Banking question - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 01-25-2008, 12:25 PM Thread Starter
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Banking question

My daughter is 3 months old and for her christening recieved some checks made out to her, can i cash these or does she need her own account? how the heck can they give her an account if she n eeds one she cant sign for it?




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post #2 of 19 (permalink) Old 01-25-2008, 12:27 PM
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you can open a account in her name

go time traveler style and go back in time, fuck his grandma, then shoot forward in time and then fuck his mom. Then return back to present state and call him a the product of two incest whores and hes your son and show video of you plowing the both members of his family. .
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post #3 of 19 (permalink) Old 01-25-2008, 12:27 PM
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the bank will let you cash them

Look, I can appreciate this. I was young too, I felt just like you. Hated authority, hated all my bosses, thought they were full of shit. Look, it's like they say, if you're not a rebel by the age of 20, you got no heart, but if you haven't turned establishment by 30, you've got no brains. Because there are no story-book romances, no fairy-tale endings. So before you run out and change the world, ask yourself, "What do you really want?"
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post #4 of 19 (permalink) Old 01-25-2008, 12:28 PM
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+1 open account

Sign the check "for deposit only"
then co-sign your name.

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post #5 of 19 (permalink) Old 01-25-2008, 12:28 PM
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Quote:
Originally Posted by BanditCPA View Post
the bank will let you cash them
Actually They might not alot of banks will not cash third party checks anymore. Remeber how is she going to sign them? just open a savings account and be down with it alot easier

go time traveler style and go back in time, fuck his grandma, then shoot forward in time and then fuck his mom. Then return back to present state and call him a the product of two incest whores and hes your son and show video of you plowing the both members of his family. .
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post #6 of 19 (permalink) Old 01-25-2008, 12:33 PM
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Best thing Tony is to open an account in her name and deposit them there.

Ask the bank to create an IUTMA account for your daughter. You'll be the only one authorized to put money in or take it out until she is 18. Money grows in there and you can continue to make deposits for first car, college, wedding, house down payment, etc....

Your banker will be able to tell you the tax benefits as well. We have these accounts for all of our girls.

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post #7 of 19 (permalink) Old 01-25-2008, 12:36 PM
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Quote:
Originally Posted by Wink View Post
Best thing Tony is to open an account in her name and deposit them there.

Ask the bank to create an IUTMA account for your daughter. You'll be the only one authorized to put money in or take it out until she is 18. Money grows in there and you can continue to make deposits for first car, college, wedding, house down payment, etc....

Your banker will be able to tell you the tax benefits as well. We have these accounts for all of our girls.
+1 The money grows pretty quick over the years too!

- My daughters have more money in the bank than me!

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post #8 of 19 (permalink) Old 01-25-2008, 12:40 PM
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You put her name on the back and put "minor" and then sign your name. My sister told me this when my daughter got checks and she was a manager at a for St. Paul bank years ago

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hahahaha, nice try. Everyone knows men age like wine and women age like milk. It's a scientific fact!!
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post #9 of 19 (permalink) Old 01-25-2008, 12:44 PM Thread Starter
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I am planning on opening an dividend re-investment account for her. but my main thing I need to get all this money into my account so I can wire it to the new account which will be opened online.




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Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

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post #10 of 19 (permalink) Old 01-25-2008, 12:46 PM
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You put her name on the back and put "minor" and then sign your name. My sister told me this when my daughter got checks and she was a manager at a for St. Paul bank years ago
Bingo.

As per parent, you can legally sign her name. Indicating (minor) is key.

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post #11 of 19 (permalink) Old 01-25-2008, 12:46 PM
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Most banks will let you cash/deposit the check if you bring in her birth certificate proving you are her father. You can set up a custodial account though that will have both your name and hers on it as long as she has a social security # already. This way if you ever get any more checks in her name you can deposit into that account and just sign your name to them without having to prove anything.

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post #12 of 19 (permalink) Old 01-25-2008, 12:51 PM
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Quote:
Originally Posted by Arch View Post
Bingo.

As per parent, you can legally sign her name. Indicating (minor) is key.
See I'm not ad dumb as Tony looks

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Quote:
Originally Posted by Vcook View Post
hahahaha, nice try. Everyone knows men age like wine and women age like milk. It's a scientific fact!!
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post #13 of 19 (permalink) Old 01-25-2008, 01:01 PM
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Your going to need the SS number for an online account in her name. You could set it up in your name but will get stuck paying taxes.

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post #14 of 19 (permalink) Old 01-25-2008, 02:07 PM
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Just sign the checks people do it to me all the time. I did set up a simple savings for her and one Grandma created an account also plus she has a 529. She has better banking history than me already.

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post #15 of 19 (permalink) Old 01-25-2008, 02:12 PM
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You can NOT sign anyone else's name... it's called forgery even if it's your child. This doesn't meant that they wouldn't let it fly but technically it's not allowed.

The bank should have a stamp that states something to the effect of "I, ______, am father/mother of _______ who is ____ years old and of competency to endorse...." They would stamp this on the back, you'd complete it and sign it.

Other option would be to credit stamp them and deposit them into an account with her name on it.

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post #16 of 19 (permalink) Old 01-25-2008, 02:17 PM
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Quote:
Originally Posted by RwS Films View Post
You can NOT sign anyone else's name... it's called forgery even if it's your child. This doesn't meant that they wouldn't let it fly but technically it's not allowed.

The bank should have a stamp that states something to the effect of "I, ______, am father/mother of _______ who is ____ years old and of competency to endorse...." They would stamp this on the back, you'd complete it and sign it.

Other option would be to credit stamp them and deposit them into an account with her name on it.
Each bank has their own policy.

Some let this go:

[child's name]
by [parent's signature]
[parent's account number]


Others say sign your name then below put:
Parent/Guardian of [Child's Name], Minor

Everyone Exaggerates

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post #17 of 19 (permalink) Old 01-25-2008, 02:26 PM
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True, all my experience was with Harris but no bank should be allowing forgery.

My favorite are the people who ask if they can just sign their husband/wife's name to cash a check.

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post #18 of 19 (permalink) Old 01-25-2008, 02:37 PM
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Quote:
Originally Posted by RwS Films View Post
True, all my experience was with Harris but no bank should be allowing forgery.

My favorite are the people who ask if they can just sign their husband/wife's name to cash a check.
Luckily, forgery has to meet the test of 'intent to deceive' and no one wastes their time on instances where there is obviously no intent to deceive when it comes to converting or depositing funds that are for a minor child whom they are the parent of.

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post #19 of 19 (permalink) Old 01-25-2008, 04:44 PM
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Quote:
Originally Posted by Arch View Post
Each bank has their own policy.

Some let this go:

[child's name]
by [parent's signature]
[parent's account number]


Others say sign your name then below put:
Parent/Guardian of [Child's Name], Minor
From what I experienced and what my sister tells me most banks do it this way. i was just talking to her and she said banks still do it this way, because you are not signing the childs name, you are printing it.

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Quote:
Originally Posted by Vcook View Post
hahahaha, nice try. Everyone knows men age like wine and women age like milk. It's a scientific fact!!

Last edited by Jimbo; 01-25-2008 at 04:46 PM.
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