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?
