Please check my answer and let me know if I am right thank you.
True or False
The three types of check endorsements used to deposit a check into a bank account are blank endorsement, in-person endorsement, and mobile endorsement.
I believe that is False
I think that the three types of check endorsements are:
Bank endorsement, full endorsement, and individual endorsement
You are partially correct. The correct answer is false, but the three types of check endorsements are not bank endorsement, full endorsement, and individual endorsement.
The correct answer is:
The three types of check endorsements used to deposit a check into a bank account are blank endorsement, restrictive endorsement, and special endorsement.
1. Blank Endorsement: This is the most common type of endorsement. It involves signing the back of the check with your signature only, without any additional instructions. This allows the check to be deposited to your bank account.
2. Restrictive Endorsement: This type of endorsement adds an additional restriction or condition on the use of the check. It involves signing the back of the check and adding a phrase such as "For Deposit Only" or "Payee's Account Only." This restricts the check to be deposited into the payee's account only, preventing it from being cashed.
3. Special Endorsement: Also known as an endorsement in full, a special endorsement allows the payee to transfer the check to someone else. This involves signing the back of the check and including the name of the person to whom the check is being transferred. This endorsement allows the check to be deposited into the account of the new payee.
So, in summary, the correct types of check endorsements are blank endorsement, restrictive endorsement, and special endorsement.