For Deposit Only
For Deposit Only Stamps are an easy and accurate way to endorse your checks and bank deposits. Clean, easy to use, self-inking stamp. No mess, ink built into the stamp. New (2) from $12.44 & FREE Shipping. We purchased this for our office to use as a 'for deposit only' stamp. We chose purple ink and a handwritten font to make it distinctive - our bank tellers have already commented on it and we like the additional layer of security. Write: “For Deposit Only to Account Number XXXXXXXXXX” Sign your name below that, but still within the endorsement area of the check This method specifically instructs the bank that the check should be deposited into the account identified in the endorsement. Stamp-Ever® Pre-inked For Deposit Only Stamp, Message Stamp, 'FOR DEPOSIT ONLY', 0.56' Impression Width x 1.69' Impression Length, 50000 Impressions, Blue. Next Business Day Delivery. Add To List Universal® Message. Write 'For Deposit Only.' In the small boxed are where you are allowed to write, write 'For Deposit Only' on the first line. 3 Write your account number Write your account number.
What is the For Deposit Only Endorsement?
The 'for deposit only' endorsement is added to the back of a check in order to restrict the payment of the check to the endorser. An even more restrictive endorsement is to write the name of the account number into which the funds are to be deposited, such as 'for deposit only to account 1234-123,' which requires the funds to be deposited into the specified account. Writing this type of wording onto the back of a check ensures that funds cannot be diverted elsewhere. For example, if a person were to just sign her name in the endorsement block on the back of a check, the check is still considered a bearer instrument, which means that anyone having possession of the check can cash it.
It is most important to use the 'for deposit only' endorsement when a check will be out of the physical control of the payee for a period of time, such as when the check is being mailed to a bank for deposit. Conversely, if the payee is hand-carrying the check to a bank, there is less need to use this restrictive endorsement.
Related Courses
For Deposit Only Stamps
Corporate Cash Management
Treasurer's Guidebook