Can't deposit check?

BigCJ · #23 12-01-2018

Quote:

Originally Posted by Icykid298

I need the paper work for it..

Yes....and thats what pharoz is saying.

spend the $100 to get said paperwork for the business bank account
and be able to cash checks from your stealth paypals.

Whats so hard about that?

Icykid298 · #24 12-01-2018

Quote:

Originally Posted by BigCJ

Yes....and thats what pharoz is saying.

spend the $100 to get said paperwork for the business bank account
and be able to cash checks from your stealth paypals.

Whats so hard about that?

Where do I get said paper work?

nickopedia · #25 12-01-2018

This isn't rocket science.

You can just file a Fictitious Business Name (FBN) in the name of the business with your county Clerk-Recorder's office. Some counties even allow you to do this online.

Then go to ANOTHER bank that isn't Chase and open a Business Checking Account in the business name. In fact, with Wells Fargo Business Accounts, you can easily deposit those checks via the mobile app with a $10,000 daily limit. I think it also applies to the ATM as well. I can deposit 3rd party checks NOT made out to ME or my BUSINESS name in this manner without a problem. In fact, I would consider Wells Fargo to be one of the least hassle and business friendly banks to deal with in this regard.

Since you said the check is for $6,800 I would consider these options.

phaz0rz · #26 12-01-2018

Quote:

Originally Posted by Icykid298

Where do I get said paper work?

You need an EIN + LLC to open business bank accounts. EIN's are free at IRS.gov, and you can form an LLC on most (if not all) Secretary of State websites for around $100 in most states. If you're in NY or CA it's a bit more last I checked.

You could also have a service like Legalzoom do the process for you, for a fee.

It's easier than it sounds and you could have your legal LLC formed in an hour, then go to the bank on Monday and open an account for it.

EDIT: I've never heard of Nick's route but he knows what he's talking about and I don't doubt it would work. I'm just going by what limited info I have from opening business bank accounts in the past.

Icykid298 · #27 12-01-2018

Quote:

Originally Posted by nickopedia

This isn't rocket science.

You can just file a Fictitious Business Name (FBN) in the name of the business with your county Clerk-Recorder's office. Some counties even allow you to do this online.

Then go to ANOTHER bank that isn't Chase and open a Business Checking Account in the business name. In fact, with Wells Fargo Business Accounts, you can easily deposit those checks via the mobile app with a $10,000 daily limit. I think it also applies to the ATM as well. I can deposit 3rd party checks NOT made out to ME or my BUSINESS name in this manner without a problem. In fact, I would consider Wells Fargo to be one of the least hassle and business friendly banks to deal with in this regard.

Since you said the check is for $6,800 I would consider these options.

I'll probably just stay with chase to avoid all of that. Hopefully this works though..

nickopedia · #28 12-01-2018

You don't need an LLC to open a Business Account.

To open a DBA checking account, a sole proprietor or individuals in a general partnership will typically need to provide the bank with their EIN, business license if required in their state, general partnership agreement, if applicable, and the certificate of fictitious name registration.

If you don't want to go through the Secretary of State LLC/Corp route with the state, your local Clerk-Recorder's office can guide you.
The EIN is easy to get, and can be done on the IRS website.

I also second what Phaz said about going the Legalzoom route, with a whole lot less hassle.

Icykid298 · #29 12-01-2018

I still want to know why the other check,I received which was in a business name went through and it was for around 1.7k. They said the other check didn't go through because it wasn't endorsed, thats why the atm stole it. I'll just put change my PayPal business name to my name next time. I really hope all of this works though.

H4ck · #30 12-01-2018

Quote:

Originally Posted by Icykid298

I still want to know why the other check,I received which was in a business name went through and it was for around 1.7k. They said the other check didn't go through because it wasn't endorsed, thats why the atm stole it. I'll just put change my PayPal business name to my name next time. I really hope all of this works though.

you can run the risk of depositing a 6.8k check in your chase personal account if you want....if something happens dont blame me......

i deposited over high amount checks like yours from paypal into a business bank account never had a single problem.

I hear stories of people depositing checks like that in personal account that are in their name and their bank account was frozen and they wouldn't give the funds to the bank holder.......

BigCJ · #31 12-01-2018

Quote:

Originally Posted by Icykid298

I still want to know why the other check,I received which was in a business name went through and it was for around 1.7k. They said the other check didn't go through because it wasn't endorsed, thats why the atm stole it. I'll just put change my PayPal business name to my name next time. I really hope all of this works though.

It was the amount most likely. As they said before....

And you are going to seriously risk paypal accounts instead of just doing what the other experienced members said? Something isnt adding up.

Icykid298 · #32 12-01-2018

Quote:

Originally Posted by jarsky541

you can run the risk of depositing a 6.8k check in your chase personal account if you want....if something happens dont blame me......

i deposited over high amount checks like yours from paypal into a business bank account never had a single problem.

I hear stories of people depositing checks like that in personal account that are in their name and their bank account was frozen and they wouldn't give the funds to the bank holder.......

I'm going to the business account route sense its my only option , I'll let you guys know what happen monday.

nickopedia · #33 12-01-2018

What people need to understand that is not all banks work alike. Some have more lenient policies when it comes to accepting a 3rd party check, and each have their own limits.

As I have said many times, JP Morgan Chase is one of those banks that's nororious for giving people a hard time for making "business" deposits into a personal account, or not accepting a check payable to someone else (3rd party) on personal accounts.

