Check Depositing Process
Lorriann Sergi XPYRIA Team Insights
Checks are often sent to XPYRIA’s office for deposit to a client’s account, or for payments of account management fees. In some instances, we do not receive instructions with the check as to what account(s) the funds are to be deposited to, or there may be an error in the written amounts or missing signatures.
We are restricted by the SEC on the amount of time we can have physical custody of a Client’s assets, including checks for deposit. For compliance reasons, if we receive a check for deposit to a client’s account without instructions (i.e., split-out amounts) and do not receive instructions within 72 hours, we will be forced to return the check. If we receive a handwritten check that is not signed or the amounts differ, we must return it immediately to the client. Therefore, it is pertinent that checks are sent with instructions, accurate written amounts, and proper signatures.
There are also scenarios when a deposit to a Client’s account needs to be completed by a specific deadline (i.e., prior year tax contributions for tax purposes). If this is the case, checks can be overnighted directly to the custodian. XPYRIA can provide the address for an overnight delivery upon request.