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Depositing check

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sharkgator
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Depositing check

Postby sharkgator » Tue, 19 Dec 2017 12:06 pm

Is it possible to deposit a check issued in personal name on a sme/business account?
Note: bank signatory for the business account will be the director and the personal check will be in director's name.

I know It is possible in US but what about Singapore business account?

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Strong Eagle
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Re: Depositing check

Postby Strong Eagle » Tue, 19 Dec 2017 12:41 pm

Nearly impossible because of MAS money laundering regulations. But, since you are the director of record and the check is made out to you, you may be able to sign the third party check over to the company in the presence of a bank officer and they may take it as a deposit. They may also ask that the owner of the check appear with you, to confirm that it was made out to you, and to OK your wish to deposit it into a company account. Only way to know for sure is to go ask.

PS: Third party checks are getting a lot harder to deposit in the USA, for money laundering reasons as well. You generally have to have the third party at the bank to sign over the check, and even then, the bank is under no obligation to take it.

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PNGMK
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Re: Depositing check

Postby PNGMK » Wed, 20 Dec 2017 3:01 am

I'd be surprised if this could be done at all. Make sure the check is not crossed and 'or bearer' not crossed out. Can it be made to 'cash'.

On similar vein try cashing cashing cheques now in Australia. Its almost impossible, they want to deposit it into an account. I try to collect my rent yearly on one property as a cheque and cash it at the issuing bank and its a huge drama every time.
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PNGMK
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Re: Depositing check

Postby PNGMK » Wed, 20 Dec 2017 3:02 am

I'd be surprised if this could be done at all. Make sure the check is not crossed and 'or bearer' not crossed out. Can it be made to 'cash'.

On similar vein try cashing cashing cheques now in Australia. Its almost impossible, they want to deposit it into an account. I try to collect my rent yearly on one property as a cheque and cash it at the issuing bank and its a huge drama every time.
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!


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