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  • Banking Question

    A coworker of mine is in a rehab hospital and wont be out for another 8 weeks or so. She asked me to do a favor for her. She owes money to another coworker who doesnt have a bank account. She doesnt have a bank account either. She gave me one of her paychecks, which she signed, and asked me to deposit it into my bank account, and then to pay the other coworker what she owes him in cash. The amount of the check wasnt huge - only $140. So I withdrew the $140 cash from my account and gave it to the coworker that she owes. I still have her signed paycheck. She said that if I write "for deposit only" on her signed check, I will be able to deposit it into my checking account. Does that sound right, or have I been "had"?

  • #2
    Re: Banking Question

    She has to endorse the check. The only time you can use"For Deposit only is if the check is made out to you.
    Nommie

    Thought for the day: Handle every stressful situation like a dog. If you can't eat it or play with it, pee on it and walk away!

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    • #3
      Re: Banking Question

      She did endorse the check. Can I deposit it into my account?

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      • #4
        Re: Banking Question

        I don't have any answer for you, but I am amazed that there are people in todays world who don't have a bank account.

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        • #5
          Re: Banking Question

          Yes, but you may need to explain the situation at the bank-If you can, put her Driver's License number on ti.
          Nommie

          Thought for the day: Handle every stressful situation like a dog. If you can't eat it or play with it, pee on it and walk away!

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          • #6
            Re: Banking Question

            OK, I am wondering here, but where does a person , who doesn't have a bank account, cash their paychecks ??

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            • #7
              Re: Banking Question

              Liquor Store?? Grocery Store??? For fees of course.
              Nommie

              Thought for the day: Handle every stressful situation like a dog. If you can't eat it or play with it, pee on it and walk away!

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              • #8
                Re: Banking Question

                At those paycheck cashing places. Those same places that advertise on TV that if you don't have the money bring them a personal check and they will cash it for you to hold you over 'til payday.

                I think those places should be illegal. If you can't make it until your next payday perhaps you need a different job.

                If she signed it you should have no problem depositing it. Just put FDO on it and deposit it.
                Visit my blog at: http://midlifemotherhood45.blogspot.com/

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                • #9
                  Re: Banking Question

                  Originally posted by nommie View Post
                  Liquor Store?? Grocery Store??? For fees of course.
                  Exactly! hubbys job does not offer direct deposit and it takes so many days to clear when he deposits in our account even tho the company is pretty much local they still make us wait so depending on what we need he will cash at the liquor store on lunch and pay to do it so we dont have to wait until the following week to have the $

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                  • #10
                    Re: Banking Question

                    Liquor store, I learned something new, I didn't know that those store do that. My Grocery store cashes paychecks only for their own employees.

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                    • #11
                      Re: Banking Question

                      I think that my coworkers who dont have bank accounts usually get their checks cashed at our employers bank and they dont get charged a fee.

                      My parents never had a bank account either. We never knew this till my mom died. My dad had never seen or paid a bill in his life until my mom died because she always took care of paying them. When she died, we learned that she kept all their money in a dresser drawer! She would always carry some cash with her down to the post office where she picked up their mail, opened the bills there right there in the post office, buy money orders and stamped envelopes there, and put them right back in the mail. When she died the dresser drawer had over $17000 in it!

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                      • #12
                        Re: Banking Question

                        Wow, I bet you and your Dad were surprised. I think it was not uncommon for people not to have bank accounts years ago, but I thought that today everybody would have at least a checking account ?? Maybe not.

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                        • #13
                          Re: Banking Question

                          She should have wrote on the back of the check, "Pay to the order of" and put your name then sign her name.

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                          • #14
                            Re: Banking Question

                            For deposit only to what account? I would ask the bank. It would seem if you signed it you should be able to cash it. May take a while to clear. Your signing it means if it is not paid (signature above yours is not valid), you are responsible. She should have written "Pay ____" your name. A check is a three party instrument. Pay to the order of. The person that is being referred to can then say, "Pay Jane Doe." it has been a while since I learned this in school, so I would check with the bank and you may have to discuss this with someone at the bank who knows this stuff - maybe someone who sits behind one of those fancy desks!

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                            • #15
                              Re: Banking Question

                              She should have endorsed the check and then under her name written: pay to the order of: and 'your name'. That way she is endorsing the check over to you and you sign it under that. I hope the check is good by the time it clears. Most places won't cash two party checks.

                              Ann

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