if a check is made out to a minor

Only the second person needs to sign. According to the U.S. Department of State, the parent of a minor who provides chief support to the minor may endorse a check. “As an Amazon Associate, we may earn commissions from qualifying purchases made through links in this post”. Answer. A life insurance company won’t write out a huge check to a young child. In most cases, parents can cash checks made out to minor children with the proper documentation. Not only will this make it easier to cash the child's checks in the future, it gives him or her an opportunity to save money and learn about banking. If your name is Susan but your aunt writes you a birthday check made out to "Susie," that is unlikely to cause any issue at the bank. If your minor child has signed a contract for a non-essential item without a parent or guardian's approval, the contract is invalid. I don't see the point. Checks are usually payable to one specific person or organization, but sometimes a single check is made out to multiple recipients. BankingQuestions indicates other banks may require the parent to deposit the check into an account instead of cashing it. Write your child’s name on the back of the check, followed by “minor”. We have 2 inheritance checks made payable to minors, each for $5,000. This extends beyond simple misspellings, such as Ashleigh instead of Ashley, to checks featuring a nickname instead of the legal name of the recipient. The first option is pretty easy. I just got back from the bank and dealt with the hassle. Rather than cutting a new check, which is what I told everyone the bank would need, the broker simply endorsed the check over to BofA. I just sold it and the check was made out to me as trustee. 5. Have the child open an account. Will the banks allow me, his legal guardian, to cash/deposit this check. BankingQuestions indicates other banks may require the parent to deposit the check into an account instead of cashing it. Some banks have policies that do not allow them to cash checks for minors. You can endorse the check on your child’s behalf and cash or deposit it at your bank. As an alternative to cashing a check on behalf of a child, you can use it to set up a bank account. It states; "Pay to: Joey Smith in C/O Father, John Smith". The parents of the minors want to deposit the items into their checking account. The earlier that children learn healthy finance habits, the better off they will be in the fiscal realm as adults. If your bank doesn't have an account specifically designed for minors, you can open a joint checking or savings account. Can someone steal my government check … The person who pays the check mentions information like, date of issue, the name of the person/organization to be paid, the amount etc followed by his/her own signature. The rules for cashing a check made out to 2 individuals varies depending on the bank as well as how the check was written. (a) Checks in payment of principal and/or interest on U.S. securities that are issued to minors may be indorsed by: (1) Either parent with whom the minor resides; or (2) If the minor does not reside with either parent, by the person who furnishes the minor's chief support. Follow-up actions might include ongoing supervision by the Department of Social Services, services for the whole family, as well as for the abused child, including counseling and … If you child is old enough to write or sign their own name you can have him/her take part in the process by writing in his/her own name. You can endorse the check on your child’s behalf and cash or deposit it at your bank. – Kenny Evitt Dec 26 '16 at 15:45. add a comment | 7. The good news is that you have two simple options. I was told that this is basically the last time they will cash the checks unless I open an account. ... out about your age. For the sake of others reading your question and this response, "FBO" is the abbreviation of "For the Benefit Of", a term used in the payee line of a check when the first name that appears is some form of trustee or executor for the second name. He had not decided whether to give her the extra $500,but we gave her … . " Subject: Endorsing/Cashing a check written to a minor child Category: Business and Money > Finance Asked by: 010-ga List Price: $2.00: Posted: 17 Nov 2003 07:01 PST Expires: 17 Dec 2003 07:01 PST Question ID: 276709 No, a contract signed by a minor is not valid. Endorsing a check made out to me by depositing into another person's bank account. The custodian may simply be endorsing the check over to the minor … It is written out to my son. If the check was made out to both people using the word “and,” then it has to be cashed by both parties. We got a check made out to our daughter before she was born. What is a Check? A check from my investment account I had asked to be made out to Bank of America ended up getting made out to me instead. So, 65 year old Aunt Linda sends your son a $50 check payable to him for his 5th birthday. 5. Endorsing Checks. These benefits amount to up to half of the principal beneficiary's benefit. TD Bank: Does a Minor Have to Accompany You to Open a Joint Account. Certified copies of passport records may be requested. Ask your bank for direction, but I don't think you're out of luck. And of course those names are not real. Check the pay-to line to make sure you’re endorsing the check correctly. They act like we are going to steal our son's money. If the check is made out to “John and Jane Smith,” then John and Jane must both endorse the check. Can someone steal my government check and cash it? So see, you don’t have to stress and worry about how to cash a check for a minor. 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