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Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind.


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Unread 08-19-2008, 03:48 PM   #1
Brewmaster
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Default Comp winnings

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.

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Unread 08-19-2008, 03:51 PM   #2
Big George's BBQ
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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
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Unread 08-19-2008, 03:53 PM   #3
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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!!!
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Unread 08-19-2008, 03:57 PM   #4
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Quote:
Originally Posted by Big George's BBQ View Post
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
I have never had a problem in the past either. I assume the size of the check is the issue now.
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Unread 08-19-2008, 04:03 PM   #5
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Wish I had that issue...
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Unread 08-19-2008, 04:06 PM   #6
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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.
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Unread 08-19-2008, 04:08 PM   #7
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I just write "For Deposit Only" on the back and they've always taken it no questions asked.

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Unread 08-19-2008, 05:29 PM   #8
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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.
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Unread 08-19-2008, 05:31 PM   #9
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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.
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Unread 08-20-2008, 06:02 AM   #10
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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!
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Unread 08-20-2008, 06:10 AM   #11
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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
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Unread 08-20-2008, 06:25 AM   #12
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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.
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Unread 08-20-2008, 08:06 AM   #13
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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!!!
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Unread 08-20-2008, 08:29 AM   #14
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This sounds like a great option. I will check with my bank and see if they will allow me to add this. Thanks.

Nate

Quote:
Originally Posted by Spydermike72 View Post
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!!!
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Unread 08-20-2008, 08:35 AM   #15
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Quote:
Originally Posted by Scottie View Post
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 have the same thing. It works just fine.
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