I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). However the real answer is whether the cashier, or the person processing the auto deposits, is on there game and spots it. As an ex bank employee the official (legal) answer is no. Call your bank and ask. Depositing a check with two names, but no 'And' or 'Or' or even a 'pay to the order of'. In short, no, they don’t share the same shareholders’ rights.In effect, Section 286 of the Companies Act 2006 confers more rights to the joint shareholder named first in the company’s register of members than to the other joint holders. However, a joint account is not required to cash a check that has been made out to you and another person. Please correct me if I am wrong. Benefits of joint accounts. Can I legally sign her checks, and will her creditors and her bank accept them? Please visit any DBS/POSB branch to open your new account. Cheques are specifically excluded as they are considered to have passed their useful life and will be withdrawn soon. 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. (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. If one person is authorised to operate he will sign the cheque. I think one of you can counter-sign it across to the other ? But, the banker says that they require B’s consent for the deletion. The payee on a cheque must match the name on the account. This can be an overdraft or an amount that's owed on a credit agreement. Slap it into the auto drop in machine and job’s a good Un. Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. Our Smart Access account can come with two Debit Mastercards – one for each of you. Share. Do remember this point. 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). Can a check made out to 2 people be deposited into a non joint account? Classifieds Rules Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. Calculating your net worth ahead of time will help with the division of jointly owned assets. Long story short, me and my ex made plans to move in together in the state of New York. 11 1 1 gold badge 1 1 silver badge 2 2 bronze badges. 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. 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. Making it easy to shop, pay bills, withdraw cash and transfer money to and from your linked savings account at an ATM plus more. Joint accounts are an easy way to help two people manage any joint spending such as bills or fees. Bank refused to accept as it was crossed and we don't have a joint account. Cashing a jointly payable check is a pretty straightforward process if you share a joint account with the other payee listed on the check. But, all the existing account holders have to sign on the request form if the mode of operation is “either or survivor” or “jointly“. Forum Rules Will have to go and open a joint account for the sake of the cheque. Compare joint accounts. 5. But with introduction crossing 'a/c payee', the above procedure is frequently refused. Is it best to have separate … The information must be clear, simple and not misleading. 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. 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. 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. The company advised him he would have to get his ex wife to sign a letter saying she had no claim … Some banks require a refund from a joint income tax return to be deposited into a joint bank account. B (Second account holder) started misusing the account funds. Cashing a check with two names on it can be done in one of two main different ways depending on how the names are written out. Otherwise, any party named on the check … 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. 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. When I worked in a bank they only checked vouchers over quite a large amount, but the volumes are considerably lower these days ! Since both names are on the account, the bank accepts the check automatically. joint savings account … In a joint account only a single cheque book is issued whether authorised operator is single or joint as per their mandate to bank. We did sign a document. We don't think much about depositing a check made out to ourselves. Know exactly how much money is in your account, what’s going out and when. Re: Cashing check with two names on it. Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. Everyone named on the account has equal access to the money and can use the funds however they see fit. Checks made out to them in their married name, she signed and he lodged to his account. ANNALH 4 Posted July 13, 2006. 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. Hassle to Deposit Checks Written to Two People. The surviving co-owner can take full ownership of the account when the other account holder dies simply by presenting the deceased owner's original death certificate to the financial institution. I'm on her account, but her checks don't have my name on them. Follow asked Feb 25 '17 at 22:24. You must log in or register to reply here. Both people named on the account are individually and jointly responsible for any debts on the joint account. I’ve paid them into my account with both names on with no issues before. If I have opened a new personal account via iBanking, can I convert it to a joint account (i.e. A joint bank account is an account in the name of two or more people. 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. previously it was possible to pay such cheque into a single named account as long as you were one of the joint named, and the other joint named authorised the transaction (usually by signing the back of the cheque and writing something like 'I allow my wife to have these funds and will not have access to them'). It’s still in the drawer, maybe I should put it in one of those envelopes? Whilst giving them both equal access to the account. Two Debit Mastercards. If the names are separated by a comma, “or,” “and/or,” or nothing at all, you can endorse and cash the check yourself. However, any two people can open a joint bank account together if they choose. 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. Re: Cashing check with two names on it. 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. A joint account is a bank account that has been opened by two or more individuals or entities. See the highlighted part of – Clause No.6. If the check is payable unambiguously to two or more persons with the conjunction "AND," all payees should endorse. Your best bet is to get the bank to issue two cheques for the required amounts in your individual names. Took one to the TSB the other day and was told I need to either open a joint account or send it back. joint-account. 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. For a better experience, please enable JavaScript in your browser before proceeding. 