if my dad receives a check for a large amount of cash can he transfer it to me so that he has nothing to do?

Question

if my dad receives a check for a large amount of cash(more than $10,000) is there anyway that he can sign over the check to me so that he has nothing to do with it? if so who can help him do so?

Answer 1

He writes on the back of the check, Pay to the Order of: (insert name) then signs it. You take it to your bank and cash it.

Answer 2

The lottery should have a way of directly depositing your winnings into your bank in the UK. If I were you, I'd keep the bulk of it in Euros, and only transfer small amounts by wire (no physical cheque) here as needed. If you think about how corporations transfer large sums, it's not by someone walking over a check. The small fee is worth it. Not to insult anyone's intelligence, but beware of common scams that make you think you've won the lottery, as a means to defraud you of your account numbers. Be sure to follow the chain of trust from a different source than that which notified you. For example, if you received notification in the mail, independently look up the lottery office in the phone book, and confirm. Don't just take a phone number or website from the notice. I'd suggest also going to your bank, and speaking with a representative, there, on how to best transfer such money, with an eye toward avoiding scams. A financial advisor there might also give you tips on tax treatment, if you're a US citizen.

Answer 3

If you brought this into my bank, let me tell you what would happen (assuming you have an account with us). Both parties would have to be present with valid ID's. Your dad could sign it over to you but it would more than likely be sent for collection, depending on who the check was from. It is true that there are reports sent to the government for monetary items bought or checks cashed for over $10,000.00 in which your dads social security number would be used. I would check on the "gift" issue.

Answer 4

Im guessing your doing this for tax reasons but maybe not. If your trying to make the check to be cashed and deposited in your account then all he has to do is sign it over to you at the bank. but I think it will still be cashed it his name. bit either way he will have to do something with it. I dont think you can just go to the bank witihout him and cash it.

Answer 5

Just take the check and your father to your bank. All he needs to do is endorse the back of the check with his signature. He then passes the check to you and you endorse it as well. Since it is such a large sum, the bank is going to want to verify the identies of everyone involved in the transaction.

Answer 6

Why would your father want nothing to do with a $10,000.00 check? That alone has some scary possibilities that you ought not want to be any part of. Regarding the check: If he signs over a check to you, he has everything to do with it - he has endorsed the check to a third party - you. His paper trail (and yours) is complete.

Answer 7

Nope, because it is over $10k the bank will require him to be present and show ID. He will also be required to fill out a form that will be filed with the government because of the size of the transaction. Once that's done if he transfers it over to you, you'll have to do the same thing.

Anything over $10000 dollars gets reported to the government to prevent money laundering, and other illegal activites.

Answer 8

Find out what the LEGAL LIMIT of a gift is before the state starts taxing the money. It might be around $5K, I'm not sure.

Otherwise, you will pay tax on it IF you spend it, invest it, put it in the bank.

He could buy tax exempt bonds with it whereby there is no tax IF--it's used for education.

Answer 9

No but he can Western Union it to me!


Why would he want to have nothing to do with it? And why would he want to give it to you?

PS
Sounds like a crime is about to be commited here...hmmmm??

Answer 10

He can sign it over to you, but in so doing he accepts payment.