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In the third case it could go either way (I've been able to cash checks written like that into my individual account, but your mileage may vary). If cheque is issued to Payee A and Payee B, cheque can be deposited to: A joint alternate account belonging to Payee A and Payee B. Our Smart Access account can come with two Debit Mastercards – one for each of you. Countersigning only worked on the old uncrossed cheques. Now, when it comes to these checks, you’re going to encounter the least amount of problems when they’re written in the John “or” Jane form. Both people named on the account are individually and jointly responsible for any debts on the joint account. Deposit the check into a joint account as an alternative. Open an account The benefits of opening a joint bank account. Normally bankers will never accept such cheques and the payees cannot question the legal sanctity of the cheque with the banker. But with introduction crossing 'a/c payee', the above procedure is frequently refused. Although these accounts can be opened by any two people regardless of relationship, they’re generally used by family members, couples or business partners who trust each other. The information must be clear, simple and not misleading. ANNALH 4 Posted July 13, 2006. Please be aware of the following. If there are more than two names on the joint account, the financial protection may extend further, but you should check the terms and conditions with the bank or building society. I am not a lawyer. I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. Although these accounts can be opened by any two people regardless of relationship, they’re generally used by family members, couples or business partners who trust each other. As an ex bank employee the official (legal) answer is no. Since both names are on the account, the bank accepts the check automatically. Pros and cons of having a joint account. The people sending it you were presumtious in putting both names on. The type you choose depends on who you're sharing the account with and your goal. It is a joint account. I’ve paid them into my account with both names on with no issues before. There are no bank rules regarding the formatting of names and addresses on checks for a joint account. The Supreme Court has held that a joint account holder cannot be prosecuted in a cheque bounce case unless the cheque has been signed by each and every person of such account. It's in my maiden name/payable to two people . Follow asked Feb 25 '17 at 22:24. Re: Cashing check with two names on it. However, any two people can open a joint bank account together if they choose. For example, you might choose a savings account if you and your partner are saving for a house, or a transaction account if you are sharing rent and groceries with housemates. 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. This can be an overdraft or an amount that's owed on a credit agreement. Making it easy to shop, pay bills, withdraw cash and transfer money to and from your linked savings account at an ATM plus more. A joint bank account is an account that you share with another person for things like paying the bills, depositing paychecks, or saving for a vacation or down payment for a car. Accounts held in joint names benefit from double the protection in the event of a bank going bust – because FSCS assumes each account holder holds an equal share. It’s still in the drawer, maybe I should put it in one of those envelopes? List all assets and debts in your name. Countersigning cheques has no effect as all modern cheques are crossed. Australia’s #1 banking app helps you keep track. No. Classifieds Rules The names are mine, and the name of my ex. Cheers folks, its a ppi cheque from my own bank, will chance it with the teller at my own branch. B (Second account holder) started misusing the account funds. We did sign a document. Under 19 and Student Accounts can't be made into a joint accounts. I just had a cheque issued in my name and my wife's name. Hassle to Deposit Checks Written to Two People. With a joint account you will both have: Your own individual debit cards. Many times, with joint accounts, the bank will put the names of both account owners on the checks so that it is clear to anyone accepting the check that either you or your mom can write checks on the account Creditors will most likely accept checks signed by you, although they may want to contact the bank to verify them at least the first time around. As above, we used to get cheques from the inlaws this way, wife used to frog march me to her bank, where i would then sign the back and never see a penny. Jurisdiction. The monthly account fee for the Smart Access account will be waived if you deposit at least $2,000 per month. Two Debit Mastercards. I would never dream of having a joint account with anyone, and less and less people do these days. With a joint account you will both have: Your own individual debit cards. Choose an account both you and the other person share, if possible. