Do You Endorse a Check to Deposit It?

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A check must be endorsed before it can be deposited so that the bank knows that the person depositing the check is the person who owns the bank account. Find out how endorsing a check completes the cycle of accounting at the bank with information from a registered financial consultant in this free video on banking.

Part of the Video Series: Investing & Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about do you endorse a check to deposit. Having a check in your position that's been given to you for services rendered, well amounts to having a deposit. So what an individual would do is take that check written by a third party to your bank for deposit and when you arrive at the bank, the bank knows you because they have a signature card that you originally filed at the bank when you opened up the account. It's important for you because this check that you have had come into your position that will go into your bank, you need to endorse the check or sign the check on the bank. This way the bank sees there's been a complete accounting cycle. That the individual who wrote you the check signed on the front and you as a receiver of the check signed on the back and that completes the cycle of accounting at the bank. So this is a very important process if you forget to endorse a check the bank will be in touch with you so you need to come down and sign that before it can be credited to your account. Very important. This is financial adviser Patrick Munro answering the question do you endorse a check to deposit.

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