Writing "For Deposit Only" on the back of a check - is there any point?
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Anonymous
| Is there any point to writing a restricted endorsement of "For Deposit Only" on the back of a check? Way back when, my mom told me I should always do that to prevent fraud, but I never questioned or checked her advice. Does anyone else still do this? |
Anonymous
| Always |
Anonymous
| I always do it too. Not sure why. Hopefully, a banker will chime in. |
Anonymous
| Yes, it is because some banks allow you to sign over checks on the back. |
Anonymous
| I always do it. Otherwise if it just had your signature on it, and got lost or stolen, someone could potentially take it to the bank and cash it. |
Anonymous
| Yes. Otherwise it can be endorsed to another person. This is a whole body of law about negotiable instruments. |
Anonymous
| No. why? I just sign and upload with my phone. |
Anonymous
| You should always write it. If you happen to lose it before depositing, and it is signed with your name, the person who finds it can cash it. This is insurance that it will be DEPOSITED only, to your account. |
Anonymous
You are lucky. My bank only allows phone deposits up to $5000 and even that was a recent change. Before that it was $1000. |
Anonymous
Mine allows $50,000 |
Anonymous
My bank requires us to write "For Deposit Only" on the back of checks before we upload. |
Anonymous
I think it depends on your credit score. |
Anonymous
What bank? That would be so much easier, especially for my business account. Mine is Citi and the limit is $5,000. |
Anonymous
| I have never even heard of this before |
Anonymous
Sadly most of the checks I get are for $50 or $100. Haven't had someone give me over 1k since my wedding... |