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#1916393 - 04/22/14 02:24 PM How to make checks payable when closing an account
Suzanne L Offline
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Suzanne L
Joined: Apr 2011
Posts: 13
Rocky Mountain High
I have been asked by a banker how closing account disbursmant checks need to be made payable. They specifically asked about business and trust accounts. This person came to me as they had gotten conflicting answers. How do you make checks payable on these types of accounts when closing?
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If you ask me what I came into this world to do I will tell you: I came to live out loud!

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#1916395 - 04/22/14 02:33 PM Re: How to make checks payable when closing an account Suzanne L
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If your bank is issuing an official check to close an account then issue it exactly the way the account is titled. Some examples:

Maxima Partners*
John Doe or Jane Doe*
Janie Doe, beneficiary UTMA, Frank Reed, Custodian
Mark Frinkle**
Jones Family Trust***


*Even if only one signer is closing the account
**Even if account is being closed under a POA or court order
***If the trust is being terminated, the fiduciary can write the checks to the beneficiaries

DO NOT MAKE OFFICIAL CHECKS PAYABLE TO INDIVIDUALS UNLESS THE INDIVIDUALS OWNED THE ACCOUNT.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#1916576 - 04/22/14 07:53 PM Re: How to make checks payable when closing an account Suzanne L
Becky Offline
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Becky
Joined: Feb 2003
Posts: 216
Dallas, Texas
exactly the way the account is styled!

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