Happy HolidaySs Giveaway - Winners Re-Re-Re-Re-Drawn - 24 hours to Claim!

Get your HBT Growlers, Shirts and Membership before the Rush!


Home Brew Forums > Home Brewing Community > General Chit Chat > "For Deposit Only" check / Banking Question
Reply
 
LinkBack Thread Tools
Old 01-17-2007, 05:04 PM   #1
Fiery Sword
Feedback Score: 0 reviews
 
Fiery Sword's Avatar
Recipes 
 
Join Date: Oct 2006
Location: Revere, MA, Massachusetts
Posts: 908
Liked 4 Times on 3 Posts

Default "For Deposit Only" check / Banking Question

A guy who I do a bunch of side-work for just handed me a check I've been beating him up for for weeks now. In the "Memo" portion of the check, he wrote "For Deposit Only". Does anyone know what this means?

I've had trouble with this guy bouncing checks on me before and I'm not sure if this is just a stall tactic to prevent me from going and cashing his check - which is what I've been doing with him since I lost my trust in his financial stability. Is he just trying to buy a few days before this check will clear? Will I get rejected if I try to cash it at his bank?

thanks for any insight.

__________________
Fiery Sword is offline
 
Reply With Quote Quick reply to this message
Old 01-17-2007, 05:11 PM   #2
trinitone
Feedback Score: 0 reviews
 
trinitone's Avatar
Recipes 
 
Join Date: Sep 2006
Location: Philadelphia, PA
Posts: 421
Default

I'm not sure how it works if the check writer puts it on there like that. If you, the receiver, put that on the check as part of your endorsement, then the check should only be accepted for deposit. Furthermore, if you add your account number to the endorsement, it should only be allowed for deposit into that particular account. Sounds to me like you need to stop taking checks from this individual.

__________________
Planning: Ned's Red (Flanders style)
Primary: Niet
Secondary 1: Cripple Kriek (a 'pseudo' cherry lambic)
Secondary 2: Monk's Tripel...
Bottled: Dark Star Brown Ale, Watership Stout, Yet to be named cider

Well... a person can work up a mean, mean thirst after a hard day of nothing much at all.

This kind of an area is the best place for survival because you do have good, basically intelligent, hard working, decent people and they're all armed to the teeth... and that's my kind of people.
trinitone is offline
 
Reply With Quote Quick reply to this message
Old 01-17-2007, 05:35 PM   #3
Fiery Sword
Feedback Score: 0 reviews
 
Fiery Sword's Avatar
Recipes 
 
Join Date: Oct 2006
Location: Revere, MA, Massachusetts
Posts: 908
Liked 4 Times on 3 Posts

Default

Quote:
Originally Posted by trinitone
I'm not sure how it works if the check writer puts it on there like that. If you, the receiver, put that on the check as part of your endorsement, then the check should only be accepted for deposit. Furthermore, if you add your account number to the endorsement, it should only be allowed for deposit into that particular account. Sounds to me like you need to stop taking checks from this individual.
That all makes sense to me, I've just never hear of it being written like a memo or with the person's signature. I'll play dumb at the bank just to see what happens.

And yes, I shouldn't accept checks from him. Problem is, I always end up getting sucked into doing more work for him. I also always end up getting the money from him somehow, but it is always a freaking hastle. Damn small business owners!!!
__________________
Fiery Sword is offline
 
Reply With Quote Quick reply to this message
Old 01-17-2007, 08:52 PM   #4
david_42
Feedback Score: 0 reviews
 
david_42's Avatar
Recipes 
 
Join Date: Oct 2005
Location: Willamina & Oak Grove, Oregon, USA
Posts: 25,662
Liked 138 Times on 131 Posts

Default

If it is in the memo portion on the front of the check, I doubt any bank would pay attention to it. I've seen several cases where people have put "paid in full" on a short check & the courts say nope, ain't binding.

__________________

Remember one unassailable statistic, as explained by the late, great George Carlin: "Just think of how stupid the average person is, and then realize half of them are even stupider!"

"I would like to die on Mars, just not on impact." Elon Musk

david_42 is offline
 
Reply With Quote Quick reply to this message
Old 01-17-2007, 08:55 PM   #5
Cheesefood
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jul 2005
Location: Poo-Poo Land
Posts: 6,809
Liked 33 Times on 22 Posts

Default

I've put that phrase on the endorsement portion when I'm depositing into an ATM in a sketchy area. One time I tried to cash a check where I had written it and the cashier refused to allow me to cash it out.

