payroll checks

Some financial institutions will put a hold on a cheque you are depositing to your account if the payroll cheque is hand drawn. What they are looking for is a computer generated cheque.

I would suggest contacting your account manager at your bank and have a talk with him/her about the nature of your business and that you are not employed (hence the payroll cheque requirements) but self- employed.

Cat

If you want it to look like a paycheck - use the larger (three to a page) checks and put "Pay Period: 03/01/2007 - 03/31/2007" in the memo field

I do use the larger 3 to a page checks, maybe it's just that I write them out by hand an not computer printed.

Thank You, Randy

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You need to ask them what they consider a payroll check. Every bank and credit union have their own screwy rules.

They *might* be looking for printed checks or those issued by a payroll service company. If you don't get a satisfactory answer, ask to speak to a supervisor or ask for a copy of their written policy.

You got me. Checks are checks when deposited. Even payroll checks are not deposited with a paystub.

Then you need to ask your credit union what they consider an "Official" payroll check.

My guess is that a 3-to-a-page business check, computer generated, will suffice. If not, though, ask just what you can do to lower or eliminate the hold on your money.

Holds on deposits vary by financial institution, type of account you are depositing into, and even whether you make the deposit inside the bank, through the drive-through, or by ATM. Not only are 'holds' not standard, they can be negotiated (as one large bank did recently to their peril - losing over 20 million dollars with one bounced check).