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. The easiest way to find the best joint account for you is to use MoneySuperMarket to compare different accounts with different providers. At most, if it's paid to both names, it might be advisable to have the back of the cheque endorsed by both parties in paying it in to whichever account you choose, but I'd be surprised if the OP's mum has any difficulty lodging the cheque. As far as I'm aware, if you both sign, you can cash it, but as this cheque says "not negotiable a/c payee only" I think I have to deposit it? Both account holders must be aged 18 or over. Benefits of joint accounts. Ta. Please correct me if I am wrong. Contact Us The EU Payment Services Directive, which will have legal status in Ireland from Nov 2009 covers every other form of payment. Do remember this point. Premier Club Joint accounts are an easy way to help two people manage any joint spending such as bills or fees. However, some businesses will only accept checks with a preprinted name and address. Long story short, me and my ex made plans to move in together in the state of New York. Benefits of a joint bank account . If the names are separated by a comma, “or,” “and/or,” or nothing at all, you can endorse and cash the check yourself. So a real estate company is playing funny games with me. (you can save the image and view the full size to read the fine print) If it is not mistaken, it means that when any of the joint-holder dies, the survivor shall legally own all the money in the account. (I'm in Singapore.) Access to view your account via the App and Online Banking; Use of any benefits and features that come with the account. Whilst giving them both equal access to the account. The car was insured under two names, and so these names are on the cheque. A decides to delete the name of B from joint account. Any debt that has been taken out on a joint account and in a joint name, will automatically be the responsibility of the person left on the joint account. Two options: - Open a joint account - Ask them to reissue a cheque in one name. Took one to the TSB the other day and was told I need to either open a joint account or send it back. Clay Wilson Clay Wilson. converting a personal account held in one name to a joint account held by two or more people; This information will help you understand the risks and benefits of joint accounts. Addition or Deletion of name(s) of Joint account holder(s) You can request the bank to add a new joint account holder or delete any of the existing joint account holder’s names. Only personal and joint-alternate accounts will be shown in the dropdown list. Link to post Share on other sites. Compare joint accounts. So I crossed off her name and initialled the change with the account holder's initials and re presented the cheque and it was accepted. Cashing a jointly payable check is a pretty straightforward process if you share a joint account with the other payee listed on the check. Saving . It's called conversion if you pay a cheque into an account other than that which it's payable to and the bank would be liable under current money laundering regulations too. The only preprinted information that must be on the check is the routing and bank account numbers, which run along the bottom of the document. He phoned the bank and explained that they were divorced and never had a joint account even when they were married. The information must be clear, simple and not misleading. I was told (Natwest) that they couldn’t deposit a cheque that was made out to two different people with different names without a joint account. Everyone named on the account is able to pay money in or take it out – although sometimes more than one person needs to agree to this. Slap it into the auto drop in machine and job’s a good Un. If there are more than two names on the joint account, the financial protection may extend further, but you should check the terms and conditions with the bank or building society. As it was for a joint mortgage the cheque is in joint names. I amended my 2016 tax return to married filing jointly and the refund check is issued with both spouse name on it. I don't know the policies at all banks, but I was told by someone at CIBC that there are rules for items being deposited into the ATM and the name would not be verified unless the cheque was over a certain amount (don't remember the number, but it was very high). Everyone named on the account has equal access to the money and can use the funds however they see fit. However the real answer is whether the cashier, or the person processing the auto deposits, is on there game and spots it. The latter is the most sensible option. For a better experience, please enable JavaScript in your browser before proceeding. My sister's getting married and I've made the check out to her and her soon to be husband. Also, you and the other person may have to go to the bank … Otherwise, any party named on the check … Make it out to one person only. Or you have a ‘personal’ relationship with your branch and they effectively do you a favour. Can I legally sign her checks, and will her creditors and her bank accept them? add a joint holder)? 2 Spend Tracker: Automatically categorises your transactions so you know what you’re spending your money on and where you can cut back. If I have opened a new personal account via iBanking, can I convert it to a joint account (i.e. In the second case you will have to deposit in a joint account OR bring the other person with you to the bank and have them show their ID to the cashier and endorse the check in their presence. Calculating your net worth ahead of time will help with the division of jointly owned assets. Can a check made out to 2 people be deposited into a non joint account? Can one of them just sign the back and the other cash it? Compare joint accounts. Try the automated pay in system at the cashpoint. Link Removal I'm on her account, but her checks don't have my name on them. Improve this question. The titling of the account has nothing to do with how checks need to be endorsed, unless you're talking about checks drawn off the account (such as PDO interest checks) that show the account registration. When I worked in a bank they only checked vouchers over quite a large amount, but the volumes are considerably lower these days ! I have a check made out to myself and another person My bank will not allow e to deposit it into my personal account and there is no way to set up a joint account at this time. Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. No fees to open or use your account. I often encounter customers who have kept their maiden name … 5. In the case of joint accounts (Current, Savings or Deposits) in the names of two or more persons, the terms relating to which do not provide for payment of the amount due under the account to the Survivor(s) in the event of death of one of them, for the banks to obtain a valid discharge payment should be made jointly to Survivor(s) and the legal heirs of the deceased joint account holder. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners, but it can be used in other circumstances, such as by a club committee. In case two relatives open a joint account, and money is withdrawn by one of them, the amount withdrawn shall be regarded as a gift to the relative, and considering that gifts received from relatives is exempt from tax, the recipient will not be charged any tax. It's called conversion if you pay a cheque into an account other than that which it's payable to and the bank would be liable under current money laundering regulations too. This can be useful for couples because a two-person joint account would be covered up to £170,000 in total (£85,000 per person), assuming neither party had any other savings with that provider. Is it best to have separate … Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. Joint accounts are an easy way to help two people manage any joint spending such as bills or fees. http://www.askaboutmoney.com/showthread.php?t=46866. Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. See the highlighted part of – Clause No.6. Some joint accounts come with "rights of survivorship," an arrangement that's called "tenants by the entirety" in some states when the account is held by spouses. I got a cheque/check made out to me and my wife recently. Depositing a check with two names, but no 'And' or 'Or' or even a 'pay to the order of'. A joint account is a bank account that has been opened by two or more individuals or entities. You probably will have to endorse the check and get the other party to endorse it, too. In the instant case, in case there exists a joint account in the name of Raman and Ganesan, there will be no problem. Let’s say two brothers (A & B ) opened a joint account with “Either or Survivor” option. Know exactly how much money is in your account, what’s going out and when. So I crossed off her name and initialled the change with the account holder's initials and re presented the cheque and it was accepted. If the cheque is crossed "Account Payee Only" then legally it must be paid into an account that is held in the same names as written as payee. Login/cookie issues? Direct debits taken out in the sole name of the person who has passed away will need to be cancelled, as well as standing orders. A joint account is a bank account that has been opened by two or more individuals or entities. Bank refused to accept as it was crossed and we don't have a joint account. You will need to either, open a joint account (in the names on the cheque), get the drawer to issue a new cheque or make an electronic payment into the account of your choice. on the voucher with name….will it make any probleem to encash….. A joint bank account is an account in the name of two or more people. A joint account is any type of bank account that’s held in two or more names. H and I have now separated and so no longer have the joint account, … The topic ‘Depositing a cheque with two names into single account’ is closed to new replies. The latter is the most sensible option. My experience is that it’ll probably slip through. Posted 6 years ago Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. But, the banker says that they require B’s consent for the deletion. Re: Cashing check with two names on it. The cheque cleared in two days, with no questions asked by the bank. Might take a bit longer to clear, depends if they notice. Askaboutmoney.com - the Irish consumer forum. In a joint account only a single cheque book is issued whether authorised operator is single or joint as per their mandate to bank. I got a cheque/check made out to me and my wife recently. If I have a Cashline account, will I be able to open a new account via iBanking? Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. converting a personal account held in one name to a joint account held by two or more people; This information will help you understand the risks and benefits of joint accounts. Make it out to one person only. You must log in or register to reply here. First, open an account in your name only so that you can seamlessly pay for everyday expenses while separating your joint finances. A joint account is any type of bank account that’s held in two or more names. ask cheque issuer to cancel current cheque and issue another in one name (in case with estate agencies - they more likely to offer new cheques in names mentioned on the tenancy agreement dividing the owed amount on equal parts) or; open a joint account (e.g. Both account holders get a Visa debit card and separately set up and manage Internet Banking.

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