I own a company that receives checks made out to all different people that have to do with our clients. This is the nature of my business and it can't change. For 30 years, we have used a stamp to endorse the back of the check that says "guaranteed by my company" to deposit the checks. Just recently, my bank and others have said the stamp will not work and they aren't being helpful in figuring out a solution. What can I put on the check, so the bank will not send them back?
This may take some negotiating, but if you are acting as agent for all those payees, your bank might be willing to accept an endorsement reading something like "ABC Company, as agent for named payee." The bank might want to see some evidence of at least one agreement that allows your company to deposit all those other persons' checks, and might ask for a list of your clients.
You will have to explain the nature of the relationship that allows you to negotiate those checks and then use something like the suggested wording to accomplish what you need to do.
Your bank is evidently becoming aware of the potential liability it incurs if your company's authority to negotiate the checks is called into question.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
This may take some negotiating, but if you are acting as agent for all those 