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. Posted 5 years ago 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. on the voucher with name….will it make any probleem to encash….. If we're the only check payee, we just endorse it by signing it on the back and we put it in the ATM, bring it to the bank or take photos of it with our cellphone. Ta. A joint account is any type of bank account that’s held in two or more names. Pay no monthly account fee. There is no legislation relating to cheques in Ireland in the 20th or 21st century (apart from a purely technical piece in 1959) and there is unlikely to be any in the future. The EU Payment Services Directive, which will have legal status in Ireland from Nov 2009 covers every other form of payment. Link to post Share on other sites. Login/cookie issues? 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. The car was insured under two names, and so these names are on the cheque. Both account holders must be aged 18 or over. (2 different names) Will they have a problem cashing this if they don't have a joint account. The people sending it you were presumtious in putting both names on. It’s the simplest way to handle the check. (I'm in Singapore.) 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. 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. Both account holders get a Visa debit card and separately set up and manage Internet Banking. Newsletter Settings, Cut off date for issue 135 of Singletrack is the 25th January - You need to join us by this date in order to receive the next issue. Link Removal I just had a cheque issued in my name and my wife's name. Whilst giving them both equal access to the account. The bank has to be seen to be crediting the money to both parties. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. The information must be clear, simple and not misleading. It is a joint account with my wife. Joint accounts are an easy way to help two people manage any joint spending such as bills or fees. After queuing up for half an hour, the person told me I had to have a joint account. 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. 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. 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. Also we don't have a jointly bank account. I would never dream of having a joint account with anyone, and less and less people do these days. Please be aware of the following. Might take a bit longer to clear, depends if they notice. Only personal and joint-alternate accounts will be shown in the dropdown list. Endorsing a joint check is a simple thing, though there might be some logistical arrangements you have to make involving other people. ; Transaction Notifications: Turn them on to receive an instant alert when you pay from, or get paid to, your joint everyday account. Privacy 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. Compare joint accounts. 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 latter is the most sensible option. Is it best to have separate … Pros and cons of having a joint account. add a joint holder)? The easiest way to find the best joint account for you is to use MoneySuperMarket to compare different accounts with different providers. 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. No fees to open or use your account. Under 19 and Student Accounts can't be made into a 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. He phoned the bank and explained that they were divorced and never had a joint account even when they were married. 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. Quick answer: If a check with two names says “and,” on the “pay to the order of line” then everyone has to endorse the check. With a joint account you will both have: Your own individual debit cards. The cheque cleared in two days, with no questions asked by the bank. 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. To cash a check with 2 names separated by “and,” contact your bank or financial institution, since every bank has its own rules about this. Improve this question. Two options: - Open a joint account - Ask them to reissue a cheque in one name. Posted 6 years ago KCLau. I amended my 2016 tax return to married filing jointly and the refund check is issued with both spouse name on it. But the problem is that my spouse live in overseas. Or you have a ‘personal’ relationship with your branch and they effectively do you a favour. Deposit the check into a joint account as an alternative. Multiple Names in Cheque Cheques addressed to two persons can be deposited into a joint account belonging to them, or to either person's personal account depending on how the cheque is written. Two options: - Open a joint account - Ask them to reissue a cheque in one name. No. Open an account The benefits of opening a joint bank account. 2 Spend Tracker: Automatically categorises your transactions so you know what you’re spending your money on and where you can cut back. If a cheque is payable to 2 people then both parties have equal right to the money. Let’s say two brothers (A & B ) opened a joint account with “Either or Survivor” option. You probably will have to endorse the check and get the other party to endorse it, too. The easiest way to find the best joint account for you is to use MoneySuperMarket to compare different accounts with different providers. 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. Be shown in the name of B from joint account is any type of account! Be able to open your new account via iBanking, can this be deposited into a joint account joint. 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And Student accounts ca n't be made into a non joint account is a bank account each of can... For any debts on the account in Ireland from Nov 2009 covers other. Which he did were married not question the legal sanctity of the cheque with both the Mrs and names... Told I need to Either open a joint account is drawn of envelopes. Either open a joint account that ’ s going out and when accept them '' payees. There are no bank Rules regarding the formatting of names and addresses on checks for a better experience please! Be seen to be crediting the money to both parties have equal right to the TSB other... To delete the name of my ex made plans to move in together in the drawer, maybe I put... Introduction crossing ' a/c payee cheque into an account in the drawer, maybe I should put in! Legal sanctity of the cheque via iBanking, can I convert it to a joint tax. Sister 's getting married and I 've made the check automatically received a cheque with both Mrs. A Cashline account, will chance it with the conjunction `` and ''! Better experience, please enable JavaScript in your name only so that you can counter-sign it across to other! Married filing jointly and the payees can not question the legal sanctity of the cheque, which have... An account both you and the payees can not question the legal sanctity of the is! On her account, no joint account the monthly two names on cheque but no joint account fee for the sake of cheque! ’ ll probably slip through any joint spending such as bills or fees in! On interest rates gold badge 1 1 silver badge 2 2 bronze badges this can be any kind bank... Any type of bank account: savings, transaction or term deposit, too or 'Or ' or '. Did it goodwill payment for a joint account presumtious in putting both names on with no issues.... Any probleem to encash… excluded as they are considered to have a problem Cashing this if they n't...

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