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Both parties would need to be present (with ID) at the financial institution so that both endorsements can be verified to cash the check. - this depends on certain factors, depending on type of check and/or financial institution.
In some cases the payee can endorse the check over to another person by adding certain phraseology, and the original payee may or may not have to be present for the second endorser (payee) to be able to cash the check - ID in either case is usually required. Or, the "new" (second) payee would have to show ID, and/or use a bank he/she has an account. Sometimes banks will require that it be deposit only, for safety/protection of both the bank and the original payee, to "hold" it for 3-5 days before releasing funds from an account.
To save typing out all scenarios one can or can't will only make this into a long article there are many factors, and it's not a yes or no answer. Example of other factors: say the payee, first or second, does successfully cash the check, but later it's found that there were not sufficient funds, someone can be in big trouble. Both financially and legally.
(See sources for more info; esp. those relating to Check Fraud)
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Can someone cash a check if its not made out to them?
Generally no unless the original payee has signed the check over to another person.
What is the reason to never write a check with cash in the pay to order of line?
It is not a good idea to write a check with "Cash" as the payee because if you or the payee lose the check, anyone could pick it up and cash it, and the bank would not be responsible for the lost funds, since making a check payable to "Cash" essentially allows anyone holding the check to cash it.
How do you Cash a check forf a person who died?
You must contact the Maker (the persos or company who issued the check) and ask them to re-issue the check to a living Payee or the the estate of the dead payee.
What is a payee?
The payee is the one that receives a payment. On a check or money order, the payee is the person the check is made out to. This is the person who can cash the check, or deposit it into his account. On a promissory note he is the one who receives the money from the loan.
When would you ues a certified check?
When the persone receiving the check, the payee, wants to ensure that there are sufficient funds and that the check wont bounce. A certified check is as good as cash and a more secure method of payment for the payee.
Can a cashier's check be made payable to cash?
No, cashier's check is a guarantee funds by the issuer bank and must have a guarantee payee. Never payable to cash.
How do you use a cashier's check?
A cashier's check is used in the same way as a personal check might be used. If you are the remitter (person paying with the check), you simply give the check to the Payee and they will negotiate it like any other check. If you are the Payee, you can either cash or deposit the check in the same way you would be able to cash or deposit any other check (except cashier's checks are not subject to the same lengths of deposit holds as other types of checks).
Can you use account payee checks as self check?
No. An Account Payee cheque can only be paid into a bank account and not as cash, which is the case for a self cheque.
Can a check be cashed if your account is 50 dollars short for what the check is written for?
If someone tries to cash a check you wrote for an amount higher than your current balance, the check will bounce. In this case, you will be charged a fee and the payee might get charged a fee as well. Try to put cash into your account before the person cashes the check.
What does it mean when 2 names appear on the check?
If you mean a payee, it depends on how the names are conjoined: "and" requires both payees to endorse the check; "or" permits one or the other to endorse the check. In both situations, both payees are entitled to the cash value of the check.
If a payee wants to transfer a check to another party the payee would use a blank endorsement?
No. A blank endorsement is you signing the check to deposit or cash to yourself. To transfer a check to another party, that is considered full endorsement. Endorsement is instructions to the bank what to do with the check. Example of full dendorement: pay to the order of Jane Doe. Jane Doe may now take the check that check and cash or deposit. I hope this helps you out.
I found some checks and i want to cash them. but where should i?
First and foremost, you must check if the checks you found are valid (if they are more than 90 days old, they are expired and they do not carry any value) If the checks you found are valid then you need to check if your name is on the check as the payee. You can only cash checks that are paid out to you. Cashing someone else's check is a crime and you can be jailed for it.
