Our Policies About Depositing Cheques

Westminster Savings' policies regarding the depositing and cashing of cheques are meant to help protect you and your accounts from fraud or account losses.

Depositing cheques made out to two people

If you wish to deposit or cash a cheque that is payable to two or more individuals together (e.g. "John Doe and Jane Doe") then both individuals are required to endorse the cheque.

If the cheque is payable to either individual (e.g. "John Doe or Jane Doe") then it can be deposited or cashed with one endorsement.

Note that if the cheque is payable to two individuals and the payees are ambiguous (e.g. "John Doe and/or Jane Doe") then both payees are required to endorse the cheque.

Depositing cheques made out to a company

If you are depositing a cheque that is payable to a single company, the cheque must be deposited into the business account for that company. The cheque cannot be cashed, or deposited into a third party account.

If you are depositing a cheque payable to two or more companies then it must be deposited into an account that lists all of the companies.

Why do we have these policies?

Westminster Savings' cheque deposit rules are in place for your protection. It is important that both payees have had a chance to endorse the cheque before it is deposited or cash, because if there is a problem with the cheque both payees are liable.

 

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