A: If you said “two,” you are correct. Title company checks, tax refund checks, and also gift checks are often payable to two people. These require endorsement by both payees, and the signatures must be verifiable. If it is not deposited to a joint account, the second signature must be on file or the check must be endorsed before a SESLOC employee with a valid driver’s license identification presented.

Q: If a check is payable to John Jones/Mary Jones, does the slash mark (/) mean “and” or “or”?

A: This check is treated as if it contains the word “or” between the two names. A check payable to John Jones/Mary Jones can be negotiated by either John or Mary. When you write a check to two people, make your intentions clear by using the appropriate word – “and” or “or.” If you send a gift check for two, you may wish to use “and/or” for the recipients’ convenience, since either person may endorse the check.

Q: Which type of deposit is available in your account earlier: an ATM deposit or a drop box deposit?

A: If you answered “drop box deposit,” you are correct. ATM deposits incur an automatic hold on funds until the deposits are verified: 1 business day at SESLOC ATMs and 2 business days at CO-OP ATMs. Drop box deposits are picked up for posting at 8:30 a.m. and 4:00 p.m. each business day. If your deposit is in the drop box by 4 p.m. on a business day, your funds will normally be available the same day.* 24-hour drop boxes are provided outside each branch and just inside the front door at the San Luis Obispo and Arroyo Grande branches for your convenience. When you endorse your check, write “for deposit only” and your account number above your signature. It’s a speedy way to make a deposit. Q: If the numerical and written amounts on a check don’t match, which number is considered correct? A: If written and numeric amounts don’t match, the written amount prevails. For example, if the numeric amount says $300.25 and the written says “three and 25/100,” we must credit the deposit as $3.25

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