Can a bank refuse to deposit a check that has been endorsed for deposit only on the back?
Yes, a bank can set its own requirements for endorsements on checks that it accepts for deposit and can refuse to accept any check regardless of how it is endorsed. From your description it appears that the check had "For deposit only" and nothing else in the endorsement space. That's not an endorsement, because it does not include the signature of the payee of the check. Signatures can be typed, printed, written in longhand or rubber stamped, but "for deposit only" does not include a signature. While a bank does not have to require an endorsement in order to accept a check for deposit, it may do so.
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Yes, a bank can set its own requirements for endorsements on checks that it accepts for deposit and can refuse to accept any check regardless of how it is endorsed. From your description it appears that the check had "For deposit only" and nothing else in the endorsement space. That's not an endorsement, because it does not include the signature of the 