Chase bank stamped "Endorsement Cancelled" on back of my check?
I received a settlement check from my student loan company that was issued by Chase bank. I went to Chase bank today to cash it, and I was told by the clerk that the account holder for my check didn't allow the check to be cashed against the account, I could only deposit it. I decided to take it back and just hold it until I open my new bank account with my local bank. I noticed that on the back of the check she stamped it and the stamp says "Endorsement Cancelled, JPMorgan Chase Bank" with a bunch of numbers underneath the statement.
Will my new bank still deposit this check or will they be weary and not do it? Also, how can I be sure that this check wasn't cashed by her as well? Lastly, what does this "Endorsement cancelled" actually mean?
- cactusgeneLv 78 years agoFavorite Answer
"Endorsement cancelled"is not the same as a stop payment. It's a holdover from an ancient banking practice (ten years ago?). The bank that endorsed the item on the way to the payor bank is notifying the world that they don't want their endorsement to be used against them if the check bounces later.
Your new bank should accept it just fine.
- Anonymous4 years ago
Bank Endorsement DefinitionSource(s): https://shrinks.im/a9YRA
- Anonymous5 years ago
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You work at a bank and you can't easily explain that? I use "For Deposit Only" because I mail a lot of my checks. If they get into the wrong hands (get lost), then a shady person won't be able to take them to a "No ID" check cashing place. I put the following on the back of my check: For deposit only to Commerce Bank, My Name, My Account Number,