In addition to this nonsense, both Chase & Bank of America no longer accept cash deposits to accounts that are not yours. Wells Fargo or US Bank still do, however.

Banks have a wide range of policies, and to add to the confusion is the often clueless staff that give different answers depending on who you speak to. It pays to do your research before choosing a bank to do business with.

Finally, having a Business Account is very different in terms of "policy" than a personal account. Business Accounts are designed for higher volume, have higher limits, and in general less restrictive when it comes to accepting 3rd party payments. They are flexible for a reason: A typical business has more TYPES of transactions, more frequently, and in larger amounts than many personal accounts do. Also, they are more lenient in terms of setting off "fraud" flags when accepting multiple mismatching ACH's/wire transfers, and the like.

Refer to the Federal Reserve Rules and Regulations in respect to how Business Accounts and dealt with in concert with the UCC (Uniform Commercial Code) which is the "foundation" of most any "business" and commerce activity in the US.

Do your homework people. Not all banks are the same!

big tymer · #34 12-01-2018

I used to work at JP Morgan and fully agree they are a lot of morons working there.

Icykid298 · #35 12-02-2018

Quote:

Originally Posted by phaz0rz

Trying to open a business bank account without the proper paperwork isn't going to work.

You said it's a big check, so why not spend the $100 to form the LLC you need and then open a business bank account for it and deposit the check? Even if that's the only thing you ever use the business bank account for, seems like it would be worth it for several thousand dollars.

Then you wouldn't have to worry about getting locked up for check fraud or anything like that.

If this were me, doing what I just said would be the only option. I prefer not to mess around with banks..

What would be my other option? Could I possibly just open a bank account at Wells Fargo?

Icykid298 · #36 12-03-2018

Quote:

Originally Posted by phaz0rz

You need an EIN + LLC to open business bank accounts. EIN's are free at IRS.gov, and you can form an LLC on most (if not all) Secretary of State websites for around $100 in most states. If you're in NY or CA it's a bit more last I checked.

You could also have a service like Legalzoom do the process for you, for a fee.

It's easier than it sounds and you could have your legal LLC formed in an hour, then go to the bank on Monday and open an account for it.

EDIT: I've never heard of Nick's route but he knows what he's talking about and I don't doubt it would work. I'm just going by what limited info I have from opening business bank accounts in the past.

You kind of over exaggerated this process takes days , but oh well looks its my only option.

Bigj2987 · #37 12-10-2018

Quote:

Originally Posted by phaz0rz

Trying to open a business bank account without the proper paperwork isn't going to work.

You said it's a big check, so why not spend the $100 to form the LLC you need and then open a business bank account for it and deposit the check? Even if that's the only thing you ever use the business bank account for, seems like it would be worth it for several thousand dollars.

Then you wouldn't have to worry about getting locked up for check fraud or anything like that.

If this were me, doing what I just said would be the only option. I prefer not to mess around with banks..

So...what would be the other option? Filing the paperwork to open a business account takes days to weeks....

nickopedia · #38 12-10-2018

The solution to your check cashing issue has already been given above.

Unless $6,800 doesn't mean much to you, please put in a little time and effort.

Bigj2987 · #39 12-10-2018

Quote:

Originally Posted by nickopedia

The solution to your check cashing issue has already been given above.

Unless $6,800 doesn't mean much to you, please put in a little time and effort.

Well I'm not OP, I was asking for myself.

nickopedia · #40 12-10-2018

As already mentioned above, try opening a BUSINESS checking account that isn't CHASE. Chase (and sometimes BofA) are difficult to deal with when trying to deposit 3rd party checks, especially into personal accounts.

A business account doesn't require a lot of paperwork to open, and in fact some banks will just use your name as sole proprietor. Try Wells Fargo, they are a business friendly bank.

Icykid298 · #41 12-17-2018

Quote:

Originally Posted by nickopedia

As already mentioned above, try opening a BUSINESS checking account that isn't CHASE. Chase (and sometimes BofA) are difficult to deal with when trying to deposit 3rd party checks, especially into personal accounts.

A business account doesn't require a lot of paperwork to open, and in fact some banks will just use your name as sole proprietor. Try Wells Fargo, they are a business friendly bank.

So, I spoke to PayPal and told them to change the name of my business.

So hopefully now I'm able to cash the check(when they send a new one) because there's no way im waiting until the end of the month on LegalZoom...

nickopedia · #42 12-17-2018

At least you are making some progress. Let us know when you receive the check and take it to the bank.

Are you still using a Chase personal account of did you open a new business account with the correct name?

Icykid298 · #43 12-17-2018

Quote:

Originally Posted by nickopedia

At least you are making some progress. Let us know when you receive the check and take it to the bank.

Are you still using a Chase personal account of did you open a new business account with the correct name?

I was going to open a business account but its taking way too long.
So instead I had PayPal change the name of my business account.
Cancel the check and send me a new one.(haven't received it yet but hopefully its a under the new business name) However the agent told me to make sure I send my ID to withdraw the check after the check I have now gets cancelled.
So hopefully I don't have to send ID(This the second or third time they've cancelled the checl now)

nickopedia · #44 12-18-2018

I don't know why this is so complicated.

My business banker at Wells Fargo can add any DBA name I want on my accounts without any paperwork. I just give him a call and it's done. No fuss.

Seriously, sounds like you need to find a different bank that won't jerk you around like this.

Hopefully your bank will take the check once you get it under the new name. Let us know how it turns out.