Hello, I'm hoping some of you kowledgeable banking people can help me find a solution to a problem that my wife and I are having with a check. My wife just left a job to stay at home and raise our young son, and she cashed out her 401K plan. After fees and such, T.Rowe Price sent her a check for about $3100. Her name isn't on my checking account, but I thought if we both endorsed the back of the check, then I could deposit it into my account. So I put it into my Washington Mutual checking account with both of our signatures on the back, along with my account number. Unfortunately, Washington Mutual didn't accept the check, so they debited the funds from my account, and sent the check back to us. They said they couldn't accept a "Third Party Item". So I spoke to a Washington Mutual representative about how we could cash the check since my wife doesn't have an account (and we don't want her name on my checking account). She suggested we bring it to the bank that the check is drawn from, which is M&T Bank. My wife called M&T Bank to confirm they would cash the check, since the nearest branch is about 75 miles from us. On the phone, the M&T rep said it would be "no problem" as long as my wife brought two forms of identification. So today we made the drive out to the M&T branch, and when we got there, we were told that they couldn't cash the check because it had my signature on the back of it along with my wife's. We explained why that was, and even showed them the letter from Washington Mutual, but they said the check cannot be cashed. Now what? We're afraid that nobody will accept the check because it has my signature on it. After a couple of phone calls to T.Rowe Price, it seems like getting the check replaced would be very difficult, if not impossible. Is this check garbage? Do we have to throw away $3100? This whole experience has been horribly disappointing. Please, if anybody has any ideas or comments, I would love to hear them.
JDP
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before you listen to a bunch of crap from these banks or so called banks, think back, you received the check as a payment, that easy, you did not get the money, so you can go back to the party which supposed to pay and have the check either cashed there or reissued. Its an easy process, any bank outside the US understands it, in the US its just the problem that the people who work at the level you talk to have deposited their brain in a storage facility and cann't find the address to put it back in. The issuer has to take it back and reissue or open a joint account and put it in there (which for some reason you seem to want to avoid) So stop listening to the basic guy and talk to the supervisor, if that does not work complain, loud and hard, even threaten legal action, do not forget your money, there is no legal reason for the problem just a misunderstood internal paper which makes it a bit more difficult to cash third party checks by a bank (I'm not talking about securities houses which emulate banks).
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Just call "T.Rowe Price" and tell speak with a different person and tell this person that you never received the check. They will "check" their "payables" to confirm if the "check" has been cashed. And, since it has not been cashed, they will cancel the previous one and issue a new one. Now, go to the bank where they refused to help you and pull all your money out and walk into your nearest bank and open a new account.
Make sure you tell your old bank's manager how unhappy you were with their lousy customer service.
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Thanks for the reply. We will try your suggestion, but getting T.Rowe Price, which is a large investment company, to do anything to help us seems difficult. They certainly don't seem very motivated to assist, and they already know what's going on since they're keeping notes on each phone call we make to them. But we'll try asking for a supervisor or something. I was just hoping there was a banking solution to getting the check cashed, so we didn't have to jump through hoops and wait for a new check, but I guess not.
Anyway, are you saying that the bank I first brought it to (Washington Mutual), who denied the check when I tried to deposit it into my account, should have accepted it? They told me it was a company policy not to accept third party checks, and there was no way around that. At first the manager of the branch thought that maybe it was possible if my wife wrote her driver's license number and other identifying information on the back of the check, but after making a phone call to confirm, she came back and said that she was mistaken and there was no way they could possibly do it. Is that the norm? Do other banks have a different policy about something like this?
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I'm not sure Washington Mutual is a real bank or just an emulating entity, third party checks are normally not accepted by those and security houses, but banks can and do, to take the issuer on the horn is easy, have a go at it, you will find them very sensitive to bad press, lawsuits and generally complaints send to the supervising authorities, not at the low level but talk straight ahead to the supervisor and the manager, if that does not help send a complaint to the head quarters, I can assure you there will be an answer. The system depends on these routines, does not make much sense but thats america
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Here Anotonio Cohen Enriquez's response to the original poster is another proof of what he is. He is asking the poster to lie that he never received the check without being honest to the bank. Hey Tony you are a fake banker. Why Tony will not do it? Because he is a well known scammer out of California. Here is a proof by his own post.
Google it up ""Tony Enriquez Scam"" Find the information you need.
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