I'm stumped. I'm not so sure what is the right answer to your question. I'll do some research and get back to you if I bump into an good answer. You should email the people at Discover Card as they probably know..

I do not have any advice, But I want to wish you luck...

My brokerages will not accept endorsed checks, but my local credit union will..

I would let your friend deposit it, wait a couple of weeks to make sure it clears, then they can give the money to you..

Good luck to you!.

Bob..

If your friend has established a reasonable banking relationship a two party endorsement shouldn't be a problem though they will likely put a hold on it for several weeks. A bank has recourse against both parties if the check bounces so they have little risk if one of them has an established banking relationship with much larger amounts than the check. It's just these days fraud and money laundering is common and two party checks raise red flags with the new "know your customer" rules banks have to follow thanks to the Patriot Act...

I know you said that this is all of the money in the world (that you and your daughter have anyway)......

But it costs about $5.00 to open an account at a local CU (usually).

So if your friend let you move in with them and all, I am sure they would lend you the $5 (if you do not have it).

Open the account, then .....

Cash the check (since you have an account) the CU may allow you to cash it right away.

(If they don't) deposit the check (wait three days) then take it out (withdrawl).

Even if a CA finds out you have the bank account, (by the time they do) it will be too late.

You will have the cash in hand - and if they say you do, tell them to (prove it).

... Well (title) so and so, we can show that you deposited such and such on this date and than took the money out.

Response: "And?".

.... Well this means that you have $XXXX.XX in cash.

Response: "I think what you ment to say was had".

... What ? .

Response: That proves I had $XXXX.XX in cash, I don't anymore.

... Well I don't believe you.

Response: "OK, have a nice day.

THE END..

Additionally, you could always call the friend who sent the check and say hey I am srry but I do not have a bank account atm and I was wondering if I sent the check back could you money gram or western union me the cash minus the fee..

Just keep in mind that a check in the hand is better than cash in the .....

(as long as it cashes anyway.

)..

Thanks for all of the advice!.

Can someone tell me how credit unions work or point me to some info? I know nothing about them, but have some vague idea that they have rules about how someone qualifies to open an account. How do I go about finding one? I'm assuming I would want one that is small, local and sound. I don't think they are covered by the FDIC and in this environment, "sound" would be a good idea, no? Maybe bankrate.com would be a good place to look???..

Generally speaking, in all the practical matters, Credit Unions work like Banks..

Checking, Savings, CDs, Loans, etc. The main difference is most Credit Unions.

Have better policies/practices than banks. Banks are out to hammer you, the.

Consumer, as a thanks for the bailout funds and because we got pissy.

About them receiving bonuses that would choke a goat for royally screwing the pooch..

As far as credit unions go, there are a number of them, (PenFed.org) for example,.

But I suggest you check locally, in your town. Most credit unions allow you to.

Join simply for living in the area. I can almost guarantee if you called 3 local.

Credit Unions, one of them would allow you in, just for living there..

This post has been edited by.

Sonicanatidae.

: 12 January 2010 - 09:34 AM..

You can go to.

Http://www.credituni...search_usa.html.

To find a credit union in your state. On the CUs' web sites, you should be able to find out what they require to join..

You could always let your friend deposit your check into his/her account. Although they'll most likely place a hold on the check (since it's a personal check), they will almost always free up $100 or so of the funds until they release the balance..

Or... you could do as someone suggested and open a new account with the minimum deposit, then contact the person who wrote you the check and see if they'd do an electronic transfer, minus the charge..

Whatever you decide, keep your chin up. Sounds like you have some good friends. Everyone hits rough spots, and before you know it this will all be a distant memory...

It's doubtful the CU would cash a check on an out of state bank with no prior relationship.....

Banks will allow 3rd party checks at the counter..especially if both parties are there to show ID. I deposit my 16yo sons paychecks in my main checking account from time to time. He signs it, I sign it and I deposit it. No major issue. Expect a 10 day hold...

Not cash it -.

Deposit.

It. Friend pays OP when funds clear...

Thank you.

,.

Thank you.

For all of your great replies!!!! I.

Really.

Appreciate everyone's help! This AM I researched credit unions on the web and found all of the info I needed. I'm going to weigh my options thoroughly before going forward. Keep your fingers crossed for me..

By the way, most everyone on this site seems to have/had credit problems, yet seem to have bank accounts. How do they do this without risking the money being taken by some JDB or other nasty varmint???..

In order for a creditor to take money out of your account, they have to have a judgement against you. No judgement, no garnishment..

The exception being is if the bank your money is in is the bank that you owe. they can and will take money out of savings to pay a defaulted Discover card or auto loan..

This post has been edited by.

Jtoast.

: 12 January 2010 - 05:35 PM..

If you default in any way to a financial institution, chex systems negative information for that account will be there for 5 years and you have zero chance of opening an account at most large credit unions or banks..

