I wanna cash these checks! - Posted by SNOWSTORM PROPERTY

Posted by David Alexander on January 08, 2004 at 16:06:03:

If you go back to the seller…

Get a durable POA as well and that should end your problem with the bank…

I would ask the bank if that would solve the problem… If so… Get one and then bring it back…

If of course you have access to the seller…

If not… if the check isnt cashed… then the money will still be escrow account… they should be able to apply it to the next payment…

David Alexander

I wanna cash these checks! - Posted by SNOWSTORM PROPERTY

Posted by SNOWSTORM PROPERTY on January 08, 2004 at 15:37:57:

I have a POA from my “Subject to” Seller(s), but my Bank will not honor it to cash escrow and overage checks from the Mortgage company. The Checks are payable to the old owner, not to me or my Company.

What can I do?

Re: I wanna cash these checks! - Posted by Russ Sims

Posted by Russ Sims on January 08, 2004 at 16:25:42:

We have had this problem before. One bank will deposit these checks into our personal account, but not to our business account in their bank (My wife and I are listed on the POAs). We have a business account at another local bank and they refuse to deposit or cash the checks, period. So we’ll just keep going to the bank that allows us to deposit to our personal account, then we’ll transfer the funds to our business. Ask your bank if it would make a difference if they simply deposited the check to your personal account, assuming you have one there. Talk to the manager. Explain that you are the trustee for the check recipients and that to fulfill your duties you must be able to deposit these checks when they come.

Hmmm… - Posted by David Alexander

Posted by David Alexander on January 08, 2004 at 15:50:02:

Joy… Joy…

Here’s a list…

Have the mortgage company issue a new check… to the trustee…

Find another bank… (the one that the check is written on)

Deposit it in the night drop… Deposit Only… wait and see…

Contact your seller… Go to the bank with him… offer to pay him a little something…

Give the check back to the mortgage company and see if they can wire the funds to your account… or have them apply it to the next payment…

David Alexander

Re: I wanna cash these checks! - Posted by Frank Chin

Posted by Frank Chin on January 10, 2004 at 09:43:09:

Russ:

I answered this question on the legal board.

But my experience with “pain in the @ss” banks is just deposit the check into a “express deposit box” or via an ATM, and you’ll never hear any complaints.

I even done this for on checks the bank bank refused, and I merely take the check and deposit slip place it within an “express deposit envelope”, dropped it into an “express deposit” box or ATM the very same day at the very same branch, and the check gets deposited. Never once did I get a letter that said “your deposit was rejected, come in and see the manager”

I always wondered if it has to do with late at night, the tellers got to go home, and they just want to get the deposits done.

Frank Chin