You are viewing the article How to Sign a Check at Tnhelearning.edu.vn you can quickly access the necessary information in the table of contents of the article below.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
This article has been viewed 15,950 times.
A third party check is an individual or business check drawn to pay another person. Financial institutions in the United States are not obligated to accept third-party checks, and many other banks accept them very rarely than in the past. However, if you are in a situation where drawing a third-party check is the best choice, be aware of the best practices of this process in advance to improve your chances of success.
Steps
Plan Before Signing
- If you have a bank account and have margin or cash for the check to be signed for you, it will be easier for you to do so, the next step is to just sign your check (or cash it) to the bank. third-party
- Drawing on a check is perhaps more convenient (by separating out a middleman, so to speak), but that doesn’t seem to be the case anymore.
- Take a look at electronically transferring funds to your third party, either through an existing bank account or a service like PayPal, if you’re looking for a convenient option.
- If you: 1) have a check drawn to you; 2) no bank account; 3) need to pay a third party with the amount on the check drawn to you, this is the only real scenario you might want to try to sign a check. See section III of this article for cases in this scenario.
- Ask the person if he/she used a third party check at his/her bank before. This will improve your chances of success, as there is no law requiring a bank to accept a third-party claim check.
- Ask your bank for any special procedures required for them to accept third-party checks. Some banks have enacted their own rules to control these procedures, for example requiring both parties to have bank accounts to ensure sufficient funds for the transfer.
- Bring the proper identification, especially if it’s not the bank where you open the account.
Signing On Checks
- Write neatly, especially third-party names. Spell check.
Consider Alternatives
- To open a checking account with a US bank, you need to be 18 years of age or older, provide basic information such as your full name, contact information (phone/email number), and security number. social life; and present a government-issued identification card. . [2] X Research Source
- You should find a free checking account at one of your local banks. Or look for online banks, where free checking accounts are typically opened.
- Third parties should be prepared to show identification when depositing or cashing a check, depending on the financial institution’s policy, especially for large checks.
- Checks drawn with the entry “cash or pay to bearer” or only “pay to bearer” shall have the same effect.
- Cashing a check is in the range of 1% to 12% of the amount on the check, so shop around to get the best price. Some local retailers, including Wal-Mart, offer this service. . [4] X Research Sources
- You will need a photo identification to cash the check.
Advice
- You will not have proof or receipt for the check in your bank account. Since the check is signed for acceptance initially, you may want to make a copy of the check as proof or receipt before signing it.
Warning
- Third-party checks can be the target of many dishonest acts, , [5] X Source of Research so become a cardholder only in signing third-party checks with people you know and trust.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
This article has been viewed 15,950 times.
A third party check is an individual or business check drawn to pay another person. Financial institutions in the United States are not obligated to accept third-party checks, and many other banks accept them very rarely than in the past. However, if you are in a situation where drawing a third-party check is the best choice, be aware of the best practices of this process in advance to improve your chances of success.
Thank you for reading this post How to Sign a Check at Tnhelearning.edu.vn You can comment, see more related articles below and hope to help you with interesting information.
Related Search: