"It is a business decision (risk assessment) on the part of each collecting financial institution to determine what effort it will undertake to do "checks" on deposited items.". A group of B.C. 1. If it says AND, you are going to run into almost nothing but trouble. Called back to phone support, got their supervisor, and she confirmed the bank policy was that joint cheques had to go to joint accounts (the first support guy was wrong and would be reprimanded). The cheque must clearly the date, month and year. With today's AML and KYC rules, it makes things difficult. The CRA will … 16. It's been a pain in the ass from my experience, with both Scotiabank and RBC. ", "We need to investigate the matter," Ladak said. Henrey asked. The association dropped plans to pursue charges, Henrey said, but the owners are still not pleased with Vancity. Again, no problems. The system isn't meant to check that.". Use this as an example or move through the steps below (View larger).Justin Pritchard. Box 500 Station A Toronto, ON Canada, M5W 1E6. You would still need a joint account. Florida In March 2006, a $59,000 disbursement check from the sell of property was made out to me AND my husband (I was unaware of the existence of the check at the time). Does the cheque say "AND"? The payee cannot sue the drawee bank unless the underlying obligation for which the check is given is extinguished. Save money, time and stress when you order cheques in Canada with Cheque Print Solutions. Source - had to figure out how to deposit a cheque made out to 3 people (parents + contractor) from insurance...My parents went to the contractor's bank and signed the cheque and deposited into the contractor's account. Most banks will accept cheques made out to your maiden name as long as you can prove that you’re the same person. Free Grammar Check All the grammar you need to succeed in life™ - Explore our world of Grammar with FREE grammar & spell checkers, eBooks , articles, tutorials, vocabulary games and more! The Canadian Banker's Association told CBC News that consumers should choose electronic banking over cheques whenever possible. "We also strongly encourage clients to use electronic payment options wherever possible. I feel like everyone here is citing rules but realistically I have cashed cheques numerous times made out to myself and somebody else and never had any problems. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. 9. Only other way around this would be to have the issuer of the cheque cancel the one you have, and reissue two cheques: one payable to you, and one payable to ex each for $1,500. I can tell you from personal experience that if you deposit the cheques at the CIBC ATM, they will be sent for clearing. Most people deposit them in the ATMs, and they work out fine. They will need to write “Pay to ” on the back of the check and sign it. May go the ATM route. We just left, came back an hour later and went to a different teller who put it through. "They said 'you have to go to your own credit union.'. I'm pretty sure he can just sign the back of it, and then you can deposit it, but that might depend on the bank and the amount. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. Canada has one of the most efficient cheque clearing systems in the world and, while the use of cheques has been declining with the growing popularity of electronic and card payments, financial institutions in Canada still process nearly a billion cheques every year. HOw you choose to reimburse the other is up to you. We co-signed the lease. Now that tax season has officially begun, some Advantis members may receive tax refund checks from the IRS made out to two names. This is really important. Deposit a check made out to two people. The names are mine, and the name of my ex. The funds are solely mine, just the logistics of having to be at the same bank at the same time, during banking hours, sounds frustrating. We obviously don't have a joint account any more! Technology and the Internet have made it possible for "new generation" cheque printers such as ASAP Cheques to sell cheques for 50% less than traditional sources - and sometimes even less. Significant, but not huge. Technology and the Internet have made it possible for "new generation" cheque printers such as ASAP Cheques to sell cheques for 50% less than traditional sources - and sometimes even less. Further, if the check is payable to you "or" your deceased husband, then no problem at all. AML requirements will consider the AND cheque a 3rd party cheque if she is not present, and most banks will refuse to cash it for you. I would write on the back of the check "for deposit only" and deposit it in through the ATM. Simply paste or write your text below and click Check My Writing to get feedback on your writing. If you plan to deposit your check, put “For Deposit Only” on the top endorsement line and write your bank’s name and your account number on the line below your signature. CBC News did its own test by depositing a bogus $100 cheque, written to "Richard Smith," into a female staffer's personal account at TD Canada Trust through an ABM. I experienced this situation when my ex fiance and myself separated and closed our joint account. "This is a seniors complex," Wright said. The cheque cleared in two days, with no questions asked by the bank. Sometimes even if the cheque isn't to you at all: The deposits were made at Vancity automated bank machines. Travel on your Canadian check. How to Cash the Four Most Common Types of Two-Party Insurance Checks "Something should be done to correct this, because who knows how many people are being robbed," Wright said. Henrey said the group was told it would need signed affidavits for every cheque, stating it was cashed improperly. "I think the whole system is wrong — that the banks allow situations like this to happen. Nobody else had to sign the back, no special anything from the bank. I have a cheque from the closing of an old account made out to me and my ex. You have the legal right to the proceeds. A check made payable to one party for the benefit of (FBO) another must be endorsed by the first payee. None of the cheques was payable to the treasurer, but all were deposited into his account over a 10-year period. A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. His bank can, in turn, make a claim for breach of presentment warranty to the presenting bank. I had a cheque in mine and wife's name. A check made out to a deceased individual or their estate can only be cashed by the executor of their estate. Legally, a cheque can only be cashed by the person or persons to whom it is made payable. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. The police and a lawyer suggested the group confront the treasurer directly, Henrey said, and ask him to pay back the money voluntarily. "Unfortunately, there have always been, and always will be, individuals who attempt to perpetrate criminal activities such as fraud, and we understand the difficulties that this can cause for victims," wrote CBA spokesperson Andrew Addison. My husband went to our credit union where we had a joint checking account and each of us had a SINGLE NAME account. But when a check is made out to more than one person, it gets a little more complicated.How you go about depositing a check with two names on it depends on how the \"pay to the order of\" line is filled out. Henrey said Vancity did little to help, though, when the group complained to a manager at the treasurer's branch. Came to the branch, they said no. I do that at weddings. For example, 200 manual business cheques from Deluxe costs $156, and only $64 from ASAP Cheques. A cheque is valid for a period of six months from the date of issue. It was for the proceeds from home sale, so the amount was fairly large. Branches have some discretion and if they know him and his signature you might be able to just have him sign it but probably not. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. For example, a check might go to a married couple, several roommates, or any other group with shared ownership. If so, what are the steps? 2. When a check is payable to two parties the cashing of the check is … For example, 200 manual business cheques from Deluxe costs $156, and only $64 from ASAP Cheques. The cheque cleared in two days, with no questions asked by the bank. So cut the human out of the equation and just do it in the ATM in the future. "That process isn't meant to look at the name on the cheque. Long story short, me and my ex made plans to move in together in the state of New York. "It just upsets me that this much money could be taken … that one person could do this over the years and get away with it," said Don Wright, the current treasurer of the strata, or condo association. Checks are usually payable to one specific person or organization, but sometimes a single check is made out to multiple recipients. We tell your stories and hold the powers that be accountable. It varies by bank and branch, and also by time of day, what the teller had for lunch that day, and if they're in a shitty mood. The name on the cheque — when it doesn't match the name on the account — could be a legitimate transaction …payable to a third party. For example, if paying two individuals with different last names, write “John Doe and/or Jane Smith.” Find out if the two payees have the same surname. You can deposit a check made out to someone else in your own bank account if the payee endorses the check over to you. He endorsed his name only and wrote his SINGLE NAME account # on the back of the check. CBC's Journalistic Standards and Practices. Ladak said cheque fraud is a huge problem, which financial institutions encounter daily. We offer up to 30% cost savings on the price of traditional bank cheques in Canada as well as 5-15% savings on products from other major Canadian cheque printers, on average. Wright asked. "How can this person get away with this for 10 years?" Does he need to come with me to the bank? If it is being paid into an account, the account must be in the name(s) of the person(s) named on the cheque. ATM. Called ahead and asked if that was possible, the phone support guy said sure, just have her sign on the back. 1 Subject to eligibility requirements and applicable fees.. 2 Subject to the terms and conditions of your TD Remote Deposit Capture Service Schedule.. 3 Cheques drawn on financial institutions in Canada and U.S. Cheques payable in Canadian currency must be deposited to an eligible Canadian dollar account. The name of the payee must be written on the cheque or it can be made payable to bearer. The specific situation in mind is a check from an insurance company in payment for an insurance claim for damages to a home jointly owned by H and W. The check is made out to both. "Everyone here is limited in their funds.". condominium owners is upset Canada's largest credit union allowed the treasurer of their complex to cash about $50,000 in cheques that were payable to others. You can then withdraw the money and put it in the piggy bank. If you're certain your ex isn't going to be a dick and start demanding his $1,500, just put in the ATM. with out the others knowledge. Your best bet is to both be there in person. At our bank we require both of you to be there with I.d, then we'll put it in whatever account you want/cash the cheque. He said the group dropped plans for legal action when it discovered how complicated it would be, and it has since had to raise condo fees. The Canadian Payments Association, which sets cheque-clearing rules for all financial institutions, told CBC News the depositor's bank is financially responsible for reimbursing funds paid out, if that institution fails to verify a cheque's authenticity. It's only like $3k. cheekyboy. The custodian will handle the check, and you generally would not need to endorse it. When the group discovered her "move-in fee" cheque had been deposited into the treasurer's personal account, the owners started digging through records and found 10 years worth of cheques they say were cashed fraudulently. No problems. "They do this because it's less expensive for them than checking all the signatures on cheques. Tried cashing at CIBC. Make sure the name you sign matches the name on the front of the check, even if the person who wrote the check misspelled or abbreviated it. "He endorsed them as if they were written to him — and put his own bank account number on the back," Wright said. He refused to tell the association whose account the cheques had gone into, citing privacy, Henrey said. Separate the two names with either “and” or “or," depending on what you decided regarding how many payees should have to endorse the check. It was sent to the W. Can she cash the check or does it need to be signed by both. Many banks will cash the check if your husband has signed it over to you using a special endorsement. Can confirm it works with RBC. The numbers are most likely routed to a call centre. God help you if the cheque's from a relative who's presumptuously deemed one of you has taken the other's name, when they haven't. I had Canada Savings Bonds made out to myself and my Mom; I had her sign the back and put them in my chequing account, in my name only. Make sure both your Canadian and Australian passports are valid for your cheap trip. (It appears the W does not want to share any of the funds with the H. ", Submit your story ideas to Kathy Tomlinson at Go Public. When the ATM's are serviced, all they do is ensure that the deposit amounts match what is in the envelope. CROSSINGS The purposes of crossing: 1. Just deposit it at the machine, that's what I do. Call the branch you plan on taking it to ahead of time and ask. I had the third option. 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