Can You Write a Check Out to Yourself?
Learn the process of writing a check to yourself, why you might do it, and explore various ways to efficiently manage your own money.
Yes, it is possible and legal to write a check to yourself. This action allows individuals to move funds within their own financial accounts or to access cash from their bank. Essentially, writing a check to yourself is a method of transferring money that you already possess, rather than generating new funds.
Reasons for writing a check to yourself
Individuals might choose to write a check to themselves for several practical reasons. One common scenario involves transferring funds between accounts held at different financial institutions. For example, moving money from a checking account at one bank to a savings account at another can be accomplished with a self-written check if direct electronic transfers are not readily available or are slower.
Another reason could be the need for physical cash when other withdrawal methods are inconvenient. If you are far from your primary bank’s ATM or branch, but have access to a different bank, writing yourself a check allows you to cash it there. This method can also be used to consolidate funds from various accounts into a single one. Furthermore, writing a check to yourself provides a physical record of the transaction, which can be useful for personal budgeting and tracking.
How to complete a check for yourself
Filling out a check to yourself involves a few specific steps to ensure it is processed correctly. Begin by writing the current date in the designated space, typically in the top right-hand corner of the check. On the “Pay to the Order of” line, clearly write your full legal name.
Next, enter the numerical amount of the check in the small dollar box. Immediately below this, write out the same amount in words on the line provided, matching the numerical value.
Draw a line through any remaining blank space after the written amount to prevent unauthorized alterations. The memo line, located in the lower left-hand corner, is optional but can be used for personal record-keeping, such as “Transfer to Savings” or “Cash Withdrawal.” Finally, sign the check on the signature line.
Depositing or cashing the check
After properly completing the check, the next step involves either depositing or cashing it. For either action, the check must be endorsed on the back by you, as the payee.
If depositing, a common endorsement is “For Deposit Only” followed by your signature and account number, which restricts the check’s use to a deposit into your account. If you plan to cash it, simply signing your name on the endorsement line is usually sufficient, but you should wait to sign until you are ready to cash it.
Checks can be deposited through various channels, including using an ATM, via mobile deposit through your bank’s app by taking a picture of the front and back, or in person at a bank branch. Be aware that banks may place a hold on deposited funds, especially for larger amounts or new accounts, meaning the full amount may not be immediately available.
For cashing, the most straightforward method is to visit the issuing bank in person, where they can verify funds and your identity more easily. While other banks or check-cashing services might cash the check, they may charge fees and require additional identification.
Other ways to access your funds
While writing a check to yourself is a valid option, several alternative methods offer more efficient ways to access or transfer your funds. Electronic transfers through online banking are a common choice, allowing for quick movement of money between your own accounts, especially if they are at the same bank or linked across different institutions. These provide a secure and typically free way to transfer funds, though it may take one to two business days to complete.
For immediate cash needs, using a debit card at an ATM allows for direct withdrawals from your account. Debit cards can also be used directly for purchases.
In-person withdrawals at a bank teller offer another way to access cash, often without a check. For larger or more urgent transfers, wire transfers are available, though they typically incur fees. Peer-to-peer (P2P) payment applications like Zelle, Venmo, or PayPal facilitate quick transfers between accounts, either to others or between your own linked accounts.