My wife and I have a JTWROS account with check-writing privileges at one bank and want to transfer money to a joint account at another bank via check. What name(s) should I put in the payee line on the check or can I put "cash"?
Untitled
Unless you're planning to make the check out in the lobby of the bank where you'll be depositing it, don't make it payable to "cash," because anyone could cash it if you lost it on the way to the bank.
The easiest secure way to handle the transfer by check is to make it payable to yourself and then deposit it to the joint account at the other bank, or you can make it payable to your wife and she can deposit it to the joint account at the other bank. Do not make the check payable to both yourself and your wife, because multiple payee checks can cause problems when the payees try to negotiate them.
Published on BankingQuestions.com 11/19/07
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
Unless you're planning to make the check out in the lobby of the bank where you'll be depositing it, don't make it payable to "cash," because anyone could cash it if you lost it on the way to the bank.