[pinwheel]

There is no need to ever cash a client check at your own bank. It's easier and cleaner to just deposit the check and at the same time withdraw from your account whatever cash amount you need. I mean, what are the chances that you need cash in the exact amount of that check?

The OP was asking about cashing it at the issuing bank, because he wants the cash before the client stops payment.

And, as I mentioned earlier, the issuing bank should cash the check, but will make you prove who you are & will likely charge you a fee for cashing it if you don't have an account with that bank.

 

[pinwheel]

If I was going to take it put and didn't know better I don't know why I would write a deposit and withdrawal slip lol

Because that allows the bank to keep their paperwork in line. If I'm in the bank & need cash, especially if it's over the $300 the ATM gives, I either give the cashier my debit card or my wife writes a check to herself & cashes it.

 

[WBailey1041]

I

It’s entirely possible I’m wrong, but in the dozens of times I’ve tried, I’ve been explicitly told that I have to deposit checks made payable to my biz.

I’m going to hijack this thread since OP abandoned it. I have a few jobs this week that I’m sure will pay by check, they already know I’ll charge them extra to use a card.

I’ll attempt to cash a personal check, from a customer, that’s made payable to my business. I’ll attempt to do so at the issuing bank. I’ll report back.

I may eat crow on this but it’s kinda like how turning left at a red light is legal in some cities cause of one way streets. Obscure, rarely used and often misunderstood.

 

[AllanE]

I am trying to figure out why cash is even needed these days. Other than 5 bucks for a car valet once a week at a nice restaurant I might go to, I can't think of where I have needed cash. That includes a trip to Europe a few weeks ago where credit cards were used 100%.

 

[KAP]

I am trying to figure out why cash is even needed these days. Other than 5 bucks for a car valet once a week at a nice restaurant I might go to, I can't think of where I have needed cash. That includes a trip to Europe a few weeks ago where credit cards were used 100%.

Lots of reasons, but besides all the surveillance, manipulation and control aspects, there's charitable giving to recipients that don't have checking accounts, ability to demonstrate work ethic to kids (i.e. - efforts equals tangible receipt of funds in return), protects purchase privacy, keeps the individual part of the currency system, it has a part in our national identity (i.e. - from value to our beliefs "In God we Trust"), not subject to power outages, if not in a bank, can't simply be taken from you by a creditor, can't hack cash and steal it if it's in your hand, cash can't be locked up to prevent you from purchases, no surcharges on cash (you're starting to see implementation of fees for debit cards which is what they want to eventually get a cut of every transaction), tangible asset versus ethereal, tipping service people (i.e. - restaurant, hospitality, drivers, service industry, etc.), cash can be used as emergency reserves (the way gold used to be), cash can also be used during deflationary periods, liquidity, simplicity, travel, emergencies, blackouts, cash discounts, in case cards aren't accepted, to use when your card is suspended for any purpose (i.e. - waiting for a new card to arrive, etc.), people who work off envelope systems for budgeting, security (you become a walking ATM machine for muggers/kidnappers not subject to camera's to use), costs ALOT less to use than digital (hence the fees)... the list goes on...

 

[Jaws]

I am trying to figure out why cash is even needed these days. Other than 5 bucks for a car valet once a week at a nice restaurant I might go to, I can't think of where I have needed cash. That includes a trip to Europe a few weeks ago where credit cards were used 100%.

I use cash for a lot of personal expenses. I carry a money clip with a few hundred all the time because my wallet stays in the truck, i don't like carrying it, I keep a business Amex in my clip but other cards, personal cards are in wallet. Meals, coffee, shotgun shells for sporting clays, kids knick knacks or whatever little stuff I buy I pay cash and always have. If I have ahouse cleaner come I leave cash etc

It's not inconvenient at all to me and there isn't any ghost reading cash, all resteraunts (Mexican places are still cash lots of places, and all resteraunts appreciate cash) take cash etc..

 

[Jaws]

Because that allows the bank to keep their paperwork in line. If I'm in the bank & need cash, especially if it's over the $300 the ATM gives, I either give the cashier my debit card or my wife writes a check to herself & cashes it.

I just fill out a withdrawal slip

 

[KAP]

I just fill out a withdrawal slip

No ATM'S?...

 

[G&Co.]

I’ll attempt to cash a personal check, from a customer, that’s made payable to my business. I’ll attempt to do so at the issuing bank. I’ll report back.

