So....I had a business and I had an account w/ a company. I had a balance of $2400 w/ them when I closed the business so they cut me a check made out to "my company name/my name". I went to my bank to deposit the check in my personal checking account and they said that I had to deposit the check into a business checking out. But the problem is that I don't have a business checking account. So I then went to the currency exchange to cash the check and they wouldn't either b/c the check is made out to my former business (my name is right next to it). So what do I do? Who can cash this for me?
2006-12-20 14:12:38 · 9 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Seems to me you could have endorsed the back of your check to the personal checking account number.
The bank could then hold the amount of the check until they were absolutely certain it was good before releasing the funds to you for withdrawal.
2006-12-21 21:17:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The short answer is most of the time they don't. A check cashing business is essentially making very high risk short term loans. It may not seem like much but if you charge someone 2.5% to cash a check, some charge more, and the check clears in two days that's an effective yearly rate of over 8000%. They can afford some losses. In the case you mentioned I believe if the lady recieved her cash from the check cashing place and then the check was denied she owes the check cashing place, especially if she also cashed the second check. The person presenting the check is ultimately responsable for the checks value. She would have a case against the insurance company for any fees she had to pay for the returned check but she owes the check cashing place for the money they didn't receive. They will go to court and they will get a judgement. and if someone decides that she knew the check was going to have a stop payment on it she could go to jail.
2016-03-29 02:07:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I am afraid that you will have to open another business account under the business' name and deposit the check.
I would read your old bank the riot act. They should have told you that you were going to have this problem.
The correct way of doing this would have been that before closing your account your old business wrote YOU a check (you had business checks, right?) made out to you. That could have been for wages, or expense reimbursements or whatever. Then, close the account with the bank when the balance was (near) zero.
2006-12-20 14:16:30 · answer #3 · answered by non_apologetic_american 4 · 0⤊ 0⤋
You sign the company name on the top of the check in the endorsement area. Then write "payable to: your name"
Then sign the back.
Go back to your bank and try it again.
Or take it to the bank where you closed your account and have them cash it.
2006-12-20 22:39:19 · answer #4 · answered by Gem 7 · 0⤊ 0⤋
sounds like you need to cash it at the bank where you had the original account and where the check was cut from.. If out of the area,looks like you might need to open up another business account temporary..
2006-12-20 14:16:17 · answer #5 · answered by tshark44 5 · 0⤊ 0⤋
The bank that the check is drawn on should cash it , go to the bank of the people who wrote the check with your ID.
2006-12-20 14:21:34 · answer #6 · answered by kate 7 · 0⤊ 1⤋
try "check into cash"...i saw a commercial on tv where people wrote themselves their own check and cashed it instead of going to the atm due to various reasons....just look up one in your area.
2006-12-20 14:14:53 · answer #7 · answered by kowalley 5 · 0⤊ 1⤋
Why don't you go back to the person who issued that check?
2006-12-20 14:20:29 · answer #8 · answered by ? 7 · 1⤊ 1⤋
Go to the bank that handles the account.
Next question.
2006-12-20 14:15:20 · answer #9 · answered by Double O 6 · 3⤊ 1⤋