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#1
Old 03-30-2006, 07:35 PM
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Depositing check made out to multiple individuals

I finally received the security deposit refund from the apartment I vacated more than six months ago. The check is made out to both signers of the lease, though, and we don't have a joint account. I'm assuming the bank won't accept the check without some endorsement from my former roommate, but I wasn't sure how detailed that endorsement had to be. Would a signature be enough? Or does the bank need to see words to the effect of "make payable to biqu" / "deposit into account indicated below" in the same handwriting as the signature? I can easily obtain either type of endorsement (since I paid the full security deposit initially, my former roommate won't demand half of the refund amount), so all I need is the straight dope on check deposit law.
#2
Old 03-30-2006, 07:38 PM
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Quote:
Originally Posted by biqu
I finally received the security deposit refund from the apartment I vacated more than six months ago. The check is made out to both signers of the lease, though, and we don't have a joint account. I'm assuming the bank won't accept the check without some endorsement from my former roommate, but I wasn't sure how detailed that endorsement had to be. Would a signature be enough? Or does the bank need to see words to the effect of "make payable to biqu" / "deposit into account indicated below" in the same handwriting as the signature? I can easily obtain either type of endorsement (since I paid the full security deposit initially, my former roommate won't demand half of the refund amount), so all I need is the straight dope on check deposit law.
Is it possible for both of you to visit the bank it is drawn from?
#3
Old 03-30-2006, 07:38 PM
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Join Date: May 2000
Posts: 26,933
I am not sure about the straight deposit into an account but sometimes the easiest way is to get the bank to just plain cash it, you take the money, and then deposit it later as you choose. An endorsement from your former roommate should allow you to do that on your own.

Cashing is sometimes a good workaround for screwy bank procedures.
#4
Old 03-30-2006, 07:42 PM
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Join Date: May 2000
Posts: 26,933
Here is the way to "sign over" a check to someone else. Your ex-roomie can do that and it sounds like the check is just yours afterwards.

http://joshstaiger.org/archives/..._sign_ove.html
#5
Old 03-30-2006, 07:46 PM
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100% dependent on individual bank policy.
Some banks will gladly cash it if your associate just endorses it and hands it to you.
Some banks will demand he be present to cash it.
#6
Old 03-30-2006, 07:57 PM
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Join Date: Jun 2003
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Quote:
Originally Posted by drachillix
Is it possible for both of you to visit the bank it is drawn from?
Yes, it's possible, but I'd prefer to try some of the other suggestions first. I guess I'll just get the second signature and see if the bank will cash it. If both of us need to be present, that can be arranged too, and probably sooner than we can arrange a trip to the issuing bank, whose nearest branch is a forty-minute drive away.
#7
Old 03-30-2006, 08:37 PM
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Well, you don't say where you are, so answering your question is not possible.

In the US, the UCC generally governs these situations, possibly modified by your account agreement.

Even in a worst case scenario, where the payee line says "payable to A and B" (rather than "A or B") or is legally interpreted as such (under the current UCC in force in most states, "and" is the default interpretation), the check becomes bearer paper once both payees sign it. No magic words are required under the law.

Once both payees endorse it, the drawee bank must honor it, and is liable for damages if it fails to do so. (there's a nuance or two that I'm ignoring -- one relates to which party has the claim against the drawee upon such a dishonor, and another is an ID question.)

That doesn't mean a bank who isn't the drawee must cash it. Such a bank (the depository bank) is at risk if one or both or the endorsements are forged. As a practical matter, though, if you are depositing such a check into the account of one of the two payees, especially if you do it through an ATM, it'll likely clear just fine. And if it doesn't, adding additional language on the back of the check wouldn't have helped anyway.

Disclaimer: I'm probably not licensed in your jurisdiction, and even if I am, this is general information and not reliable legal advice. Laws vary, and I haven't seen the check or your account agreement. See a lawyer licensed in your jurisdiction for advice you can rely on.
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