Make bank deposits quickly and frequently

Always deposit checks and cash into the bank as soon as possible.  When you receive a check in the mail, endorse it with “for deposit only” and then run to the bank to deposit it.

Choose a bank with conveniently-located branches.
Buy an endorsement stamp that says “for deposit only” with your company name.  Keep it handy.
Take advantage of electronic transfers that eliminate paper checks altogether.
Why?
  • Stolen, lost or damaged checks can be difficult to replace.  (Obviously cash is impossible to replace.)
  • Get funds into your bank account as early as possible.
  • Don’t give dissatisfied customers time to stop their checks.
  • If a payer has insufficient funds, get paid for your check before funds run out.
  • Avoid stale checks that could be refused by a bank.

About Mark P. Holtzman

Chair of Accounting Department at Seton Hall University. PhD from The University of Texas at Austin. Worked at Deloitte's New York Office. BSBA from Hofstra University.

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