__________________
Past Winners: Caramel Cream Ale #1, Hoegaarden Clone, Boom-Boom Vanilla Ale, Lazy Monk Abbey Style, Amarillo Cream Ale. (AG),

Buy a shirt now!!! Please! Did I help you? Buya shirt!
Cool Shirts.


Cheesefood is offline
 
Reply With Quote Quick reply to this message
Old 01-18-2007, 03:15 AM   #6
EvilTOJ
Feedback Score: 0 reviews
 
EvilTOJ's Avatar
Recipes 
 
Join Date: Dec 2005
Location: Portland, OR, Oregon
Posts: 6,465
Liked 37 Times on 29 Posts
Likes Given: 3

Default

Just sign the back "Deposit Only" and your problem is solved!

__________________

There is a very fine line between "hobby" and "mental illness."

EvilTOJ is offline
 
Reply With Quote Quick reply to this message
Old 01-18-2007, 03:34 AM   #7
homebrewer_99
Feedback Score: 0 reviews
 
homebrewer_99's Avatar
Recipes 
 
Join Date: Feb 2005
Location: Atkinson (near the Quad Cities), IL
Posts: 17,951
Liked 88 Times on 77 Posts
Likes Given: 1

Default

I don't know...I think I would just offer to drive him to his bank to make a cash withdrawal.

__________________
HB Bill
homebrewer_99 is offline
 
Reply With Quote Quick reply to this message
Old 01-18-2007, 05:16 AM   #8
Hippie
Feedback Score: 0 reviews
Recipes 
 
Join Date: Feb 2006
Location: SE Vermont
Posts: 399
Liked 1 Times on 1 Posts

Default

Explain to him about the "Vig" and that it grows larger every day...

__________________
Hippie is offline
 
Reply With Quote Quick reply to this message
Old 01-18-2007, 01:02 PM   #9
iBeer
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jan 2007
Posts: 35
Default

The Memo is binding to the person in the payee line. If it says "paid in full", and you cash the cheque, then it technically means that you agree with the fact that it says paid in full. But that's neither here nor there, because it would cost you an arm and a leg in legal fees to resolve.
The bank may very well refuse to cash it because of the memo, but it would depend on the teller.
You're best bet is to deposit the cheque into your account (as long as the name in the payee line is the same as on the account).
The only way the guy would have been buying himself extra time is if the account you would be depositing into is different from his account.

__________________
iBeer is offline
 
Reply With Quote Quick reply to this message
Old 01-18-2007, 02:15 PM   #10
Fiery Sword
Feedback Score: 0 reviews
 
Fiery Sword's Avatar
Recipes 
 
Join Date: Oct 2006
Location: Revere, MA, Massachusetts
Posts: 908
Liked 4 Times on 3 Posts

Default

Just to cap off this story, I went to (his) bank this morning and presented the question to the teller. She was really nice and was kind of intrigued herself. This was probably voilating some kind of protocol but after typing away for a second she said that there is insufficient money in his account to cash the check, but there are two pretty large pending deposits that would cover the check once they cleared. So, having a reasonable confidence that the check would clear I went over to my bank and deposited it like usual.

She added that writing "For Deposit Only" on the check technically does mean they should not cash the check, but if there were sufficient funds and the Payee was correctly identifiable then she would do it.

......Startup architects are worse than teenagers in the mall when it comes to money....

__________________
Fiery Sword is offline
 
Reply With Quote Quick reply to this message
Reply



Quick Reply
Message:
Options
Thread Tools


Similar Threads
Thread Thread Starter Forum Replies Last Post
"American" or "Imperial" Oatmeal Stout Recipe: Critiques please! cladinshadows Recipes/Ingredients 4 01-04-2012 11:21 PM
Yet another "check out my water report" thread salad 419 Brew Science 5 09-12-2009 05:48 PM
"Video Surveillance on the Fly" or "Urine trouble now mister!" Tenchiro Debate Forum 1 05-23-2009 07:33 PM
Question on "mashing", "steeping", etc. rph33 Extract Brewing 14 01-05-2009 08:14 PM
"The Shield" viewers - have you seen "Sons of Anarchy?" Laurel General Chit Chat 2 09-10-2008 08:41 PM



Newest Threads

LATEST SPONSOR DEALS