I currently have an automatic debit from my checking account to a financial that I have agreed upon terms with for a certain $$ of dollars for a certain period of time. This agreement was made to clear up bad debt. I decided to take out a loan for the lump sum of the final amount due in a few months and was approved. The lender cut me a check for the exact amount and put my name plus the other financial institution on the check itself as payable to. Its says "my name%26amp;the company". Do I have to send the check directly to the other financial institution or can I just deposit the check in my account and have it drawn out monthly as its been doing now? Thanks.|||If it has 2 names on it, you would need to endorse it and then send it to the company so they could endorse and cash it. Your bank would reject it if you try to cash or deposit it with just your signature.
If you tried to drag it out you might spend the money you borrowed to pay off the debt and end up owing even more. That is probably why they included the company name on it.|||If it has your name on it you should be able to deposit it.
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