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Check written in store name

 
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ThePaperPalace



Posts: 8

PostPosted: Fri Dec 04, 2009 7:32 am    Post subject: Check written in store name Reply with quote

For the second time I have received a check made out to the store name and I am unable to cash it. When I send out an invoice I put on it to make the check payable to my name, I guess some people just look for a total.

Has anyone else had this problem and how did you solve. I do not get enough in checks to open a seperate bank account.

Thank you
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RustyFarmall



Posts: 1300

PostPosted: Fri Dec 04, 2009 7:38 am    Post subject: Reply with quote

I have received checks made out to some of the strangest names you could think of, but the bank has NO problem with them so long as it is "deposit only" You don't need a seperate bank account, but you do need a bank account.
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ThePaperPalace



Posts: 8

PostPosted: Fri Dec 04, 2009 8:12 am    Post subject: Reply with quote

I do have a bank account and they have refused to deposit the checks not made out to my name
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vintagemoonbeams



Posts: 1002

PostPosted: Fri Dec 04, 2009 9:06 am    Post subject: Reply with quote

Your bank should have you endorse the back both ways - first in the name the check is made out to, then in your name. I have done this for my antique shop for many years, and also for the occasional check that comes for my eCRATER stores. I use a personal bank account, not a special business one. At the antique shop, I get checks with every sort of name spelling and variation you might think of. Also, I do think my bank had me sign a form with the store names, which I update if I add a new store. Your bank should be helpful with this. If your bank can't help you with this, maybe you need a new bank.

Have a great Friday!

VintageMoonbeams
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SUPERPLUSHNSTUFF



Posts: 1542

PostPosted: Fri Dec 04, 2009 10:45 am    Post subject: Reply with quote

I have had the same problem. Some banks will not accept those checks unless you have a bank account under that name. My bank will not cash or deposit those checks.
I am in the process of opening an account under my store name because it is a hassle. The customers swear that at check out they are directed to make the check out to Super Plush'n Stuff. I think the confusion comes because the store name is first with your name under it where it directs them to pay.
I do send an email with the request to make the check out to me and a warning that making it out in the store name will make the bank refuse the check. I get quite a few checks so every once in a while they don't pay attention and I get it made out wrong.
My bank requires that you set up a business account but it is free so that's what I am doing. Did cost $25 to register with the state though (and I have to do that before the bank will set up a business account).
The reason given is that people want to be able to see or follow the business registration to be sure they are dealing with a legit company.
I understand that but it is a hassle with online sales, especially if you have more than one store.
Those of you that have an understanding or more lenient bank are lucky, but some will not cash or deposit under an assumed name without legal documentation.

Terry
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SUPERPLUSHNSTUFF



Posts: 1542

PostPosted: Fri Dec 04, 2009 10:46 am    Post subject: Reply with quote

The only other solution is to eliminate accepting checks. Not an option for me as I would lose quite a few sales.
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MaggietheCatsMeows



Posts: 2799

PostPosted: Fri Dec 04, 2009 10:59 am    Post subject: Reply with quote

Do you use a large city branch with lots of tellers? If so you might want to look for a small branch where the tellers soon get to know you. Money laundering has made a lot of banks tighten their rules but knowing who they are dealing with can definitely smooth the way.
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kjscreations



Posts: 1726

PostPosted: Fri Dec 04, 2009 10:36 pm    Post subject: Reply with quote

I used to have this problem... but someone here suggested...
In your payment Options where you put your name & address in the check & MO area.. first line in all caps put: MAKE CHECKS PAYABLE TO "YOUR NAME" & then the address. I never had this problem after.
I THINK when they choose the check option, they have your name & address but think they need to write the check to your biz name.
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pegshandworkandstuff



Posts: 122

PostPosted: Fri Dec 04, 2009 10:40 pm    Post subject: Reply with quote

I've had the same problem (small bank, I know all the tellers)
first time I was warned they can't accept them unless I have a business acct. mine is personal but told me they would this time but not in the future..the next time I had many checks to deposit and the teller didn't notice it was made out to my store..since I added MAKE PAYABLE TO (my name) I haven't had one made out to my store..
go to your ad. page under PAYMENT OPTIONS
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bigtallmensclothing
moderator


Posts: 21854

PostPosted: Fri Dec 04, 2009 11:32 pm    Post subject: Reply with quote

kjscreations wrote:
I used to have this problem... but someone here suggested...
In your payment Options where you put your name & address in the check & MO area.. first line in all caps put: MAKE CHECKS PAYABLE TO "YOUR NAME" & then the address. I never had this problem after.
I THINK when they choose the check option, they have your name & address but think they need to write the check to your biz name.


first line put: MAKE CHECKS PAYABLE TO:
second line: "YOUR NAME"
third plus lines the address.
I never had this problem after.


The above was posted on this forum long ago and one of the best ideas I ever seen! ALL my stores have that on the money order payment line now. Haven't had an issue since.

NOW - for your problem - you bank might require your busienss license if your state requires one. You should have a business account at the bank and not a personal one - they might make you change to one - business accounts usually are not free or require a minium.

SUGGESTION -- ask your bank how to handle it.
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jazgifts



Posts: 46

PostPosted: Sat Dec 05, 2009 12:32 am    Post subject: Reply with quote

I had the same problem a year ago and the bank would not cash it unless I had a bank account in the store's name or a business account...so basically I had to open a business account...really sucks when the check was only $7.00, lol. From that point on, I never had a check to come in my store's name again. I usually email the customer right after an order is made and state that check needs to be addressed in my name...and in the notes section, they can put the name of the store and item.
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PhilsFinds



Posts: 29

PostPosted: Sat Dec 05, 2009 5:02 am    Post subject: Reply with quote

Please don't hold the bank responsible. A lot of banking regulations have changed since 9/11 - and are constantly changing. Adn different banks intrepret the regulations differently.

I won't forget the first time the teller at my bank asked for my social security number in order to cash a check. She fully intended to write it on the back of the check. Seems every check is supposed to be related to a social security number. She missed the part of the memo that said "for customers with existing accounts, enter the account number and hit F4".

I just opened a money market account for my church, at the same bank we have done business at for 15 years. You would not believe the documentation we had to provide to 'prove' who we were. It wasn't necessary back when the account was opened, so we were actually documenting twice - once for the new account and once for the old.

I'll bet if you had lunch with a senior banker she/he would tell you the banking world is not nearly as simple as it used to be!
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ThePaperPalace



Posts: 8

PostPosted: Sat Dec 05, 2009 7:59 am    Post subject: Reply with quote

Thank you everyone for your help. I just went and added Make to Checks payable to:, in my payment options.

Sounds like a great idea
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SUPERPLUSHNSTUFF



Posts: 1542

PostPosted: Sat Dec 05, 2009 11:01 am    Post subject: Reply with quote

Here I thought I missed something! Embarassed But, I do have make checks, money orders, cashiers checks payable to my name in my payment options. The problem is when a customer checks out the "Make payment to" has your store name above that information and some people get confused by that.
If your bank has a free business account option, mine does for small business, just do it. Not worth the hassel to not. JMO.

Terry
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