Monday, June 27, 2011

IRS Income tax refund check cashing procedure

IRS Income tax refund check cashing procedure:

• Study the income tax return. Before you proceed into cashing out the check, make sure that the amount being refunded is correct. It is important for you to do this before cashing out so that you can still go back to the IRS in cases when there are errors in it. Get the income tax return and carefully study every detail. If there are any errors, report it immediately to the IRS and do not cash out the check yet.

• Study the check. Identify the names in the check. Make sure that you have a valid ID that reflects the name on the check. A valid ID is a requirement by most banks in terms of cashing out checks. Take note that some banks can even require two valid IDs for transactions like this. This is true not only for you but also for the other party.

• Visit a bank. The check can be cashed out at your bank or at the bank where the refund check was issued. Make sure that the other person is with you because the bank will require both of your signatures for the cashing out process. Remember not to sign the check before going to the bank because it must be signed by both parties in front of a teller. Plus, in cases when it is lost, you will be certain that no one else can cash it.

• Endorse the return check to the bank. Sign the check in front of the teller. Submit the check to the teller and the check will be passed on for review. Keep in mind that making fraud signature of the other party is a crime.

• Deposit the check. If in case the check's amount exceeds the limits of the bank, deposit it in your own account. It is not a requirement that the joint check can only be deposited in a joint account. It is acceptable to deposit the check to any of the two person's personal bank account. After a few days, the money can be available for you to withdraw.

A joint income tax return refund check is easy to cash out. The process is way similar to cashing out other kinds of check except for one fact-this kind of check can only be cashed out in the presence of both persons appearing in the check.