my work address, with the format:
NAM Company name Address of company City, State zip. Bank won't cash it, or deposit it. Teller says that since "company name" is not prefaced by "C/O", that the check is also payable to the company, and needs to be endorsed by the head honcho as well. Legitimate issue, or should I go back and raise hell with the bank manager? 
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| I worked at a bank call center thru college and yes that is the law. What I would suggest is to go to the company that the check is to and see if they won't cut you a check if not I would go and get someone it does not matter if it is the head CEO just someone who works at that company to sign the check. It would be a lot easier and simplier if that company would just cut you a check though. |
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Quoted:
I worked at a bank call center thru college and yes that is the law. What I would suggest is to go to the company that the check is to and see if they won't cut you a check if not I would go and get someone it does not matter if it is the head CEO just someone who works at that company to sign the check. It would be a lot easier and simplier if that company would just cut you a check though. I work at the company.  Arfcommer sent it to my work address. I offered the teller a business card, but she said it had to be a board member or other head honcho.
I would prefer not to get the boss involved. Other than being a 2 hour drive away, I'd just rather not hassle him. It'd probably be quicker for my buddy to just have another check sent.... Just wanted to make sure the teller wasn't yanking my crank. |
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Quoted:
So, are we to interpret that the first 2 lines of the address became the payable to lines on the check? Seems to be a glitch in the system, or 'buddy' didn't fill it out correctly. Check is from USAA. They put the whole thing in a windowed envelope. So, it shows "PAYABLE TO:" then lists the mailing info. If the company name is not listed, mail lady (USPS) doesn't always deliver it. Occasionally, she'll RTS it. I don't see why second line would be interpreted as a separate entity, versus an addres and/or title. |
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I'm not a banker but I would assume if it has the companies name on it, someone would have to sign off from the company.
Otherwise, what's to keep me from doing all my business under someone else's name and cashing the checks? Plus I am sure there would be some liability if it had a company name on it. Would they be on the hook for a "sale" if a check was cashed with their name? Would they then be liable for taxes or whatever businesses have to pay on sales? It may just be a safeguard to keep people from leaving taxes or IRS liablity on a company? I would just get the check recut to my name 
Good luck though! |
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Quoted:
I would just get the check recut to my name
Good luck though! Yeah......sound like that's what is going to have to happen. PITA. But oh well... The part that pissed me off the most was, they said if I deposited it, and it was rejected, I would incur a charge. What the F is with that? US Bank. |
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It is made out to you. Doesn't matter what the rest of the check says or if it has a business name on there.
It would matter if it was "NAM and Business Name" that would be considered a third party check and have to be endorsed by both. Quoted:
Quoted:
I would just get the check recut to my name
Good luck though! Yeah......sound like that's what is going to have to happen. PITA. But oh well... The part that pissed me off the most was, they said if I deposited it, and it was rejected, I would incur a charge. What the F is with that? US Bank. That would be if it was sent to USAA's bill pay service and because it wasn't properly endorsed they wouldn't send the funds to your bank. Any time you deposit a check and that check isn't good you will usually receive a fee. |
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Quoted:
It is made out to you. Doesn't matter what the rest of the check says or if it has a business name on there. It would matter if it was "NAM and Business Name" that would be considered a third party check and have to be endorsed by both. Maybe I'll go back tomorrow and speak to the manager. That would be if it was sent to USAA's bill pay service and because it wasn't properly endorsed they wouldn't send the funds to your bank. Any time you deposit a check and that check isn't good you will usually receive a fee. The bank accepts a check that isn't properly endorsed, and a fee is is incurred by the person that submitted it? Seems odd to me....seems like it would be on them to verify the endorsement. I can certainly understand them saying "sorry, it was kicked back due to the company name needing a signature as well", but charging me a fee? meh... The only reason I "have" an account with them is because my wife had one when we got married, so now my name is on it as well. |