Reply to Writing "For Deposit Only" on the back of a check

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Reply to "Writing "For Deposit Only" on the back of a check - is there any point?"

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[quote=Anonymous]Not a banker, but the reason I was taught to do this (when I was treasurer of a group), is that if you just sign (or stamp as we did then for the group), a check, someone can write a different account at the top, or even cash the check.  There have been tellers in the past who have fraudulently stolen checks by cashing them out instead of depositing.  When you put "For Deposit Only" not only can the check only be deposited, but it can only be deposited to an account held in the same name as the Payee on the front.  So a check written to John Doe cannot be deposited into an account in the name of Jane Smith.

Nowadays, check fraud is a lot harder with a lot of computerized checks and balances to protect the deposits, but if you are still handling paper checks, then it is still safest.  The only time I don't do that, is when I am depositing the check via the mobile app on my phone.  In that case, no one will be handling the paper check except me so the risk of check fraud goes down significantly.[/quote]

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