Banking Questions (For those who work under a business name)
 

So I get a letter in the mail today from my bank saying that a deposit I made has been returned along with the check. The check was made to my company from another company. It was a new account at this bank and I wrote "For Deposit Only" with my account number.

The reason for the return was "Endorsement" and on the check it says "Endorsement Not as Drawn". Does anyone have a clue what the fuck this means? The bank seemed totally lost as to why it didn't go through and wanted me to bring it in tomorrow.

Get a rubber stamp with the following info on it:
Company Name
Account number
"for deposit only"

Solves all problems like that and it only costs like 9.00


Reason being of course is the other bank was being an asshole and wanted it endorsed as written in the pay to the order of.

Perhaps is just a U.S. banking thing - but my Canadian bank never requires me to endorse a company check when cashing or depositing. Only personal checks.

And we've never had one come back due to non-endorsement.

(shrug)

Yeah, the stamp is easy. It was a new bank I was opening the account at that was closer and I just didn't have one yet. So you think the other bank was just being a cocksucker about it?

Yup, cocksuckers!

This will be a new thing in Canada, according to my bank. They will require the name of the payee on the back of the cheque. It doesn't make sense to me either, but they're going to require it.

And, if you ask nice, the bank will give you a customized stamp for free.

Interesting...

Haven't heard word of that from TD-CanadaTrust yet.

Can't recall the last time I saw the word bank and "free" in the same sentence. Must be the impending apocalypse :winkwink:

We bank with TD as well.

I heard it from our commercial teller earlier this week.

Hmmm..... that's what the bank has their "Deposit to the credit of the Payee" stamp for and all they have to do is make sure they are putting it into an account that is in the correct name. I worked in banks for over 25 years and this was always an accepted method whether done by stamp or hand written....... I guess there are some stange new regulations coming out.