AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question QUESTION: I have a question for you. Can a authorized signer on a checking account deposit a check made out to them into a the account even though they are a authorized signer not a owner on that account. Please let me know
ANSWER: Lesli, Generally yes, all that's needed is that the check be endorsed properly. Jim
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QUESTION: Does it have to be endorsed payable to the owner on the account or can they just sign and we deposit it. We have always if they are a authorized signer on account we just deposit it. Now someone told us that only the owner can have checks deposited in his name. I would just like to know for sure.
Answer Lesli, the endorsement can be "open" and if deposited the bank provides the endorsement "for deposit only". Banks will often not examine items deposited to accounts and don't want to. If an authorized signer is doing something other than what the owner wishes, that is best handled between them. Jim
