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Stephen
12-09-12, 09:31 PM
I was able to open a personal checking and savings account at my local credit union. The savings account was a requirement for the checking account there. The savings account has the minimum required amount of $5. The yearly dividend on it is about half a penny.

I was able to open that account with this that I wrote below my signature:


"All rights reserved, without prejudice"

The teller that opened the account accepted this without question.

I am an independently incorporated contractor. When I deposit a payment for my labor into my corporate account I write on the check


"Deposited only for credit on account"

The bank accepts these without my signature.

When I write a check to pay myself cash from my corporate account I write on the check:


"Endorsement does not guarantee payment, nor does endorsement negate right to payment.

underneath my signature. The bank accepts these, but the first time I did this there was some scrutiny by the branch manager. I was told it was "kind of iffy."

When I write a check to pay myself funds I deposit into my personal account at the credit union from my corporate account I write"


"Deposited only for credit on account"

The credit union teller that opened my account accepted these checks without signature. But later, when I did the same to deposit more funds into this account the teller required my signature. I gave in and signed it.

I have recently been advised the endorsements I have been using above are not effective, and that I should be using this without signature:


"Deposited for Credit on Account or
Exchanged for Non-Redeemable
Federal Reserve Notes
Notes of Debt are Not Income"


I have recently ordered a stamp with this on it that I have yet to receive and use. I have yet to use this endorsement. Up to now I have been hand writing all the other endorsements.

Is the advice that the endorsements I have been using are not effective correct?

What effect does my signature have on any of the above endorsements?

What effect does what I wrote beneath my signature on the signature card at the credit union really have?

Whenever I make a deposit into my recently opened credit union account the teller requires that I sign a slip of paper with a printout of the transaction. The paper functions as a deposit receipt that is typical of other banks but this is the first time I have been required to sign one. The credit union keeps the original and I get the copy. What effect does my signature have on this regarding conversion to lawful money a proper check endorsement would achieve?

David Merrill
12-09-12, 11:11 PM
Prior to the simple Demand we used the verbiage about non-negotiable or non-redeemable. That is far less clear. When you negotiate instruments you are always expected to trade at a profit. Otherwise you are irresponsible. When you redeem you must redeem in lawful money from hence the notes came.


http://friends-n-family-research.info/FFR/Merrill_affidavit_of_public_money.jpg



http://img88.imageshack.us/img88/469/nonendorsementstamptorn.jpg

It is probably wise to start calling redeeming lawful money non-endorsement. Your bank will likely refer to it as a restricted endorsement.

About all the other verbiage - I agree that they do not seem to accomplish much. But what do you think they do? Maybe you need to evaluate what your objective is.

Stephen
12-14-12, 06:57 PM
My goal is to make the transaction a non-taxable event by conversion to lawful money in U.S. Notes or other.

I am somewhat confused by your answer.

"Prior to the simple Demand we used the verbiage about non-negotiable or non-redeemable."

The example endorsement in your image used "non-negotiable" verbiage. What simple Demand verbiage are you using now?

Where "True Name" and "Legal Name" appear in the example image, are these written cursively as a signature or are these printed as block letters?

What is the difference between a "True Name" and a "Legal Name"? If the check I am depositing is made out to me personally instead of a business of mine are these the same?

David Merrill
01-01-13, 09:28 PM
My goal is to make the transaction a non-taxable event by conversion to lawful money in U.S. Notes or other.

I am somewhat confused by your answer.

"Prior to the simple Demand we used the verbiage about non-negotiable or non-redeemable."

The example endorsement in your image used "non-negotiable" verbiage. What simple Demand verbiage are you using now?

Where "True Name" and "Legal Name" appear in the example image, are these written cursively as a signature or are these printed as block letters?

What is the difference between a "True Name" and a "Legal Name"? If the check I am depositing is made out to me personally instead of a business of mine are these the same?

1) Something like Redeemed Lawful Money Demanded. Many people have ordered up this stamp (http://img714.imageshack.us/img714/6742/redeemedbills.jpg) from Quality Rubber Stamps (http://www.merchantcircle.com/business/Quality.Rubber.Stamps.2.719-635-0943).

2) I suggest you print the True Name neatly, somebody mentioned something about cursive being cursed, and the Legal or Full Name be written in all CAPS like found on whatever account you access with it.

3) In legal definitions the True Name is the given or Christian name or names (First and Middle). The Last Name the family name or surname.