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  1. #1
    Member
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    February 23rd, 2005
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    77
    Can't Cash Out the Checks
    Hi,

    After I signed the legal entity thing at LinkShare, my payment information was automatically updated and since then the checks I have received were payable to my website name. I do not have a business account or a business with that name. When I took the checks to the bank, bank clerk said she can't deposit these checks to my personal account because they do not have my name on it.

    I have two options.

    1. Open a business with that name
    2. Ask linkshare to resend the check with my name on it.

    Have you ever had a similar experience before? Any comments would be appreciated.

    Matt

  2. #2
    Member infoscott's Avatar
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    March 17th, 2005
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    A bank usually needs a "Doing Business As" filing in order to open a business checking account, unless you are a legal entity (usually state chartered). Most county seats will have the paperwork and procedures for filing.

    If you are structured as a sole proprietorship it is sometimes better to operate under your own name, since this doesn't require any special permitting for the name itself. In this case when the application is asking for the business name, you use your own name. Since you are a natural person, this is perfectly legal.

  3. #3
    Ms Dumb Ass ... but, *NOT* Today! westgroup's Avatar
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    January 18th, 2005
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    I use my name on all my accounts. Sometimes I'll receive a check with either my web site url or my user name, I have never had a problem cashing the checks and I don't have any forms listing or DBA or anything else anywhere.

    I have even cashed them when I was out of state.

  4. #4
    Super Sh!t Stirrer SSanf's Avatar
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    January 18th, 2005
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    Yes. It is like this if you walk in instead of using the drive through and have a relationship with your branch manager, you can endorse it and deposit it because they know you and know no one will complain about one check that isn't challenged. By the next month you should have it straightened out.

    However, if you sit in your car and drive through and don't bother to know your branch manager's name or the names of the tellers who serve you every month, you are sh!t out of luck.
    Comments are opinion unless otherwise noted. Remember, pillage first. Then burn. Half of all people in the world have IQs under 100. You best learn to trust ol' SSanf!

  5. #5
    Resident Genius and Staunch Capitalist Leader's Avatar
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    January 18th, 2005
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    Even with a registered business name, that wouldn't help if the checks are being made out to the SITE name. I certainly wouldn't name my business after only one of my sites! After all, the same business name should be good for all the sites I have.
    There is no knowledge that is not power. ~Hemingway

  6. #6
    15 years and counting
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    January 18th, 2005
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    6,121
    What a mess!
    Have you ever had a similar experience before?
    They did that to me a few years ago during one of their (crazy) update. Changing my Make Checks Payable To: in my profile with one of my web sites. No warning. I was fortunate to have the website name printed on the checks as an official business so it was not a major pb but still. I've many websites listed...
    A few months later, they put both names on my checks, without me asking for anything. Think about the accounting nightmare and the potential problems with your bank.
    What a bunch of idiots!

  7. #7
    Web Ho - Design B!tch ~Michelle's Avatar
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    January 18th, 2005
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    A DBA doesn't cost very much, so if you only do business under the one website name, I would just get one to have on hand and file it with your bank attached to your account. You can get them at your county Courthouse.

    I pay $20.00 every 5 years for my DBA.

    That said, I actually have two main websites that I sometimes get checks that have the website name or URL on them instead of my name. I have not problem cashing them even though I do not have a DBA on one of the names.

    I was going to get a DBA and file it at the bank and they told me not to bother since they know me and know the site is mine, but then again, I live in the sticks where everyone knows everybody else and everything about them.
    *LOL*
    ~Michelle
    "All I ask is a chance to prove that money can't make me happy."
    "Work to become, not to acquire." -- Confucius

  8. #8
    Member
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    February 23rd, 2005
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    I just called LinkShare. They said I'd rather return them the checks with a letter explaining why I can't cash them out. I will do that ... I am pretty sure this is going to be a big hassle for me.

    Matt

  9. #9
    ABW Ambassador
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    January 18th, 2005
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    If the legal identify is an individual then it SHOULD be made out to the person's name who owns the sites. That is who the social security number identifies, and exactly how the 1099 should read or there will be multiple problems down the road. Not a business account, which a website certainly is not unless it's from an off-line business.

    >>I am pretty sure this is going to be a big hassle for me.

    I'm half expecting a hassle, I'm pulling every single Overstock link and replacing with SaS wherever possible (there's a ton and they don't do squat) and not putting any other LS links up until I see how this is handled.

  10. #10
    Outsourced Program Manager Chris -  AMWSO's Avatar
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    January 18th, 2005
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    Hi Matt

    Sent you a PM with a couple of tips

    Cheers

    Chris
    Affiliate Marketing by AMWSO. Skype - chrissanderson ::: TEL 1-720-336-1784 ::: www.amwso.net
    Join our affiliate programs :Vaper Empire, Iolo, Art of Tea, or See ALL our Programs here

  11. #11
    Affiliate Miester my2cents's Avatar
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    Your experience it a new problem (within the past 6 months) in the past it was possible to cash any check... just sign it and deposit it into your checking account.. the worst that would happen was the bank might put a 10 hold on funds till the check cleared the issuing bank...

    but not any more...

    in the fall of 2004 congress back a new banking law... that amoung things requires banks to credit your funds within 24 hours it also now requires banks not to accept any check that they can not determine who the payee is...

    the FEDS are claiming this is neccessary to track illegal activities... money laundering, drug trafficing, terrorists, etc...

    what really going on is the FEDs are wanting to create a paper trail for all money transactions... to stop the underground economy.. of which affiliate marketing has become part of...

    I would venture to guess most Affiliate Marketers pay no income tax on their earnings..

    concider this... if you market products an make $599 one mechant you have no requirement to file taxes... but if you multiply this times 30 you do... many merchants dont report commissions of less then $600 individually, they report them clumbed together on the IRS has no way to know who is earning what...

    their are millions of dollars in income going unreported... beuracrats hate this...

    watch for changes in the tax laws

    Joe
    ++++++++++++++++++++++++++++++++++++++++++
    that's my2cents, 'cuz I'm a legend in my own mind....

  12. #12
    ABW Ambassador Sam Bay's Avatar
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    January 18th, 2005
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    You made a mistake when you were filling our the Legal Entity form. Unless you have legal business name that you would like the checks to me made payable to, you should have used your name instead.

    Try to change this now in the update profile section of Account page. Then send the letter to LS to resend them the checks.

    The legal entity system sounds pretty good, but the all set up is rather confusing and not at all intiutive. Once again CJ is up a notch with the simplicity and ease-of-use regarding set ups for different websites to one account.

  13. #13
    Prince of Content Vinny O'Hare's Avatar
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    January 18th, 2005
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    I am having a similiar problem with a $4 check (not from linkshare) that is made out to my address. My bank is merging with another so its a big headache. The new bank manager told me that its a business check and cant be cashed unless I open a business bank account and it requires $10,000 to open.

    After almost beating the s** out of the bank manager I gained my senses and filed for a dba it cost $100 but I dont care. It merges all my business dealings into one place.
    Next week I am pulling a load of money out of my former bank and opening a new business account somewhere. Just so I can cash my $4 check

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