We require you to endorse (sign on the back) each check before you deposit the check. Endorsements may be handwritten in ink, rubber-stamped, printed or typed and must be made in the proper 1 1/2-inch space provided on the back of the check. As a general rule, deposit items must be endorsed by whoever is listed as a payee on the “Pay to the order” line on the check. PSECU also recommends you include “For Deposit Only” following your endorsement signature. If the check is stolen and someone attempts to take it to another financial institution to cash or deposit, this endorsement will increase the likelihood of a successful fraud claim.
More specifically, for a check made payable to one Payee, sign the check exactly as your name is spelled. For checks made payable to Two Payees, both parties have to endorse the check if there is an “and” (i.e. John and Mary Public). If there is an “or” between the names, then only one signature is required (either John’s or Mary’s).Travelers checks must be signed and countersigned on the signature line before deposit. Money Orders must be signed on the “Purchasers Signature” line.
Special endorsement rules apply to insurance checks. Typically, these checks are made payable to PSECU and one person (or persons) listed on the insurance claim. The checks MUST be endorsed by all payees listed on the front of the check. For example, an insurance check is made payable to “John Public and PSECU." John must sign the check and deposit it to his PSECU account. If the check is made payable to a different business and the member, the business must use the "Without Recourse" stamp.
Checks that include notations that are not endorsements as described above - examples include "payment in full," "for full satisfaction," "not valid after 30 days." and "two signatures required" - will be processed according to our standard procedures. See the Checking Agreement within PSECU's Agreements & Disclosures Booklet.
If you have any questions, please contact call us at 800.237.7328, extension 3872.