Simple question checks and banking

Discussion in 'Economics' started by Daal, Jun 1, 2006.

  1. Daal


    If I have a bank account from a company that I own. Can I deposit a check that is payable to my name on that account?(or it has to be payable to the company?)
  2. yes you can. but you have to endorse the check.

  3. Yes. In fact, the check doesn't actually need to be made payable to you. As an authorized user of your company's bank account (or, for that matter, any other bank account), you can deposit almost any negotiable instrument. That includes a third party check made out to someone else, as long as it has been properly endorsed by the payee. "Almost any", outside of a relevant restriction indicated on that instrument, e.g., "no third party endorsement" or "for deposit to account #... only".
  4. Daal


    Thks guys, good responses. What about IB , does them let you endorse their checks when you withdraw?