Deposits Endorsing a check Even in this electronic age, the check is still the payment method used by many employers and doting grandparents! In order to deposit or cash a check, you first need to endorse it. There are three basic types of endorsements: A blank endorsement is made by signing your name on the back of the check.
So what do you do? How do you get your money back and maintain the friendship? Offer Gentle Reminders Sometimes this is all it takes. Perhaps the person has so much on their mind that they forgot about the loan. Consider sending an email or visiting him. If your friend or family member has a good sense of humor, make a joke out of getting your money back.
Humor can lighten the mood. However, make sure you communicate how important it is to you to be repaid. Suggest a Payment Plan If your friend wants to pay you back, but cannot pay the entire lump sum at once, suggest a payment plan.
Sit down with him and write out the terms and conditions for the payments, including how often and how much. Establishing structure to the loan will benefit both of you.
If he does not manage money well, suggest that he make a budget or help set it up. In this way, you both can see how much he can afford to pay you back each month. Barter If it seems like he will never have the money, consider a different approach.
Trade a specific amount of work around the house or in your yard for what he owes you. Or maybe you own a business and could use some extra help there.
This can be a great way to let him off the hook for the money, but still get something of value in return.
Try this approach out first, however. The conditions would be that you get the entire profit, but they would be free of the debt.
Get Collateral If your friend or family member truly wants to pay you back, but lacks the discipline to do so, ask for collateral. You are not to return the item until he pays you back. Such an action gives him incentive to pay you back sooner and proves to you that he genuinely intends to follow through with the promise.
Visit in Person Perhaps your friend or family member is avoiding you because he knows you want your money back. Be kind when you visit. Have Them Pay for You If you are on friendly terms, ask your friend to pay for you each time you go to lunch or the movies. This could be an easier way for him to pay you back, and it might be a nice perk for you as well.
More than likely, you will not be able to count the gift as a tax deduction, but I recommend contacting the IRS or checking out their website. These sorts of gifts are closely scrutinized, and depending on the value of your gift, you could even end up owing gift tax.
Gifts for charitable contributionsfor medical or educational expenses, to a political organization, or to your spouse are not assessed this tax.
Maintaining a Good Relationship Loans can ultimately sour relationships, and many friends and families have fallen out over this issue.May 24, · Best Answer: Some stores will simply cash a check for a small fee.
Many will give up to $20 cash back for a check without a fee if you make a purchase. If you do go to a check cashing store, DO NOT get a loan.
The fees for cashing a check of less than for Status: Resolved. If someone else wrote you a check made out to cash, you can cash the check at a bank you have an account at.
This requires a signature on the back using the same name as listed on your account. Write your account number under your signature. Select "Cash Check" from the choices presented, then choose "deposit" or "cash back" and which "share account" to deposit in (maximum $2, for cash back only, if on approved list).
3. Insert your payroll check and verify that the dollar amount is correct. Section If the back of the check says it is For deposit only, then has the signature of the payee, that is a restrictive indorsement and it should be observed, but the person who affixed that indorsement can .
Back to what I was saying. so my rent was never paid but the bank statement said that the check cleared on the posted grupobittia.com the office said the money went back into my account. Is that true. I checked my statements and I did not see the money I gave to rent in my account.
Discover U.S. News' picks for the best rewards credit cards. Compare types of rewards credit cards and learn expert strategies to maximize your earnings.