depositing business account to personal account

srini234 · Post by **srini234** » Sun Jul 23, 2017 4:21 pm

Hello

I am not sure how to handle this. when i searched through quora and other forums, it scares me. I have had more than 10,000 in my business account. for some reason i was not paying attention to reminders from bofa to respond to their requet. they closed the account and send the cheque (name with both business and personal name) to my one of the old address. I have asked my nephew to bring the cheque first. cheque is written in both my name and business name. Business is closed and i do not have any other bank account with the the business. How will i deposit the cheque which has both my name and business name. i have a account with wells fargo. will they teller allow me to deposit it. I spoke to bank of america asking them if they can re issue cheque in my personal name and they said they cannot do it. I have paid my dues and such. made a mistake by not closing the account earlier.

suggetions or recommendation pls

kumm · Post by **kumm** » Sun Jul 23, 2017 8:23 pm

srini234;659763Hello

I am not sure how to handle this. when i searched through quora and other forums, it scares me. I have had more than 10,000 in my business account. for some reason i was not paying attention to reminders from bofa to respond to their requet. they closed the account and send the cheque (name with both business and personal name) to my one of the old address. I have asked my nephew to bring the cheque first. cheque is written in both my name and business name. Business is closed and i do not have any other bank account with the the business. How will i deposit the cheque which has both my name and business name. i have a account with wells fargo. will they teller allow me to deposit it. I spoke to bank of america asking them if they can re issue cheque in my personal name and they said they cannot do it. I have paid my dues and such. made a mistake by not closing the account earlier.

suggetions or recommendation pls

Create one more account with Wells Fargo in your name with dba (Doing business As) in your Business Name and deposit/ upload bofa check. Since you have already an account with them I guess it won't be an issue. Or may be you can call Wells Fargo and change your account name to include your business name and deposit the check.

Since dba is nothing but you, you only will need your social and might not need registration with secretary of state in many states.
Hope this helps.

srini234 · Post by **srini234** » Mon Jul 24, 2017 6:36 am

Thanks Kumm. This helps. Let me call wells fargo and see if i can do DBA. I hope they allow it. I have closed that company. I have FED ID and other filing which i did on an on going basis.

srini234 · Post by **srini234** » Mon Jul 24, 2017 6:39 am

i need to do this all by sitting in india. can i do it kumm.

Desi · Post by **Desi** » Mon Jul 24, 2017 7:50 am

Since the check is drawn in your name and name of DBA, both need to sign the check. You sign the Check as you, and sign the check again and put in parenthesis CEO of xyz and deposit in your account.

Your current business may be zero but you are/were the CEO of the company and have authority to sign the check.

kumm · Post by **kumm** » Mon Jul 24, 2017 8:01 am

srini234;659795i need to do this all by sitting in india. can i do it kumm.

Of course. Its just opening or changing your bank account and depositing your check there and that too around $10000. Since you have Wells fargo account already it shouldn't be a problem.
Many times bank denies opening of account if your place of residence is abroad due to PATRIOT act and KYC. But I guess in your case that shouldn't be a problem since you already have an account with Wells Fargo. You can scan and upload the image for online deposit.

srini234 · Post by **srini234** » Mon Jul 24, 2017 8:50 am

Tanks. I pinged you in PM. pls

Desi · Post by **Desi** » Mon Jul 24, 2017 5:11 pm

^^^ Check the mobile deposit limits for wells Fargo mobile deposits.

The check can be deposited in your personal account as you are one of the persons to whom the check has been drawn to, as long as it is signed by the other party also (which is the Business in this case), So the check should have your signature and signature of business CEO which is also you. Two signatures on back of check, both yours with one Having a parenthesis and identifying signature as signature of CEO of xyz.

srini234 · Post by **srini234** » Tue Jul 25, 2017 11:33 am

Both belongs to me. My challenge is i am not in US, and cheque has gone to a old address. Mobile deposits only allow 5000. I have asked my nephew to pick it up. Mostly it will be returned, then i have wait for another 90 days or so for bank to issue another cheque or they will send the cheque to new address. I am waiting for the cheque to be returned. It is complicated an painful.

sitting in india not fully connected with US has its draw back. i am going through the pain ful process.

Desi · Post by **Desi** » Tue Jul 25, 2017 7:29 pm

srini234;659936Both belongs to me. My challenge is i am not in US, and cheque has gone to a old address. Mobile deposits only allow 5000. I have asked my nephew to pick it up. Mostly it will be returned, then i have wait for another 90 days or so for bank to issue another cheque or they will send the cheque to new address. I am waiting for the cheque to be returned. It is complicated an painful.

sitting in india not fully connected with US has its draw back. i am going through the pain ful process.

The address, does not matter. It is addressed to both of you. Just sign in both authorities and deposit in personal account in USA bank. Get it couriered to you. Sign it and courier back to the bank. Anyway, I could be wrong but I think this will work. The back of the check should have two signatures as below.

sign a (as personal)
sign b (as CEO of xyz)