JTWROS Requirements

Discussion in 'Professional Trading' started by haub, Jan 3, 2004.

  1. haub


    If I'm withdrawing funds weekly through a paper check on my in a JTWROS trading account, do I need both signatures on the check as an endorsement to cash it. I'm hoping it's only an 'OR' requirement. Any ideas on the rules for this? Tried doing a search on google with no luck. Thanks.
  2. pspr


    It is usually "AND" but depends upon the policy of the institution you are dealing with. You should call them and ask.

  3. hey, i also have a JTWROS, because IB doesnt offer beneficiaries. sometimes they cash the check to just me and sometimes they say both parties need to be present. usually depends on the teller working the window. i think this is a pain in the ass actually. i even have the check signed by the other party sometimes, and they still wont cash it. Luckily i found a store that always cashes it for me for a small fee.

    ive been wanting to know, does anyone know why most firms dont offer beneficiaries ?
  4. If you also have a normal joint bank account - you should be able simply write a check to yourself from your trading account and deposit it into your joint bank checking account. Sames names are on the trading account check and on the deposit account, so they shouldn't blink.

    I've been doing that (as well as EFTs) for years and never had a problem or even a raised eyebrow.

  5. oh , i forgot that is also another easy solution....... to just set up a joint bank account with that person.

    thats probably the best way -- DOH ! thanks aa
  6. Back to the original question, look at the payee line on the check. If it says "and" then both signatures should be required. If it says "or" then only one is required.

    Having said that, my experience is that each bank plays by its own rules, and even within a particular bank, you may get different tellers who handle such transactions differently.

    From a practical point of view, perhaps the best solution is to avoid the whole problem entirely by the suggestions that have been posted here.