Depositing Checks Made Out to LO

[Pilsy]

Someone gave our daughter $25 as a gift and made the check out to her.  My husband didn’t notice, wrote “For Deposit Only” on it and deposited it to our account with a bunch of other checks.  (Most people giving her gifts made the checks out to us, and we are moving the money into her account.)  

Anyway, the deposit went through.  Do I have to worry about the bank noticing and removing the money in a few days/weeks/whatever length of time?  If they do, no prob, but I’d like to still have the $25 put in her account.  Would they do that or will they return the funds to the gift giver’s account?  

[soxin2]

Depends on your bank. At one of my banks, they won't; they offered the helpful "you can open an account in the child's name"
At the other, they say to write "minor child" and then sign your name as usual. I do so and deposit in ATM as often as said checks come in.

Both are Big Banks - BoA and TD respectively.

ETA my friend with a credit union account says she has never had to even think about it.

[Deleted]

I wouldn't worry about it. I signed DS's name on the back and then deposited it to our accounts.

[winemaker06]

Our bank says to do the 'For Deposit Only' thing and sign your name with the label 'Guardian'.
I looked it up on google for my specific bank. I'm sure most of them have their policies out there!

[loskadoodle]

I always sign my name and deposit. I've never had an issue and Ds is 2. We use boa.

[Deleted]

At our bank we can put labels on our accounts, like "joint" or "long-term savings" so we labeled one with DS's name. We've never had. Any problems depositing checks in his name to that account.

[mrsnole]

Jun 21, 2014 11:48:01 GMT -5 loskadoodle said:

I always sign my name and deposit. I've never had an issue and Ds is 2. We use boa.

ditto