{"id":62887,"date":"2023-07-25T21:50:00","date_gmt":"2023-07-25T21:50:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=62887"},"modified":"2023-09-28T07:00:39","modified_gmt":"2023-09-28T07:00:39","slug":"third-party-check","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-personal-finance\/third-party-check\/","title":{"rendered":"THIRD PARTY CHECK: How to Cash It & What You Need","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

It is common practice for the original payee to give their signature on a check to a new payee. They serve as an alternate method of payment to cash or wire transfers. The original payee must sign the reverse of a check and write “Pay to the order of” and the name of the secondary payee for the check to be considered genuine. Financial institutions such as banks and credit unions are the best options for cashing third-party checks. There are alternatives to using a bank account when cashing cheques written by someone else. For example, you can cash a third-party check online. However, you’ll still need to carry your identification with you in order to cash a third-party check online. This article will cover everything you need to know about third-party checks.<\/p>

What is a Third-Party Check?<\/span><\/h2>

A third-party check begins with the two parties providing their personal information. This is similar to how a regular two-party check would begin. To compensate another party, one party makes a payment to it. The payee may select an alternate recipient by endorsing the check for that individual. This is now a third-party verification process.<\/p>

Reasons to Use a Third-Party Check<\/span><\/h3>

There are a number of scenarios in which third-party verification would be useful. Common reasons for employing a third-party verification service include the following:<\/p>