Keyword Analysis & Research: third party check definition

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Frequently Asked Questions

Is my check considered a third party check?

Your check is considered a third-party check if the payer wrote it to someone else who subsequently transferred it to you. These checks are not as easy to cash as regular checks, because they are susceptible to fraud. Be prepared to show identification and prove that you obtained the check legally before you can cash it.

What are third-party checks?

A third-party check is a check that involves two payees . The check is originally drawn for one person (written to someone.) Instead of the original payee cashing the check decides to designate payment to a second person who then cashes or deposits it. Third-party checks are common in insurance claims.

Do all banks accept third party checks?

Yes, all major U.S. banks, including Chase and Wells Fargo, allow you to deposit someone else’s check in your account. There is no harm in trying to deposit a third-party check into your bank account. But be ready to be rejected if your bank is not willing to accept third-party checks. It is not legally bound to accept this kind of check.

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