What does "Endorsement guaranteed without recourse" under the endorsement of a check mean?

Answer 1

Laughter is correct.... it means the money is yours once the check is cashed, regardless of any problems the bank might encounter receiving fund's from the maker's bank.

For that reason they'll make darn sure the funds are available. Banks don't take unnecessary risks.....without it being REALLY worth their while!!

Answer 2

Endorsement Guarantee

Answer 3

A financial institution will not accept this type of endorsement. Endorsing like this means the bank has no recourse with the endorser if the check is returned for NSF, Stop Payment, Fraud, etc. That's all I know since we're not allowed to accept them.

Answer 4

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RE:
What does "Endorsement guaranteed without recourse" under the endorsement of a check mean?

Answer 5

I means exactly what it says, that the check can only be deposited, not cashed and no cash back on a deposit. An even more restrictive endorsement would be "for deposit only in acct. xxxxxxx". Generally speaking, people use this endorsement to prevent someone from stealing the check and then cashing it out. As a teller, if you see this endorsement, you can only accept it for deposit.

Answer 6

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You work at a bank and you can't easily explain that? I use "For Deposit Only" because I mail a lot of my checks. If they get into the wrong hands (get lost), then a shady person won't be able to take them to a "No ID" check cashing place. I put the following on the back of my check: For deposit only to Commerce Bank, My Name, My Account Number,

Answer 7

It's a Qualified Endorsement. Usually someone signs the check that way if they were paid for a service...so if, down the road, you're dissatisfied with the contractor's work, you can't put a stop on the payment. Or, if you decide you don't like the couch, wallpaper, whatever.