To endorse a check made out to cash, a person writes his personal account number on the back of the check if it is being deposited directly into his own bank account. If the check is being cashed, the person may have to visit the bank on which the check was drawn.Know More
At the issuing bank, the person can sign the back of the check as evidence that funds were received, according to BankingQuestions.com. About.com warns that banks may not honor checks made out to cash from other banks, or they may require a longer check-clearing window.
Checks made out to cash are also risky. About.com acknowledges that writing a check payable to cash is convenient if the name of the check recipient is unknown. The danger, however, is that a check made out to cash is usable by anyone. If the check is lost, anyone who finds it can access the money unless there is a stop-payment request placed on the check. This request has a fee attached to it at most financial institutions.
About.com suggests simply leaving the payee line blank if the check recipient is unknown and then filling the line in once the name is discovered. This helps avoid any problems or delays in cashing the check.Learn More
To cash a personal check, endorse it on the back, and then present it at your own bank or at the bank from which the check is written. Show a valid form of government-issued identification to receive the cash.Full Answer >
Whether its one cash deposit of $10,000 or multiple transactions that add up to $10,000, cash deposits must be reported to the Internal Revenue Service (IRS) once they hit that amount if conducting trade or business. If cash deposits hit this amount, it must be reported to the IRS through Form 8300.Full Answer >
To write a check, write the date on the date line and the name of the individual receiving the check on the "pay to" line. The numerical dollar amount goes in the box to the right of the "pay to" line, and the written amount, including cents, goes on the line under the "pay to" line, explains TheMint. Sign the check on the signature line in the lower right corner.Full Answer >
A voided check is a check that the writer wrote and then later canceled. The writer could have canceled the check because there was a mistake on it, or they may have issued the check by mistake.Full Answer >