Or you have a ‘personal’ relationship with your branch and they effectively do you a favour. Both people named on the account are individually and jointly responsible for any debts on the joint account. In case two relatives open a joint account, and money is withdrawn by one of them, the amount withdrawn shall be regarded as a gift to the relative, and considering that gifts received from relatives is exempt from tax, the recipient will not be charged any tax. A joint account is any type of bank account that’s held in two or more names. Only personal and joint-alternate accounts will be shown in the dropdown list. The latter is the most sensible option. The car was insured under two names, and so these names are on the cheque. Jurisdiction. Otherwise, any party named on the check … Login/cookie issues? Although these accounts can be opened by any two people regardless of relationship, they’re generally used by family members, couples or business partners who trust each other. It's in my maiden name/payable to two people . The people sending it you were presumtious in putting both names on. If the cheque is crossed "Account Payee Only" then legally it must be paid into an account that is held in the same names as written as payee. Australia’s #1 banking app helps you keep track. The titling of the account has nothing to do with how checks need to be endorsed, unless you're talking about checks drawn off the account (such as PDO interest checks) that show the account registration. Compare joint accounts. Forum Rules Askaboutmoney.com - the Irish consumer forum. When I went cash the check, my bank said that my spouse need to be present before I can cash the check. A decides to delete the name of B from joint account. In short, no, they don’t share the same shareholders’ rights.In effect, Section 286 of the Companies Act 2006 confers more rights to the joint shareholder named first in the company’s register of members than to the other joint holders. We did sign a document. Please correct me if I am wrong. After queuing up for half an hour, the person told me I had to have a joint account. converting a personal account held in one name to a joint account held by two or more people; This information will help you understand the risks and benefits of joint accounts. Countersigning only worked on the old uncrossed cheques. Now, when it comes to these checks, you’re going to encounter the least amount of problems when they’re written in the John “or” Jane form. It is a joint account. We don't think much about depositing a check made out to ourselves. Follow asked Feb 25 '17 at 22:24. If we're the only check payee, we just endorse it by signing it on the back and we put it in the ATM, bring it to the bank or take photos of it with our cellphone. It scans the cheque but it seemed only interested in the value when I did it. Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. It’s still in the drawer, maybe I should put it in one of those envelopes? Everyone named on the account is able to pay money in or take it out – although sometimes more than one person needs to agree to this. Contact Us The surviving co-owner can take full ownership of the account when the other account holder dies simply by presenting the deceased owner's original death certificate to the financial institution. Access to view your account via the App and Online Banking; Use of any benefits and features that come with the account. A joint bank account is an account that you share with another person for things like paying the bills, depositing paychecks, or saving for a vacation or down payment for a car. Newsletter Settings, Cut off date for issue 135 of Singletrack is the 25th January - You need to join us by this date in order to receive the next issue. However, some businesses will only accept checks with a preprinted name and address. The type you choose depends on who you're sharing the account with and your goal. A joint account is a bank account that has been opened by two or more individuals or entities. But, all the existing account holders have to sign on the request form if the mode of operation is “either or survivor” or “jointly“. For a better experience, please enable JavaScript in your browser before proceeding. No fees to open or use your account. sir i got cheque of rs 1.8 lcs and it is a multicity cheque of mumbai sbi bank and i deposited the cheque in lucknow sbi branch bcoz my account is in lucknow sbi bank…..but sir when i deposited the cheque i was not crossed with two lines on above left side of the cheque i only write name of account holder and account no. I would never dream of having a joint account with anyone, and less and less people do these days. I often encounter customers who have kept their maiden name … What matters is the way the check is drawn. B (Second account holder) started misusing the account funds. I ended up getting the cheque reissued instead (council tax rebate). If there are more than two names on the joint account, the financial protection may extend further, but you should check the terms and conditions with the bank or building society. Link to post Share on other sites. Classifieds Rules You probably will have to endorse the check and get the other party to endorse it, too. But, the banker says that they require