banking question

[sdjen]

thought I would ask here as I honestly don't know the answer.

My 9 year old DD used to have a private insurance policy that I paid for. I recently cancelled it as she has coverage under dad also. So, today I received a refund check for one month of the premium but it's made out to her (not me). She doesn't have a bank account or iD. Will the bank accept my signature so I can deposit it? Should I have her "sign" it also?

Thanks!

 

[CalDisneyMomof2]

I believe you sign her name, and sign your name below with "mother of minor" next to it. But each bank might be different so if I were you I'd just ask the teller. And to be ready, just bring her birth certificate with you.

 

[Alesia]

My bank requires the minor to be present.

 

[tvguy]

I haven't endorsed a check in a long time. The bank just stamps "Deposited without Endoresement" on the back.

 

[MillauFr]

I haven't endorsed a check in a long time. The bank just stamps "Deposited without Endoresement" on the back.

I use Fidelity for my banking and I just use the mobile app to deposit checks. I don't think a human ever reviews any of the checks. I deposit checks for my kids all the time. Fidelity never rejected any of the deposits.

 

[tvguy]

I use Fidelity for my banking and I just use the mobile app to deposit checks. I don't think a human ever reviews any of the checks. I deposit checks for my kids all the time. Fidelity never rejected any of the deposits.

These days it's so easy for a bank to reverse a deposit if an issue comes up, there is little risk. But when you think about it, our paychecks are usually direct deposited, and we all used to have to endorse our paychecks. I remember paychecks being so risky, grocery stores that would cash just about any kind of check, wouldn't cash payroll checks even if the dollar amount was small.

 

[disneymom2003]

Ask your bank.

 

[supersnoop]

I haven't endorsed a check in a long time. The bank just stamps "Deposited without Endoresement" on the back.

That only works if the name on the check matches the name on the account.

 

[tvguy]

That only works if the name on the check matches the name on the account.

Nope. Works just fine with a different name. In settling my mom's estate 2 years ago I got a lot of refund checks (canceled homeowners insurance, auto insurance, flood insurance) made out to her that I deposited in my account without endorsement. Now that I think about it, the check when the house was sold was made out to her, and put it in my account with no issues and no endorsement.

 

[supersnoop]

Nope. Works just fine with a different name. In settling my mom's estate 2 years ago I got a lot of refund checks (canceled homeowners insurance, auto insurance, flood insurance) made out to her that I deposited in my account without endorsement. Now that I think about it, the check when the house was sold was made out to her, and put it in my account with no issues and no endorsement.

Did you have some sort of power of attorney? What you describe is not supposed to happen. If it was allowed, someone could steal all kinds of checks out of the mail and just deposit them into their own account without regard for who they are actually made out too.

 

[tvguy]

Did you have some sort of power of attorney? What you describe is not supposed to happen. If it was allowed, someone could steal all kinds of checks out of the mail and just deposit them into their own account without regard for who they are actually made out too.

Yes, I had POA but my mom was deceased, and POA are only in effect if the person is alive. The house proceeds check was mistakenly made out to my mom by the title company, it should have been made out to her trust.
FEMA was the worst. First, they would only send the flood insurance refund check to the address of the insured property, which had been sold by the time I canceled the insurance. While I had the mail forwarded, FEMA can take up to 6 months to issue the refund check, and I was trying to get all mail to my address. Second, they would only write the refund check in the insured person's name. If the bank wouldn't accept the check without endorsement, not sure how I would have gotten that deposited.

 

[MillauFr]

That only works if the name on the check matches the name on the account.

I doubt if the banks hire people to look at all those checks getting deposited. I use mobile deposit as Fidelity doesn't really even have brick and mortar banks.

 

[tvguy]

I doubt if the banks hire people to look at all those checks getting deposited. I use mobile deposit as Fidelity doesn't really even have brick and mortar banks.

The bank did put a stepped 3 week hold on the check for the house, so they weren't at any risk really. It was kind of a funny hold, only $10,000 would be available after one week from the deposit.. 50% of the remaining balance would be available at the end of 2 weeks, the remaining balance after 3. That was because it was a check instead of a wire transfer. Title company said because of the trust, they could not do a wire transfer. So they clearly knew about the trust when they made the check out to my mom instead of the trust, or me.

 

[MillauFr]

In a related topic. Does anyone still see a need to have an account at a brick and mortar bank? I have an account at US Bank but I haven't been to a branch in two years. I was thinking about closing it. It just that Fidelity gives me such a better deal. They pay interest on my deposits (yes its small but its something), they reimburse all of my ATM fees, free downloads into Quicken, they rebate 2% all of my credit card charges, no BS charges that many of the big banks hit you up for. Plus when I drive downtown Seattle and visit my financial advisor there they even reimburse me for parking fees for 3 hours which is worth about $10-$15.

 

[Lvsdisney]

I've deposited checks with my child's name into my account multiple times. Never an issue. Maybe cause the last names match? I have no idea why I've never had a problem.

 

[tvguy]

In a related topic. Does anyone still see a need to have an account at a brick and mortar bank? I have an account at US Bank but I haven't been to a branch in two years. I was thinking about closing it. It just that Fidelity gives me such a better deal. They pay interest on my deposits (yes its small but its something), they reimburse all of my ATM fees, free downloads into Quicken, they rebate 2% all of my credit card charges, no BS charges that many of the big banks hit you up for. Plus when I drive downtown Seattle and visit my financial advisor there they even reimburse me for parking fees for 3 hours which is worth about $10-$15.

For some of the other services, yes, I need a brick and mortar bank. Safe Deposit boxes, immediate Cashier's Checks, Travelers Checks, notary, foreign currency exchange, all things I have used in the past year.
My son uses an online bank, the lack of immediate access to funds is the only issue he has run into (usually when he owes me money )

 

[Poohbug]

Go to your financial institution and tell them the situation. This is an isolated incident and most likely they will have you sign the child's name and your name as endorsement and deposit the check.

Normally the name of the check has to match the name on the account. Auditors have a big problem when this does not happen not to mention a free for all for dishonest people.

 

[DebbieB]

Yes, I had POA but my mom was deceased, and POA are only in effect if the person is alive. The house proceeds check was mistakenly made out to my mom by the title company, it should have been made out to her trust.
FEMA was the worst. First, they would only send the flood insurance refund check to the address of the insured property, which had been sold by the time I canceled the insurance. While I had the mail forwarded, FEMA can take up to 6 months to issue the refund check, and I was trying to get all mail to my address. Second, they would only write the refund check in the insured person's name. If the bank wouldn't accept the check without endorsement, not sure how I would have gotten that deposited.

When my mom died, I had paperwork from the court recognizing me as the executor of the estate. With that, I could sign for anything in her name. I had an account created at the bank with my name, executor of the estate of x. I ran all the checks through there and could write out checks.

 

[tvguy]

When my mom died, I had paperwork from the court recognizing me as the executor of the estate. With that, I could sign for anything in her name. I had an account created at the bank with my name, executor of the estate of x. I ran all the checks through there and could write out checks.

We did that with my MIL's estate since we had to Probate it since she did not have it set up properly. I did not have to Probate my mom's, everything was set up properly.

 

[DebbieB]

We did that with my MIL's estate since we had to Probate it since she did not have it set up properly. I did not have to Probate my mom's, everything was set up properly.

My mom had a will naming me as executor, I still needed that paper from the court to do anything. I needed it to cash in her stocks and bonds and sell the house. The estate had a value of around $100,000, we had to pay the state taxes on it, which killed me ($4500). We should have had everything signed over years before, she was ill for a long time.