Easy
Can You cash a wet / damp check?
no
Who is the Payee
person the check is made payable to
what does FBO mean
for benefit of
what to do if your client is making a deposit of $10,000 or more in money instruments or cash received outside of the United States and indicates that the funds were not claimed at Customs,
file an SIR for Bank Secrecy/ Money Laundering.
can a check be Future Dated?
do not cash the check
How much is a stop payment on a check?
33 $ for standard accts
what happens When a payee’s name is misspelled on a check?
the customer must endorse the check as the check was made payable and then endorse it again with the correct spelling.
Checks made payable to an individual and in trust for or payable on death to another individual must be endorsed by the....?
by the trustee (the individual assigned the authority to transact on behalf of another individual).
Example: Liz York ITF (In trust for) Samantha York. Liz York is the trustee and the individual required to endorse the check.
Checks made payable to cash can only be cashed if the following conditions are met:
can you cash a check with a miss-spelled name?
not unless was recently married.
Checks must be endorsed to protect the bank from loss. Endorsements serve three functions: 1
Guarantees validity of the instrument by the endorser
Checks made payable to businesses must be deposited into.... (an account that is titled in the name of.......?)
an account that is titled in the name of the business payee. They can't be cashed.
Can you cash a outdated/non dated check?
no
Checks must be endorsed to protect the bank from loss. Endorsements serve three functions:x2
Guarantees prior endorsements
Checks must be endorsed to protect the bank from loss. Endorsements serve three functions:x3
Transfers title or ownership of the check