Cashing a check

[D_Roderick Beresford Stiffington IV]

I'm a bit of a banking novice myself, but my boyfriend is having trouble with his bank account and received a check from PayPal for items he sold on eBay. He can't cash the check himself, what do we have to do so I can cash it in my account? Does he just have to sign the back or is there anything else?

 

[Captain Elephant]

Not sure how things work in NY, but when my stepdaughter used to get a check for babysitting she'd endorse the back and give it to me to endorse. Then I'd deposit it, withdraw cash from my account and give it to her. Standard 20% vig, of course.

 

[BiItalianBro]

Most banks will still allow him to endorse it over to you (for a fee, of course ) and clear the check through your account. Be prepared for the funds to be held as unavailable for DAYS, "until the check clears": meaning so they can make a few cents lending it out on interbank rates while paying you squat .

So yes Virginia, it is do-able.

 

[dreamer20]

I'm a bit of a banking novice myself, but my boyfriend is having trouble with his bank account and received a check from PayPal for items he sold on eBay...

*suspicions aroused+++*Are his assets frozen or is he in serious debt?:suspect:
If I were you I might lend him some of the money if he was desperate. But insist he endorses/signs and deposits the check at his bank and asks them how long the check would take to clear. Once the funds are available he can withdraw them and repay you.

 

[Roscoz]

why do you think you guys call it a check and we call it a cheque all ways wondered that haha

 

[nudeyorker]

He should just be able to endorse the back of the check and write "Pay to the order of"_______(your name) and you should be able to deposit the check into your account and draw the cash when the check has cleared.

 

[Bbucko]

Don't they have check-cashing stores in NYC? I could swear that they used to.

 

[MarkLondon]

why do you think you guys call it a check and we call it a cheque all ways wondered that haha

I think it's because we adopted the french spelling for the fancy new-fangled financial instrument in its day. Or maybe it got simplified, along with color (colour) or thru (through)

I haven't written or cashed a cheque in years now.

So, is a raincheck a check for rain, or a cheque for a rainy day?

 

[Principessa]

I'm a bit of a banking novice myself, but my boyfriend is having trouble with his bank account and received a check from PayPal for items he sold on eBay. He can't cash the check himself, what do we have to do so I can cash it in my account? Does he just have to sign the back or is there anything else?

Why can't he cash it himself? That sounds a bit shady. :suspect:

]*suspicions aroused+++*Are his assets frozen or is he in serious debt?:suspect: [/B]

If I were you I might lend him some of the money if he was desperate. But insist he endorses/signs and deposits the check at his bank and asks them how long the check would take to clear. Once the funds are available he can withdraw them and repay you.

I like that idea. :yup:

Don't they have check-cashing stores in NYC? I could swear that they used to.[/QUOTE]Ding, ding, ding! The winner for best answer to this perplexing issue is Bbucko. :biggrin1:

 

[thadjock]

Be prepared for the funds to be held as unavailable for DAYS, "until the check clears": meaning so they can make a few cents lending it out on interbank rates while paying you squat .

ya, this is the biggest charade invented by banking in the last 50 yrs.


a check i write to a third party who deposits that check into his bank account can be debited from MY bank acct, within about 13 minutes of when i hand it to him.

but the funds from any check i deposit from a client for work i've done is held up by my bank for 5 business days before the funds become "available", and add on any bank holidays and weekends, so it might be as many as 9 or 10 actual days.

OR

if it's a check written on a "local" account (meaning the clients bank belongs to the same federal reserve clearing house as mine) my bank will declare the funds "available" in 3 business days (+wknds and holidays).

they're making more than a few cents during that time.

fuk the banks, I'm buying a bigger mattress.

 

[prepstudinsc]

I think it's because we adopted the french spelling for the fancy new-fangled financial instrument in its day. Or maybe it got simplified, along with color (colour) or thru (through)

I still always write through, I think that thru is more of a novelty, is it really a legitimate spelling?

 

[DaveyR]

It sounds like the banking system in the US is as archaic as that in the UK. Surely with all the technology availbale funds from a cheque should be available immediately. The banks do not want funds to be available immediately. I wonder why that is :frown1:

 

[HellsKitchenmanNYC]

Yr 24 and a banking novice? Get banking accounts. Why are you posting this wuestion instead of asking yr bank how to do it? This makes no sense. You can transfer the money from Paypal into your bank account and way faster than waiting and asking people how to cash a check. Don't you have family members that have bank accounts?