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check question

Discussion in 'Business Operations' started by scottishmaximus, Mar 15, 2005.

  1. scottishmaximus

    scottishmaximus LawnSite Senior Member
    from ohio
    Posts: 286

    I recieved a check from an overdue customer. I went to the bank it was with to see if the check was anygood. They tell me yes but they can't cash it since i don't have an account there. I thought checks were like cash at the bank they are with. Am I wrong on this? Maybe they couldn't do it because it was made out to my business. Any ideas?
  2. MMLawn

    MMLawn LawnSite Gold Member
    Posts: 3,569

    It is because it is made out to your Business. It is against banking rules to "cash" a check made out to a business as those can only be deposited. What you CAN do is have them give you a Cashiers Check made out to your business for the customers check so that you know it will still be good.

    Also with the New 24 Check Law that went into effect in Oct/04 it shuldn't be an issue if you just deposit it into your business acct as it will hit your customers bank the same day you deposit it now.

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