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Home >> Checks/Money Orders >> Checks You Received
Both Present to Cash Check Payable to Both?
I recently moved to NC and opened a joint checking account with my spouse at Fifth Third Bank. I received a $60 refund check from NY Motor Vehicles and went to cash it at Fifth Third. The check was payble to my spouse and myself. There is over $10,000 in the account to easily cover a $60 check. My wife endorsed the check as did I, and I alone went to bank. The bank refused to cash it citing FDIC check cashing regulations that both parties need to be physically present because the check was made payable to both. I don't believe that is correct, but if it is, can you please indicate where I can find this statute.
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 The bank should have verified the signature they had on file for the person not present, or accepted the check for deposit and allowed a $60 withdrawal immediately. They may have a policy that when a check is payable to persons jointly, each person has to be present. There is a good reason for this. If the person who isn't present later says he/she didn't endorse the check, the bank loses. The bank's account will be debited. Granted, if the check was for $10,000 and there was $60 in the account, this would make more sense. We believe that the teller didn't have the capacity to interpret this rule for you, but should have offered the alternative, which would allow you to leave with your money.
Published on BankingQuestions.com 11/03/10
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