Comments on: Depositing a Business Check Into a Personal Bank Account

By: M. Horton

M. Horton — Sat, 09 Aug 2008 22:09:25 +0000

Sturf,

What about if you sign the check on the back with the business name and sign it over to yourself (Or what ever name is on the personal account) will that make it o.k. for the bank to put the check made out to your small business into your personal account?

By: Sturf

Sturf — Sat, 19 Jul 2008 15:42:05 +0000

ACTUALLY!!! I work at a bank and it IS the law that you CANNOT deposit a check made to a business into a personal account. That is not the banks decision…IT IS THE LAW, and the banks can’t do anything about it. The IRS will come after the bank if they do this. Just so you know!!!

By: Raymond

Raymond — Thu, 07 Feb 2008 00:31:22 +0000

Al, any way the school can issue payment via direct deposit or ACH transfer? Many companies have been known to be willing to issue such electronic transfers to a personal banking account even though it’s technically made out to the company name.

But I’m actually in the same boat still. I have a business check that needs to be cashed and the issuing company is refusing to resend it via ACH transfer as I described above. I’ll probably have to find a local bank with a low business account minimum balance requirement and low fees for check cashing purposes.

By: Al Herring

Al Herring — Thu, 07 Feb 2008 00:18:56 +0000

I have a personal checking account. No business account. I have a check that is made out to a business and then my personal name under the business name. The business name contains my last name, also. The bank will not accept deposit of the check into my personal account. I told the payer to make the check out to me personally but they put both names on the check. I receive approximately two checks a year for audio recording services. It would be cost prohibitive to open a separate business account and pay all of the fees for these small checks. They are usually from schools. The schools can re-issue the checks but it will be approximately one year from now before they can re-issue because of the funds the checks come from. Any suggestions?

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By: Raymond

Raymond — Sun, 16 Dec 2007 16:43:52 +0000

That’s a good option idea. I was trying to see if I could temporarily have the funds held in a separate savings account until I received my trade name certificate from the state. But despite my explanations such as the business and my personal account having the same home address, Citibank still ultimately refused to budge. They were nice about it but also tried to discourage me from attempting to send it through the ATM deposit to game the system, saying it wouldn’t work.

I guess my only recourse now is just to wait it out until I receive the appropriate documentation. I wonder if banks other than Citibank are more liberal or flexible about temporarily depositing business checks into personal accounts?

By: Chief Family Officer

Chief Family Officer — Sun, 16 Dec 2007 05:06:28 +0000

How about opening a new personal account that you use just for business? I don’t know if the bank will let you convert it to a business account once you have all the documentation, but at least that way you’re not co-mingling funds.