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Signing over a cheque without banking it
Plimsoul
#1 Posted : Monday, June 06, 2016 10:40:36 AM
Rank: Member


Joined: 3/3/2016
Posts: 132
If I have a cheque in my name (say a dividend cheque), and I want to pay someone else that amount, can I endorse the cheque somehow?

I mean sign at the bank and give him to deposit in his account.

Or do I have to bank it in my account first and then transfer?
moneydust
#2 Posted : Monday, June 06, 2016 11:26:50 AM
Rank: Member


Joined: 1/31/2007
Posts: 304
Plimsoul wrote:
If I have a cheque in my name (say a dividend cheque), and I want to pay someone else that amount, can I endorse the cheque somehow?

I mean sign at the bank and give him to deposit in his account.

Or do I have to bank it in my account first and then transfer?


That used to happen along time ago I doubt it happens today due to the fraud in the banking sector.
Othelo
#3 Posted : Monday, June 06, 2016 11:35:04 AM
Rank: User


Joined: 1/20/2014
Posts: 3,528
Nope
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
MadDoc
#4 Posted : Monday, June 06, 2016 12:39:41 PM
Rank: Member


Joined: 10/26/2015
Posts: 151
Plimsoul wrote:
If I have a cheque in my name (say a dividend cheque), and I want to pay someone else that amount, can I endorse the cheque somehow?

I mean sign at the bank and give him to deposit in his account.

Or do I have to bank it in my account first and then transfer?


Last I checked, endorsements are done only for payments made to Saccos and shylocks. And maybe if there's a minor difference in the names of the payee.
Plimsoul
#5 Posted : Monday, June 06, 2016 2:36:48 PM
Rank: Member


Joined: 3/3/2016
Posts: 132
Thanks for the responses people.
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