B’s consent for the deletion. The easiest way to find the best joint account for you is to use MoneySuperMarket to compare different accounts with different providers. Cheques are specifically excluded as they are considered to have passed their useful life and will be withdrawn soon. In the instant case, in case there exists a joint account in the name of Raman and Ganesan, there will be no problem. Please be aware of the following. I was told (Natwest) that they couldn’t deposit a cheque that was made out to two different people with different names without a joint account. In the third case it could go either way (I've been able to cash checks written like that into my individual account, but your mileage may vary). previously it was possible to pay such cheque into a single named account as long as you were one of the joint named, and the other joint named authorised the transaction (usually by signing the back of the cheque and writing something like 'I allow my wife to have these funds and will not have access to them'). I just got my security deposit back, except it's a check, not cash, and the check has two names on it. If a cheque is payable to 2 people then both parties have equal right to the money. Can one of them just sign the back and the other cash it? A joint account can be any kind of bank account: savings, transaction or term deposit. A joint bank account is an account in the name of two or more people. To cash a check with 2 names separated by “and,” contact your bank or financial institution, since every bank has its own rules about this. Make it out to one person only. This can be useful for couples because a two-person joint account would be covered up to £170,000 in total (£85,000 per person), assuming neither party had any other savings with that provider. I got a cheque/check made out to me and my wife recently. Multiple Names in Cheque Cheques addressed to two persons can be deposited into a joint account belonging to them, or to either person's personal account depending on how the cheque is written. 11 1 1 gold badge 1 1 silver badge 2 2 bronze badges. Is it best to have separate … joint savings account … See the highlighted part of – Clause No.6. Re: Cashing check with two names on it. "The responsibility for this system is the banks' and the credit unions'," said Bruce Cran of the Consumers' Association of Canada. Two options: - Open a joint account - Ask them to reissue a cheque in one name. Cashing a jointly payable check is a pretty straightforward process if you share a joint account with the other payee listed on the check. ask cheque issuer to cancel current cheque and issue another in one name (in case with estate agencies - they more likely to offer new cheques in names mentioned on the tenancy agreement dividing the owed amount on equal parts) or; open a joint account (e.g. Long story short, me and my ex made plans to move in together in the state of New York. I’ve paid them into my account with both names on with no issues before. on the voucher with name….will it make any probleem to encash….. There are no bank rules regarding the formatting of names and addresses on checks for a joint account. Posted 5 years ago Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. So I crossed off her name and initialled the change with the account holder's initials and re presented the cheque and it was accepted. No. Just received a cheque with both the Mrs and my names, can this be deposited into single account, no joint account. joint-account. The only preprinted information that must be on the check is the routing and bank account numbers, which run along the bottom of the document. As far as I'm aware, if you both sign, you can cash it, but as this cheque says "not negotiable a/c payee only" I think I have to deposit it? Call your bank and ask. The payee on a cheque must match the name on the account. It's called conversion if you pay a cheque into an account other than that which it's payable to and the bank would be liable under current money laundering regulations too. I amended my 2016 tax return to married filing jointly and the refund check is issued with both spouse name on it. legally liable should they accept an a/c payee cheque into an account other than in the name or names specified. Cashing a check with two names on it can be done in one of two main different ways depending on how the names are written out. I deposit cheques made out to my husband into my account at a CIBC atm all the time (we have different last names). Bank refused to accept as it was crossed and we don't have a joint account. But with introduction crossing 'a/c payee', the above procedure is frequently refused. I got a cheque/check made out to me and my wife recently. The company advised him he would have to get his ex wife to sign a letter saying she had no claim … I would never dream of having a joint account with anyone, and less and less people do these days. Let’s say two brothers (A & B ) opened a joint account with “Either or Survivor” option. I often encounter customers who have kept their maiden name … First, open an account in your name only so that you can seamlessly pay for everyday expenses while separating your joint finances. Our Smart Access account can come with two Debit Mastercards – one for each of you. You will need to either, open a joint account (in the names on the cheque), get the drawer to issue a new cheque or make an electronic payment into the account of your choice. KCLau. Choose an account both you and the other person share, if possible. Many banks and credit unions also let you deposit joint checks through mobile apps or ATMs this way. In a joint account only a single cheque book is issued whether authorised operator is single or joint as per their mandate to bank. Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. My experience is that it’ll probably slip through. A joint bank account is no different to a sole current account except that either account holder controls it and can sign cheques, pay in cash and make payments. Joint accounts are mostly used by: married couples, civil partners and couples who live together; housemates who have shared expenses – like rent and bills. Two options: - Open a joint account - Ask them to reissue a cheque in one name. I don't know the policies at all banks, but I was told by someone at CIBC that there are rules for items being deposited into the ATM and the name would not be verified unless the cheque was over a certain amount (don't remember the number, but it was very high). Improve this question. If the names are separated by a comma, “or,” “and/or,” or nothing at all, you can endorse and cash the check yourself. In the second case you will have to deposit in a joint account OR bring the other person with you to the bank and have them show their ID to the cashier and endorse the check in their presence. Re: Cashing check with two names on it. Whilst giving them both equal access to the account. Premier Club Saving . As above, we used to get cheques from the inlaws this way, wife used to frog march me to her bank, where i would then sign the back and never see a penny. Depositing a check with two names, but no 'And' or 'Or' or even a 'pay to the order of'. If the check is payable unambiguously to two or more persons with the conjunction "AND," all payees should endorse. (2 different names) Will they have a problem cashing this if they don't have a joint account. The monthly account fee for the Smart Access account will be waived if you deposit at least $2,000 per month. Joint accounts are an easy way to help two people manage any joint spending such as bills or fees. However, a joint account is not required to cash a check that has been made out to you and another person. If I have opened a new personal account via iBanking, can I convert it to a joint account (i.e. Cheers folks, its a ppi cheque from my own bank, will chance it with the teller at my own branch. ; Transaction Notifications: Turn them on to receive an instant alert when you pay from, or get paid to, your joint everyday account. The easiest way to find the best joint account for you is to use MoneySuperMarket to compare different accounts with different providers. Some joint accounts come with "rights of survivorship," an arrangement that's called "tenants by the entirety" in some states when the account is held by spouses. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners, but it can be used in other circumstances, such as by a club committee. Do remember this point. I just had a cheque issued in my name and my wife's name. Everyone named on the account has equal access to the money and can use the funds however they see fit. Many times, with joint accounts, the bank will put the names of both account owners on the checks so that it is clear to anyone accepting the check that either you or your mom can write checks on the account Creditors will most likely accept checks signed by you, although they may want to contact the bank to verify them at least the first time around. So a real estate company is playing funny games with me. Not my experience - I've lodged two cheques (for significant amounts) in both our names to my personal current account without the Other Half's signature. add a joint holder)? This can be an overdraft or an amount that's owed on a credit agreement. Please visit any DBS/POSB branch to open your new account. Addition or Deletion of name(s) of Joint account holder(s) You can request the bank to add a new joint account holder or delete any of the existing joint account holder’s names. List all assets and debts in your name. Access to view your account via the App and Online Banking; Use of any benefits and features that come with the account. Clay Wilson Clay Wilson. It is a joint account with my wife. Privacy Keep track of your date of separation. He phoned the bank and explained that they were divorced and never had a joint account even when they were married. Make it out to one person only. Quick answer: If a check with two names says “and,” on the “pay to the order of line” then everyone has to endorse the check. (I'm in Singapore.) So I crossed off her name and initialled the change with the account holder's initials and re presented the cheque and it was accepted. The people sending it you were presumtious in putting both names on. You will need to either, open a joint account (in the names on the cheque), get the drawer to issue a new cheque or make an electronic payment into the account of your choice. 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