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What do I need to know about cashing or depositing a GiveForward check?

Last Updated: Jun 05, 2014 09:04AM CDT
Only the person to whom the check is written can cash the check.

If your check is written to a minor whom you are raising funds for, a parent can deposit the check to their own account or cash it if endorsed correctly (on the back of the check):                                                                  
                Child’s name (printed)                                                                  
                Parent’s name (specify if guardian or POA; printed)                                                                        
                Parent’s signature                                                                          
                ‘For deposit only to Acct. # _____’
 
*Most banks will require proof of parenthood, guardianship or Power of Attorney status. Make sure to have your ID present along with any official, legal documentation.
 

If the check is written to someone 18 or over and they wish to have someone else deposit or cash the check on their behalf, the check will need to be endorsed as follows:
 
                Your name (person the check is written to)
                Pay to the order of ______ (person you wish to be able to cash/deposit; printed)
                Your signature (person the check is written to)
                ‘For deposit only to Acct. #’ (if they wish to deposit the check into their own account)
                Signature of ______ (person you wish to be able to cash/deposit)
 
 

If your check is written to your legal spouse you are able to deposit or cash the check if your spouse endorses it correctly (on the back of the check):
 
                Spouse’s name (person the check is written to)
                Pay to the order of ______ (person you wish to be able to cash/deposit; printed)
                Spouse’s signature (person the check is written to)
 
*If it is signed over ‘pay to the order of’ then it has become your check, of which you can deposit it into your account, his account or a joint account or cash it.     
 
 

If the check is written to two different people, one of those people can deposit the check into their own account if endorsed correctly (on the back of the check):
                Your name (printed)
                Your signature
                Other ‘payable to’ name (printed)
                Other ‘payable to’ signature
                ‘For deposit only to Acct. # _____’
 
*You can never cash a check written to two different people, unless they endorse it ‘payable to the order of ______(your name). If you are a third party, then both people in the ‘payable to’ section must endorse the check over to you.
*The account that you are depositing to must be in one of the names written on the check in the ‘payable to’ section.
 
 
 
When the person to whom the check is written (payable to) is not mentally or physically able to deposit the check the legal guardian, Power of Attorney and/or person legally responsible for handling their finances can deposit the check physically at a bank if endorsed in the following way:  
 
                Designation (POA, guardian, etc.)            
                POA name
                POA signature
               
* Most banks will require proof of Power of Attorney status. Make sure to have your ID present along with any official, legal documentation.
*A Power of Attorney, given proof of their status, can deposit the check to their own account or your account as they are legally able to act on your behalf.  
 
 

If the check is written to someone who is deceased, the person who is legally responsible for their finances (trustee, executor, administrator etc.) can deposit the check to the deceased’s account if endorsed correctly (on the back of the check):
 
               Pay to the order of (executor’s name) by (executor’s name), personal representation of the estate of the                   deceased (name of the deceased)
                Executor’s signature
 
*Account that you are depositing to must be in the same name as the person to whom the check is written.
*If there is a will, the executor will be named. If there is not a will, a relative will be appointed as the administrator.
 


If the check is written to a business (that is not tax exempt) the check can only be deposited to the business account by the business owner or designated signees and must be endorsed correctly:
 
                Your name
                Your signature  
                ‘For deposit only to Acct. # _____’
 
*The bank will typically verify with the business owner that the person present is authorized to make the transaction.  
 
 
General Questions or Concerns:
 
Why do I have to write ‘for deposit only?’
When you specify that the check can only be deposited you are adding an extra measure of protection against error.
 
Can a bank refuse to cash my check?
Any bank or check cashing services can refuse to deposit and/or cash your check at their own discretion.
 
What if the bank requires check verification?
If you need verification, please have the bank call us at 312.322.1200 (M-F, 9 AM-5 PM CST) and we’d be happy to verify your check.
 
What should you do if you think your personal check has been cashed fraudulently?
1.       Contact the bank that your check was written from to see if a stop payment can be issued
2.       Contact the bank where the check was cashed/deposited to see who cashed it or where. You will have to be physically present with identification to prove you are the check ‘writer.’
3.       Take legal action if necessary or report your case to the authorities.
*If it is a GiveForward check, please call us immediately and we will investigate the above information. To find out the location where the check was cashed/deposited we will need to make a report with our issuing bank’s fraud department, their response can take up to 10 weeks. We will also need you to report your case to the authorities. If we have a police case number to report it will make your case much stronger.

What if I don’t know who should be the beneficiary?
If you are unsure of who to name as the beneficiary because it’s complicated, ask yourself the following:
1.       Who is the person responsible for finances or paying the bills?
2.       Is there someone that is also named on the beneficiaries accounts (like a spouse, guardian or parent)?
3.       Who is ‘next in line’ within the family (first born, spouse, aunt or uncle)?
*If you don’t know the answers to any of these questions be sure to contact someone who might ie. legal representation, an accountant and/or the family themselves.
 
Where can I go to cash my check?
There aren’t any federal regulations or laws that require any bank to cash your check. Depending on the bank, they will cash the check if you have an account with them or charge you a small fee if you don’t.
 
Remember, you can only cash a check that is written directly to you. If the check is endorsed, chances are that you’re going to have to deposit it so you might want to go to the actual bank anyway.
 
GiveForward checks are issued through Chase Bank so you can go to any Chase across the United States and they should cash the check for you at no additional fee. Again, give us a call if they request verification at 312.702.0172.
 
What if my check is for a lot of money?
You may want to contact your bank before going in to deposit it. Depending on the banks policies, they may require additional information if the transaction or a series of transactions are more than $10,000.
 
How long do I have to cash my check?
Most checks, including ours, are void 90 days after the issue date.  


*GiveForward is not authorized to give financial advice, beneficiaries should always consult with a professional if there is any question regarding the final payment as a result of a fundraiser on GiveForward. 

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Info@giveforward.com
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