I did some contract work and got a check from the company but they made it payable to:
My_Name Consulting
The bill I sent them said at the top
My_Name Consulting
but at the bottom said
Payable to My_Name
Will I be able to cash the check? My_Name Consulting is not an actual company. Can I do something other than asking for another check if the bank won’t let me cash it?
P.S. My_Name stands for my real name which I didn’t want to type here.
Someone with your issue in my state my have some success endorsing it “My_Name d/b/a My_Name Consulting”.
(d/b/a = doing business as)
This assumes that MNC is your sole proprietorship and not a dba of another entity.
I have DBA forms on file with my bank for both of my business names that permit me to cash checks made out to those names. In WI we get the forms at the county register of deeds office.
For one business the checks are almost always made out to me personally; for the other they are usually to the business name. For the second business I have a checking account in that name, and that’s where I deposit the checks.
If I were in your position, I would ask the bank ahead of time so I could make any arrangements needed.
Deposit the check, don’t cash it.
When you cash it, even at your own bank, the teller looks pretty carefully at the payee on the paper vs the person standing at the window.
When the check is deposited, the bank’s automated systems essentially ignore the payee field. As long as you submit the check with a deposit slip for your account, the deposit will go through AOK.
I have this issue all the time between checks payable to me vs payable to my sole-prop business. Never had a problem yet using my tactic above. And I’ve used umpteen banks in several states over many years and always no problem.
Random’s suggestion will give you complete legal CYA, but in my experience it just isn’t necessary. As long as you’re not comitting fraud by trying to deposit checks not meant for you, crossing all the Ts really isn’t practically necessary and no laws are being broken by doing it close-enough-good-enough.
Checks made out to a fictitious name are valid when made with the requisite intent. I’d go ahead and use Random’s suggestion because it’s largely effortless. Anyway, since your name is also part of the company name, I doubt you’ll get any pushback.
–Cliffy