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Brewmaster

Brewmaster

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When you receive a check from a contest how do you go about depositing that money when the check is made out to your team name. My bank is telling me I need to setup a business account in that name. I'm not sure I want to do this for tax purposes. Sounds like a pain.

Just curious if there is a work around.

Cheers,
Nate
 
It has only happend to me twice but I never had a problem with my bank. I just endorsed it- team name and my name. I do have a business card that my son got
 
At our contest I think our money man asked who to make the check out. Smaller prizes we gave cash. You might be able to ask the organizer to cut a new check. That would be a pain.... Or give it to me!!!
 
Big George's BBQ said:
It has only happend to me twice but I never had a problem with my bank. I just endorsed it- team name and my name. I do have a business card that my son got
Click to expand...

I have never had a problem in the past either. I assume the size of the check is the issue now.
 
I have an account set-up in my BBQ team name. It also has my name on it, so I never have a problem... It is also a business account.
 
I just write "For Deposit Only" on the back and they've always taken it no questions asked.

Chris
 
When I got my 1st check I took it to the bank and asked them what would be the best way to handle it. We set up a non-profit business acct with my name and the team name on it.
Tom
 
On the occasions where a prize check has been written in the team name rather than to VQ, he's simply endorsed and deposited it with no problem. It is time for the team to get its own account, though, since BBQ is pretty much paying for itself it's time to simplify recordkeeping.

We did know of one other person whose bank would not deposit a check made out to "BBQ Winner". Apparently the problem was they had the good sense to realize he couldn't possibly have finished in the money.
crylaugh.gif
 
I teamed up with another guy and we had to come up with a team name, so we took the first word of our respective team names to come up one. When we came in Third Place and accepted our winning check we heard others complaining about theirs not being made out to the head cook. We requested a seperate checks made out to each of us divided equally. Been over three weeks and last I heard it was "in the mail". Hope I don't get screwed on this!
 
Never make receiving a check too complicated. It is easier to divide the money in half after it is cashed. If you have a business account you may also mhave a tax deduction- probably would need to do some catering
 
Our bank won't take the check if it is made out to our team name. We do have a BBQ account in another bank near my bother-in-law (he was the one who set it up), but it is about an hour away from us. We try to catch it while we are at the contest and ask them to write a new check, but if we don't we make the hour trip to take care of it.
 
This is simple and you dont need a business account, unless you are going to be depositing a lot of checks... Just add your team name to your checking account. I work in the Banking industry and unless your local bank has particular rules about this. You could always switch to a Credit Union and get better service and better rates!!!
 
This sounds like a great option. I will check with my bank and see if they will allow me to add this. Thanks.

Nate

Spydermike72 said:
This is simple and you dont need a business account, unless you are going to be depositing a lot of checks... Just add your team name to your checking account. I work in the Banking industry and unless your local bank has particular rules about this. You could always switch to a Credit Union and get better service and better rates!!!
Click to expand...
 
I have worked at banks on the teller line for many a year and what you need to do is sign your name on the back and then write DBA "Your teams Name". It should work but some banks make their own rules reguarding things like this since there is no banking regulation to guide them sometimes it even varies by branchs within the same bank. If you were to continue to have a problem your best bet would either be to change banks there is one on every corner around here or set up a DBA on your account or on a new account that you open for just this purpose.
 
They're bright enough in California to make checks out to the Head Cook. Or they just pay cash.:twisted:
 
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