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Valued Contributor
Posts: 773
Registered: ‎05-08-2015

Re: Using Power of Attorney to deposit a check

Banks want IDs when depositing checks for a couple of reasons.  Someone could steal a depositor's account information and deposit bogus checks into the account and make withdrawals from the account before the deposited check bounces. Unless the bank puts a hold on every check, generally the funds are available the next day.

Also, when the deposited check is made payable to 2 individuals, banks sometime require that the two individuals appear in person with ID.  Reason being- husband and wife are in the middle of a divorce.  Husband receives an insurance check made payable to himself and his wife.  He signs his name and his wife's name, deposits the check and then withdraws the money.  The insurance company return s the check because of the fake endorsement.  The bank is now out the money.

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Esteemed Contributor
Posts: 7,829
Registered: ‎03-18-2010

Re: Using Power of Attorney to deposit a check

[ Edited ]

My mom is in good health but I deposit her checks all the time so she doesn't have to run up and do it herself. She banks at Wells Fargo and PNC and I have never needed ID though I don't know about other banks. That is strictly deposit only, no cash back. We also use 3 different banks and our banks don't require it either. She signs them most of the time but there have been a few times that she has forgotten and I have just signed her name. I see no problem with this if you aren't doing anything nefarious. I deposit them and then give her the slip the next time I see her. Maybe I am odd but I can't imagine going through all of that trouble of a POA if you are just depositing his checks and don't need an ID.

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Respected Contributor
Posts: 3,921
Registered: ‎06-12-2013

Re: Using Power of Attorney to deposit a check


@SaRina wrote:

Most banks, if not all, have their own internal POA forms, which they may require you to complete in addition to presenting your own legal POA document.  So once they have their own form on file, you shouldn't have any future issues with any kind of transaction at that bank.  The authorization will be in their computer for future reference.

 

In the meantime, they shouldn't have any problem with a deposit into your father's account.


Well said. This is what is required now.

Respected Contributor
Posts: 3,104
Registered: ‎09-12-2010

Re: Using Power of Attorney to deposit a check

I always signed it, with POA after my name.  Was never questioned, and was told nothing was needed on deposits. 

Esteemed Contributor
Posts: 5,008
Registered: ‎03-05-2011

Re: Using Power of Attorney to deposit a check

I personally would ask his attorney.  My reason for this is because my husband recently passed.   We did not have a will and just assumed that in the event of a death, the one that was left would be able to get the money  WRONG  He was still alive and had a small account with his name only on it.  He signed several of the checks and bank would not cash them as they did not recognize the signature.  Well of course they didn't, he was dying and could barely write.  Make a long story short , he passed and I am out 7,000.  I talked to an attorney and I would have to go to court, split money in half with is children  (who have not talked to him in 20 years) and by the time I Paid court fees and lawyer fees , I would be lucky to walk away with 1,000.  I amwalking away from it as I will not stand by and see his kids get 10 cents.  I was his wife for 15 years and I never met them. So my advice is talk to an attorney or get your Dad to put your name on the account. Good Luck! 

 

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Respected Contributor
Posts: 3,016
Registered: ‎03-10-2010

Re: Using Power of Attorney to deposit a check

Having worked in a bank for a number of years, all you have to do is write "for deposit only" and the account number where you normally endorse with your name...that should suffice......include a deposit ticket.
Honored Contributor
Posts: 10,204
Registered: ‎03-09-2010

Re: Using Power of Attorney to deposit a check

Again everyone, my sister and I are on my dad's accounts so no problems accessing funds. 

 

He was able to endorse the checks I have so I'll deposit them tomorrow. 


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Honored Contributor
Posts: 32,148
Registered: ‎03-10-2010

Re: Using Power of Attorney to deposit a check


@missy1 wrote:

@ballyk wrote:
I didn't realize depositing a check could be such a problem. My husband has worked out of state for years and his paycheck is mailed to the house. I just write for deposit only, his name and the account # Thank goodness I've never had any problems.

No idea why the company is a dinosaur and doesn't offer direct deposit but sure wish they would.

 

I have not signed some before. (ATM deposits) There will be no problems, unless someone complains about it.


My bank will not deposit a check if there is no signature on the back.  I've accidentally put them through the ATM machine and they send them back to me for a signature. 

Honored Contributor
Posts: 32,148
Registered: ‎03-10-2010

Re: Using Power of Attorney to deposit a check


@BalletBabe wrote:

I personally would ask his attorney.  My reason for this is because my husband recently passed.   We did not have a will and just assumed that in the event of a death, the one that was left would be able to get the money  WRONG  He was still alive and had a small account with his name only on it.  He signed several of the checks and bank would not cash them as they did not recognize the signature.  Well of course they didn't, he was dying and could barely write.  Make a long story short , he passed and I am out 7,000.  I talked to an attorney and I would have to go to court, split money in half with is children  (who have not talked to him in 20 years) and by the time I Paid court fees and lawyer fees , I would be lucky to walk away with 1,000.  I amwalking away from it as I will not stand by and see his kids get 10 cents.  I was his wife for 15 years and I never met them. So my advice is talk to an attorney or get your Dad to put your name on the account. Good Luck! 

 


This is an entirely different situation.

 

I'm not sure where you live but in Ohio, the first $20,000.00 of an estate goes to the surviving spouse when she's not the natural parent of the surviving kids.  Yes you'd have to go to Court to get it but it would be yours minus fees.