Whatever the outcome, I don't expect it will be because of a legal requirement.
But there is one more step. Be prepared to prove that you are authorized by your company to cash that check. That bank doesn't know that you are the owner of your company, or the sole owner. You have to prove that somehow.

 

[Jaws]

I take a payroll check once a month and distribution in December

On a trip last week with my oldest kid, getting back and I mentioned the thread about cashing a company check as an example of how many rules we don't even know are out there because it came up in conversation- she said I've been getting a check every two weeks for atleast a year. I said I get paid on the first. She said no Grandma said it was easier to pay you every Two weeks with the men and asked mom if she cared and she didn't, ao your check gets deposited with everyone else's

My 13 year old knows more about my checks than I do 😆. She does help woth some data entry etc in the office and their school house is on company property, she eats with my mom and Trish every weekday during school

I'd out care when i get paid as long as i get paid lol, I did the salary on the first of the month because my wife (and her whole family) believed being a contractor was an uncertain living. She's gotten a check every month since we started, even when I paid it out of savings. We didn't have any savings when we started, left 500 bucks in her account and moved the rest to the business

 

[Jaws]

No ATM'S?...

I dont have an atm card. Wife does. I use Amex for credit, and get cash from the bank

 

[RichVT]

Just remember the old saying:

Cash makes no enemies - let's be friends.

 

[TxElectrician]

I've never heard of a bank cashing a check made out to a business without depositing it.

Sent from my Pixel 6 using Tapatalk

 

[Jaws]

I've never heard of a bank cashing a check made out to a business without depositing it.

Sent from my Pixel 6 using Tapatalk

Well the girl who cashed the one I'm talking about is a loan officer now at J dons bank so they didn't shoot her lol

 

[AllanE]

Lots of reasons, but besides all the surveillance, manipulation and control aspects, there's charitable giving to recipients that don't have checking accounts, ability to demonstrate work ethic to kids (i.e. - efforts equals tangible receipt of funds in return), protects purchase privacy, keeps the individual part of the currency system, it has a part in our national identity (i.e. - from value to our beliefs "In God we Trust"), not subject to power outages, if not in a bank, can't simply be taken from you by a creditor, can't hack cash and steal it if it's in your hand, cash can't be locked up to prevent you from purchases, no surcharges on cash (you're starting to see implementation of fees for debit cards which is what they want to eventually get a cut of every transaction), tangible asset versus ethereal, tipping service people (i.e. - restaurant, hospitality, drivers, service industry, etc.), cash can be used as emergency reserves (the way gold used to be), cash can also be used during deflationary periods, liquidity, simplicity, travel, emergencies, blackouts, cash discounts, in case cards aren't accepted, to use when your card is suspended for any purpose (i.e. - waiting for a new card to arrive, etc.), people who work off envelope systems for budgeting, security (you become a walking ATM machine for muggers/kidnappers not subject to camera's to use), costs ALOT less to use than digital (hence the fees)... the list goes on...

You just set a record (or copy and pasted) for the longest sentence in the history of mankind, I think you are giving reasons to carry cash? As I said I carry a few (3-4) $5 bills for valet, that's it. Even if I am traveling. But if you want to carry cash, fine with me. I just find it inconvenient.

 

[Lettusbee]

You just set a record (or copy and pasted) for the longest sentence in the history of mankind, I think you are giving reasons to carry cash? As I said I carry a few (3-4) $5 bills for valet, that's it. Even if I am traveling. But if you want to carry cash, fine with me. I just find it inconvenient.

I use cash daily. If I use a debit card, then I have a relationship with that transaction for at least a year. Gotta keep track of all those receipts and expenses if they go through the bank.
Easier to just use cash and forget that I bought a burrito on June 6th at a gas station in Lafayette.

Credit cards? Don't use em. I cannot be trusted with them. That's just me knowing myself, finally.




Sent from my SM-N960U using Tapatalk

 

[FEW]

ATM on the internet seems to make lots of money. Just saying.

 

[KAP]

You just set a record (or copy and pasted) for the longest sentence in the history of mankind, I think you are giving reasons to carry cash? As I said I carry a few (3-4) $5 bills for valet, that's it. Even if I am traveling. But if you want to carry cash, fine with me. I just find it inconvenient.

I have lots of uses for cash, but ironically don't carry much on me unless I know in advance I'll need it... I was more responding to your question as to why cash is needed nowadays... most of those were off the top of my head, but a few additional ones from online...