How to deposit someone else’s check in my account?

There can be a situation when a person can’t go to the bank to deposit his check. There are a few options to deposit the check like the person can authorize the check to someone trustworthy to submit. Here, we are going to cover all the possible impacts of depositing the check of someone in your account.
Several banks enable you to deposit the check of someone else in your account after approval from the recipient or the owner of the check. They have to write something such that, “pay to (your name)” and then signed on the backside of the check.

However, several banks allow such deposits; they do so in a bid to provide additional services to their customers. As per the legal assessment, for the commercial banks, there are no legal requirements to allow such checks.

Depositing a Third-party Check

The check deposited by you in your account is called a third party check. This check was made by someone else, but he/she endorsed this check to your name. So, now you can deposit this check into your bank account. Several factors may involve, whether your bank accepts or rejects it.

In case, you are trustworthy for the bank and the bank trusts you, it is possible that the bank will accept the deposit. The bank can require the presence of that person for the verification of his identity. The bank can also verify the credibility of the check whether the check is fake or not and also make sure that the check is stolen or not. The way your bank assesses risk plays a big part in this whole process.

Depositing a Check through ATM

You can also deposit someone else’s check in your bank account through ATM. The same goes for depositing someone’s check to your account through ATM. You can deposit the check at an ATM until the other person mentions it on the back of the check and confirms the check to you.
In the present era, everything is possible with a few clicks on the computer. You can also deposit the check through an ATM or an online photo deposit system. If you face something wrong with the check, you may face the cancellation of the check. A good way to verify your unsuccessful transaction is to call your bank.

Crossing of Checks

This process had already spread even before the 1970s. At that time, checks did not need to be crossed. It shows that to draw two parallel lines on the upper left corner of the check as safety was not necessary. And it was quite easy to withdraw money in a verified check.

But, these days, due to scam, falsification, counterfeiting, and much more, it became common in trade and industry, especially with trade checks, to cross the checks. You can’t use crossed checks for any further transaction. You must have to submit and clear such checks for at least a week before any withdraw.
In the present era, the usage of checks in most commercial transactions has been reduced as compared to before. The use of electronic funds for the payment of goods and services, online payments, and so on are becoming increasingly common. Individual users are leading this campaign.

Now, even large businesses are also going to reduce the usage of checks for transactions. The number of businesses that are now turning to electronic funds transfer is growing. The electronic fund transfer is helpful to avoid frauds and is not much costly.

But, some businesses and individual users are still using checks for their transactions. The checks are still useful in the future. However, it is not sure that the bank will accept your verified check right away.

Depositing Endorsed Checks

Certainly, a few banks will accept verified checks. But they can only do so under some conditions:

  • There is no rule to deposit an official payment into multiple accounts in banks.
  • It is a must in the case when someone or the recipient is not the bank purchaser.
  • But somewhere in the banks, it is possible to deposit a check having two shareholders. In such a case one partner approves it to the other. The other partner can submit it to his personal account.
  • The bank check will be acceptable it is submitted by the recipient. Hence, the bank will approve the ID of the recipient before its acceptance.

Keep in mind the following

When someone asks you to submit his amount into your personal account, you should think about it. If will be risky, it can create problems for you as well as for the bank. So before accepting such dealing, clear all points why he is asking you to do so.  Try to accept such dealing just from your closers.