I HATE Commercial Paper. This is the longest lecture ever. And it makes very simple things like checks seem very complicated. But I have learned one thing. Don't sign the backs of your checks. Just write "For Deposit Only" and include your account number. There, now you know everything you absolutely must know about commercial paper. I'll suffer through the rest of it for you and let you know if there's anything else.
Just kill me now.
8 comments:
Good luck, lady!
Also, thanks for sharing the sound advice regarding checks.
hang in there! And remember, mint chocolate chip milkshakes from Baskin Robbins can help you survive pretty much anything! Good luck!
The end is in sight Di!! Just go out in the mini for a spin and forget all your worries :)
Side note: Why should I not sign the back of my check? Cause someone can then deposit into their account? Sorry for my naivity.
Ditto to Christy's question. Although when we deposit them via our phone, that is what we write. Just didn't think about doing it all the time.
I actually ended up loving commercial paper...
mainly because it was so overwhelming and difficult in concept that I prayed hardest over that topic and secured transactions, and ended up having them down pat because I worked so hard at memorizing the principles. When bar time came, I really hoped they were on the exam so I could rattle off all I knew.
It will be better than you think
to answer the question (if I remember correctly), it is because not only could someone deposit it, but it also leaves you on the hook as far as liability goes. Once you sign the back, you leave yourself responsible for whatever happens to the check!g
I have full confidence that you will rock the socks off the bar. You tend to be pretty amazing.
And a continuation of the back-of-the-check thing: do you put the account number directly on the back of the check, or is putting it on the deposit slip enough? I love a good discussion.
seriously, that lecture was pure and utter torture. SO GLAD i didn't take it in law school!
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