Cashing 'c/o' checks

rusty246August 12, 2008

My daughter has a check coming that's made out to ie: Charlie Brown c/o Brenda Brown, we're mother/daughter. Mom is "Brenda", what can't I deposit or cash it she's 300 miles away? My bank says it must read "or". Also, the issuing bank(large)says that our bank can call for verification of funds when the check is deposited(to avoid a hold) but our bank says that a phone call is no guarantee, that I need to call the issuing bank in a couple of days to see if the check cleared, information which they may or may not give me, then I call my bank and they'll call... Who's the picky/pushy one here?

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duluthinbloomz4

C/O is regarded as your daughter using you and your address as a mail stop. If your name isn't on your daughter's bank account (the "or"), you can't endorse the check for cashing out or depositing and the bank is within its rights not to let you make either transaction. I don't know about the hold aspect of this; verification the check issuer has sufficient funds? I am only familiar with holds when dealing with transactions of 10k or more. But if the account has more than 10k in it, the hold period tends to be a non starter.

You can send the check to your daughter, she can endorse it and send it back to you for cashing or depositing. But it's never wise to be mailing endorsed checks - if it falls into the wrong hands, it can be cashed by anyone.

There's bound to be someone who works in the banking industry on these forums who knows the ins and outs of this.

    Bookmark   August 12, 2008 at 4:21PM
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dave_donhoff

Rusty,
In my experience, you can "deposit" just about anything, including a candybar wrapper, if you use an envelope at the outside ATM.

They'll usually immediately credit your account first (and even let you immediately draw it if you have matching funds they can hold until clearing of the check,) and then check on check clearability later (and adjust if its a candybar wrapper... as well as prolly have "a little chat" ;~P

Checks not directly made to you are almost always cleared (even if/when you accidentally deposit one that's made to an entirely dif name, without a "pay to the order" or "care of" or even without an endorsement.)

Luck!
Dave Donhoff
Leverage Planner

(PS, please do not ask how I know this...... ;~P

    Bookmark   August 12, 2008 at 6:03PM
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devorah

I'm not sure if this is what you are talking about but I often deposit my son's checks that come for him when he is away from home. They aren't endorsed by anyone, but they are deposited to his account.

    Bookmark   August 12, 2008 at 7:40PM
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bethesdamadman

I don't know whether this is an analogous situation, but I routinely deposit checks made out solely in my wife's name without bothering to get her to endorse them. I just write "For Deposit Only" on the back of the check and hand it to the teller with a deposit slip.

    Bookmark   August 12, 2008 at 8:48PM
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mike_kaiser_gw

So sign "Brenda Brown" and "Charlie Brown" and deposit the check.

Then stop using the C/O on the address. The post office has some form to let letter carriers know who lives at an address (not that most of them care).

    Bookmark   August 13, 2008 at 8:21AM
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marge727

If you are going to write "for deposit only" on a check; also add the account number. a bank recently was sued for depositing the check into the wrong account and they didn't have to pay because there was no account number on the check itself, and the deposit slip got separated.

    Bookmark   August 23, 2008 at 2:03AM
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bethesdamadman

marge: "If you are going to write "for deposit only" on a check; also add the account number."

I didn't add the part about the account number because I thought that was a given, but it is good to emphasize that requirement for the reason you stated.

    Bookmark   August 23, 2008 at 6:54AM
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