How to Cash a Third Party Check with Your Bank?
April 20th, 2011 -- Posted in Banking | No Comments »Someday you may come across a notion of a third party check. It can sound puzzling but in fact, there is nothing complicated. A third party check is a check that is double indorsed, and that is written for one person or organization, but is cashed or deposited into the account of another.
If you are to use a third party check, then you should know a few things. You must hold an account in a bank with which you wish to cash the check. In order to cash a third party check you have to accomplish the criteria of third party check endorsement; that is the check must be endorsed over to you. Generally, the payee writes your name on the back of the check. The signature of the individual to whom the check is written out must match the name in the ‘payable to’ field of the check. You need to sign underneath his signature to let the check in your bank account. continue reading »