Is this Check GOOD?!

cmanbb

I received a check today for some coins I sold. The guy puts "for deposit only" on the back of the check......WHY?
It is a business check. Is this common practice?
Should I:

Deposit it, and wait a long time to ship coins.
Send it back, and request a Cashiers Ceck/MO

Am I being paranoid........................

Let's have some feedback

MadMarty

Deposit it and wait a week or so fir it to clear.

chuckfarthing

Deposit it and send the coins.

UncleJoe

Technically it means that it can only be deposited into an account with the payee's name. This theoretically is to try and stop someone ripping off the check by trying to cash it as a third-party check.

Hope that made sense.

Joe.

291fifth

Not a good sign. How much does your bank charge YOU if the check bounces?

1956Quarter

This is an endorsement that prevents you from passing the check on to a thrid party. IE: It forces you to deposit the check as opposed to signing it off to another person to pay a debt. Its his way of forcing a clean audit trail for that document. Deposit it and wait the usual time for the funds to clear then ship the item.

AValde

Its very simple. One cannot cash it on the spot, in a teller counter. You have to deposit it to get
the money.

This avoids scam artists from cashing it at some check cashing store.

UncleWiggly

I've sent checks with that on the back and have received them that way. It is a smart idea for the reasons listed above.


Jerry

darktone

Perfectly legit and it really makes sense to do it this way. mike

mrearlygold

Deposit the check and when you have clear funds, ship the coins.


Tom

JadeRareCoin

No problem: just sign it and deposit it. Common practice to do this. If the package were stolen during delivery, this will prevent anyone from cashing the check. Most crooks will not want to deposit a check into their account, as it is then traceable.

cmanbb

Thanks all for their impute, I'm now back in my comfort zone