The overall process of cashing a two-party check may vary depending on the bank. In case the check mentions ‘or’, then a single signature from any of the individuals of the two-party check will help cashing out the check.
However, it doesn’t hold if the check mentions ‘and’. Then, it requires both parties’ signatures to cash the check. How to cash a two-party check with one signature, by the way? Let’s find out what you can do under such circumstances, following the respective bank’s rules for two-party checks.
A Few Heads-up for Two-Party Checks
What do you mean by two-party checks? A two-party check is issued for 2 individual payees. Such checks are common among married couples, business partners, and IRS payments for joint filing. For example, you can receive a two-party check from the bank if you have a joint account with another person.
It can be your spouse or business partner. How to cash a two-party check without the other person? Before you understand whether you can cash out a check on your own or with your signature only, you must clarify between the terms Or and And.
For instance, the two-party check mentions ‘Person A or Person B’ or ‘Person A and Person B’. The presence of ‘or’ or ‘and’ can make a huge difference. Hence, you should check whether your two-party check uses the word ‘or’ or ‘and’.
Conflicts between ‘Or’and ‘And’ on a Two-Party Check
The way a check is represented matters the most in cashing or depositing it. If your two-party check mentions ‘or’ or ‘or/and’, then only one signature out of any payees will be accepted.
So, how to cash a two-party check with one signature? It’s easy if the check mentions ‘Person A or Person B’. Additionally, it will work with your signature only if the check has ‘Person A and/or Person B’ written on it. So, you can sign the check to cash the two-party check.
On the other hand, the ‘and’ word specifies that the fund will be paid to both assigned parties. It becomes complicated when cashing a two-party check without the other significant person.
Most banks insist both parties be present and verify their signatures and respective photo IDs if they want to cash a check. Therefore, you must visit the bank with another person with whom you share a joint account to deposit a two-party check.
Can You Cash a Two-Party Check With One Signature?
Yes, it’s possible if your check mentions both payees’ names separated by the word ‘or’. Otherwise, the bank will compel you to get both parties to verify the signatures and cash the check. How to cash a two-party check with only one signature?
Remember, the following steps are only eligible if your check mentions ‘or’ between two payees’ names. Here’s what you have to go through in this situation:
- Bring your two-party check to any of the nearest bank branches. Make sure that the bank branch accepts two-party checks.
- Next, examine the cash limit of the bank. Verify if your check meets all the mentioned requirements.
- Now, walk up to a cashier with your two-party check. The cashier will inspect the check and request you to endorse the check.
- Endorsing the check requires your signature on the back of your check. So, endorse your cheque and hand it over to the cashier.
- Afterwards, the cashier will tell you to submit any of your valid photo ID along with other required documents.
- Next, the cashier will verify your documents and signature before cashing the check.
- If the cashier passes a green signal, all you have to do is to pay the fee to accomplish the procedure.
How to Cash a Two-Party Check Without the Other Person?
Examine what’s written on the line ‘Pay-To-The -Order-Of’. If it’s filled with ‘Person A or Person B’, any payee can deposit a two-party check. The use of ‘or’ provides the authority to both parties that any of them can cash the check.
Now, follow the guidelines below to learn how to cash a two-party check without the other person:
- Take the two-party check with you to the nearest bank, where you can cash the check.
- After that, learn about the cash limit from the bank authority. In addition, check if your check is within the specified limits.
- Next, endorse your two-party check with a signature on the rear side of the check.
- Submit the endorsed check to the cashier. Furthermore, you must submit your photo ID card and other necessary documents. The range of necessary documents varies from one bank to another.
- You must pay a nominal fee after the cashier verifies and accepts your check.
If you deposit the check, the bank will take up to 3 days to add the mentioned fund to your account. Otherwise, you can immediately receive the cash if you intend to cash a two-party check.
Steps to Cash a Two-Party Check in the Presence of Both Payees
Does your two-party check mention ‘and’ between two payees’ names? Then, you have to visit the bank with the other payee. Here’s how you can cash a two-party check when both parties are present:
- First, find the nearest bank branch that accepts two-party checks and visit that bank with your partner. Only some bank branches allow cashing of two-party checks due to fraudulent risks.
- If you are about to deposit or cash a check of a large amount, then it’s necessary to verify the cash limits of that particular branch.
- Next, pay the fee for cashing the two-party check if your check is within the cash limits of that bank. However, the fee might be within 1% and 12% of the amount specified on the check. The fee can vary from one bank to another.
- Remember, both payees’ presence is necessary to cash a check with both parties’ names with ‘and’. Now, provide your photo IDs to the bank, and the bank will verify both payees’ signatures.
- Additionally, the bank might ask for more information and documents. You need to submit them to a particular cashier.
If everything is fine, you can cash the check by paying the fee and following the remaining rules.
Do You Carry a Photo ID to Cash a Check?
So far, you have learned how to cash a two-party check with one signature or without the other person. In addition, you have noticed that the bank wants to see and verify your photo ID. Is it necessary to carry a photo ID whenever you need to cash a check?
If you want to deposit or cash a check without an ID, you need to follow any of the following methods:
- Use an ATM at your bank to deposit the check into your account.
- Additionally, check if your bank offers ATM check cashing features.
- Otherwise, you can sign the check to someone else.
Can you cash a two-party check online? Most banks and financial institutions don’t approve cashing two-party checks online. A two-party check cashing involves greater risks and requires stricter verification and scrutinisation to protect against fraudulent transactions.
Therefore, banks recommend both payees be present at a bank or credit union.
Resolve Your Queries with the Help of the Bank…
How to cash a two-party check without the other person or with only one signature? It’s quite common to stumble upon such situations and roadblocks. So, you can contact the bank authority to clarify all your queries. If your bank doesn’t accept the check, you can request the payer to rewrite the check.
If the other person can’t sign the two-party check, you must follow some legal steps. You must hire a notarized power of attorney to proceed with the transaction.
