I am receiving some checks from a refinance to pay off some credit cards. The checks will be made out to me and the payee. Can I deposit these checks into my account and pay the payee from my account?
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No. The other payee has the right to collect these funds just as you do. That other payee needs to endorse the check in order for you deposit them in your own account.
In this case, it sounds as though your checks from a refinance may be payable you "You and MasterCard" or "You and Sears." In this instance, MasterCard and Sears could come back later and say they never received benefit of those checks. The bank the checks are drawn on would have to pay MasterCard and Sears. They would then go to your bank and claim the checks weren't endorsed by all the payees and your bank would pay the first bank. Now, your bank goes to your account and takes that money back from you. This is nothing but a problem scenario as you will owe your bank those funds.
You endorse the checks and send them on to the other party who will credit your accounts. This may have also been a requirement of your lender and you may have the obligation to ensure proper payment is made. If these were checks to you and an individual, the same rules would apply.
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No. The other payee has the right to collect these funds just as you do. That other payee needs to 