Most places like CVS sell cards called green money pak cards? I think that is the name of it. Call the issuer of your check and ask if you can send it back, explain your situation and ask them for a money gram or a money pak card. When they buy the money pak card they just call you with the number on the card after it is activated by the cashier and with that number you can collect the funds at many places..

I believe check cashing stores really do good back ground checks before cashing any type of personal checks and it could be quite hard to cash it at a check cashing store!.

You would not even have to send the check back just tell them you will destroy it, mark void on it and send it back after you have been paid in another form...

Clarification please.

Does lobsterboy mean that if you default on a Discover credit card like Chase, for example, even if you've never had a bank account with Chase, you still end up with negative info on Chex Systems? Even if you've never had ANY negative activity of any sort related to any actual bank account you've ever had???.

Please tell me I've misunderstood lobsterboy's post..

Only the Sith deal in absolutes..

Yes you can be denied to open a checking account for having bad credit. I worked at Wells Fargo last century, we offered "opportunity checking" accounts for those with bad credit. I hated that job so much..

Furthermore under most state laws a credit union cannot decline anyone that meets their membership requirements. This means that if you have bad credit they cannot decline you, but they can restrict your services. But if you need a savings account and a place to cash a check then they can do it..

I don't like this friend of yours , out of state check giving late paying (with Discover card) bestard...

While I understand this on a purely technical level, personally, I have.

To disagree with lenders and FICO..

If it was my money, a PAID, but late is infinitely better than a still UNPAID..

Altho, I agree in that ontime trumps both..

Please, don't be harsh. When I loaned the money, I never expected to ever get it back. They person I loaned it to was really wonderful in every way, but going through a rough moment financially through no fault of their own. I was only too happy to be able to help. And they would only take the money if I would consider it a loan, which I said I would (while crossing my fingers behind my back). I'm thrilled to have the money now that I'm having problems, and equally thrilled that this person is now doing so well that they are able to pay it back without a problem...

Hmmm...sounds like it's time to hit them up for a "loan" in return...heh..

And no, chex systems handles issues with deposit accounts, not credit accounts. As said above, banks will often decline to open a checking account if you have bad credit although I've never heard of one declining a savings account..

This post has been edited by.

Jtoast.

: 12 January 2010 - 09:02 PM..

Even though it was the right and just thing to do, I have to say it's amazing that this person came through and paid you back. Soooooooo many people 'forget' their debts to friends...

They may not cash it right away which is why I said "the CU.

May.

Allow you to cash it right away" or "(If they don't).

Deposit.

The check (wait three days) then take it out (withdrawl)".

Admittadly not all banks use electronic checking so it could take longer than 3 days but I have never heard of one taking longer than 7-10 days. Quite honnestly, I have never heard of one refusing to let you "deposit" one and hold the funds until the check's funds are available - afterall CU's and banks alike do appreciate the opportunity to make intrest on anybody's money and once the funds have cleared their is mimal risk..

While 7-10 days may seem much longer than 3 days, keep in mind these two things..

1.) Banks and CU's start the transfer of electronic funds immediately because it's a high priority; reporting who has opened account today is however, a much lower priority. These types of tasks are typically conducted at midnight of each day - at which point they are typically uploaded into the CU's home office computers. The CA's do not have access directly to the home office computers of the banks or CU's; thus if the CA's are to find out about it it must be uploaded to another database which aggain is typically prioritized as a midnight upload and this data base will likely not display this information until the open or end of bussiness the following day..

An example of this would be: I open a account with the Cu as well as take out a loan giving them a reasooon to report it to the CRA's. For what ever unlikely reason, the CU reports the new account to the CRA's the following day and the CRA's display the information the very next or third day. As unlikely as this is the CA has to check your CR the very same day to see it right away, it's not automatically updated to their computers. This is unlikely and has already dragged the process out 3 days and nothing has happened yet except that the CA might have enough motivation to file suite..

2.).

Even if the CA filed a judgement on the open of bussiness on day 4 - name a court that works that fast. They have to subpoena you, file paperwork etc.... Even the 7-10 day window is ok..

Don't fear having a bank account, just do not carry a large balance in it for any real length of time. If you do have a large balnce you wish to carry for an extended time (and don't wanna keep it in your friends house under your matress) have the CU pledge the funds - than nobody can touch it. Honnestly CU are more willing to work with most people than you realize, in my experience..

This post has been edited by.

Tryn2getup.

: 13 January 2010 - 01:00 AM..

THANKS EVERYBODY! I'm sure lots of people will benefit from the info all of you have so kindly provided in this thread..

I have an amusing update! I contacted my friend and asked if they had an account in a bank having a local branch here. They said they didn't think so. To which I inquired, would you like to???? They responded that they thought that once upon a time, they actually did have an account at XYZ Bank. WELL This AM they went to open an account there so that they could reissue the check to me. Much to everyone's surprise, the bank notified my friend that they had indeed had an account there and there was still $1500. in it!!!!.

Imagine my surprise! Imagine THEIRS! Apparently, they had moved and the bank was unable to contact them..

FINALLY!! Something good happens without alot of energy expended!..