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9 Comments
deposit only
The purpose of this is to ensure that there is a traceable bank account associated with the conversion of the check to minimize fraud.
I can't comment on the NSF
I can't comment on the NSF claim by the bank, however, it is the policy of all the banks I'm aware of that if you deposit a check into a business account they will not give cash back. This is because the person making the deposit may not have authorization to get money out. Many large companies have several people make bank deposits but none of them have the right to get anything out. In my own business account I can't get cash from a deposit. I have to make the deposit and then use either the ATM, or write a check to my personal account.
Also, if your own account only had $500.00 and the deposit was for $5,000.00 and the bank never had dealt with that company before they may hold it until it clears because your account was too low to cover the funds, not the one issuing the check.
Deposit only
Well, I think the deposit only checks are made so that only the right person is able to draw the hard money from his/her bank account otherwise it is a possibility that anyone can get it cashed in the name of some other person.
Wells Fargo not Citibank
Hi David, I explained this point in comments and the follow on posts after the bad check story.
The check I received from Google was not a standard Adsense check. It was out of cycle and drawn on Wells Fargo not Citibank.
In addition, I was able to cash the check at the teller window, in the end. I'm not sure I'll ever understand exactly what the true nature of the problem was with the check, but once Adsense support was circumvented by Matt Cutts' attention, they made good on the payment.
re Wells Fargo
Interesting. Thank you Debi.
For U.S. checks, if the
For U.S. checks, if the phrase, "For deposit only" is printed above the endorsement, the check cannot be cashed. You can write it in by hand, for instance if you are sending a check by mail to your bank's bank-by-mail address; you can rubber stamp it; or the issuer of the check can preprint it in the endorsement area.
The purpose of this is to ensure that there is a traceable bank account associated with the conversion of the check to minimize fraud.
For deposit only
Yes, but evidently the check sent to Jones did not have that on it. I imagine there would be a lot more said about those checks by other publishers if Google were placing conditional endorsements on them.
As far as fraud prevention goes, that's why banks require ID and sometimes additional measures like a thumbprint when cashing a check for a non-customer.
Forgive me for writing off
Forgive me for writing off the top of my head but wouldn't cha think that if you want to insure "Deposit only" you might try that there newfangled thing called "direct deposit"? Is Google incapable of this mystical technological money transfer? I am not a real deep "techie" but even I haven't written a paper check since 1998.
You're forgetting the float
Who knows how much money it would cost Google in lost interest if their AdSense payments were made electronically rather than by a check in the mail? At a high enough balance month after month, I'd imagine even a three-day float from mail to deposit would be worth a tidy sum.
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