![]() Some banks go further as to require that all parties visit a branch with a government ID to verify the signatures.Īccording to Section-110(d) of the Uniform Commercial Code, if a check payable to two or more people is ambiguous in terms of the payee(s), any of the stated payees can deposit the check into their individual accounts. It's also a hassle if you cannot get a signature endorsement from the other party. If the check states that the funds are paid to you and another party, then the check deposit could become much more of a hassle if you do not have a joint bank account with the other party. If the check states that the funds are paid to either party by using "or" instead of "and", then either one of the two payees named on the check can deposit the funds into their individual bank accounts. What is the difference between “and” and “or” on Two-Party Checks? This rule still applies if it is ambiguous whether the check is payable to both parties or either party. Otherwise, any party named on the check can deposit it into his or her individual bank account. Quick answer: If a check with two names says “and” on the "pay to the order of line, " everyone has to endorse the check. Two-party checks are made out to “Party A and Party B” or “Party A or Party B.” Note that there is a major difference between the two. Is it possible to deposit the tax refund check into one of our own checking accounts?īased on the law, it's important to look at what the check writer put down on the “Pay to the order of” line. Q: My wife and I filed our tax returns jointly, and we received a tax refund check that was written out to both our names. Pay careful attention to the "Pay to the Order of" line of a check. ![]() ![]() Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Popular Reviews Progressive GEICO State Farm AIG Allstate Banking Best Products Best Savings Accounts Best Checking Accounts Best CD Rates Best Money Market Accounts Best Business Checking Accounts Best Student Checking Accounts Calculate Checking Accounts 101 Emergency Savings Calculator Compare CD Rates Checking Accounts Personal Loans Best Products Best Personal Loans Best Debt Consolidation Loans Best Home Improvement Loans Best Medical Expenses Loans Calculators & Guides Personal Loans Calculator Guide to Personal Loans Guide to Refinancing Student Loans How to Consolidate Credit Card Debt Popular Reviews Upstart Payoff Sofi Lending Club Investing Best Products Where to Invest Money Best Brokerages Best Robo Advisors Read & Learn Investing 101 How to Buy First Stock How to Invest in Mutual Funds How to Pick a Financial Advisor How Much to Save for Retirement Popular Reviews Betterment Merill Edge Wealthfront Insurance Best Products Best Auto Insurance Best Home Insurance Best Life Insurance Best Health Insurance Read & Learn Figure Out How Much Auto Coverage You Need Collision vs. ![]()
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