Results 1 to 2 of 2
  1. #1
    Member
    Join Date
    Aug 2021
    Posts
    36
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Factoring Company and Check deposits

    The bank is new to factoring. We have one factoring company that gets checks made payable to one company and being deposited into our customer's business account (different company name). From the bank's point of view, the bank is getting checks made payable to one business and being deposited into another company's account. How does other bank's handle factoring companies from a check deposit point of view? Can anyone point us to any guidance regarding factoring and the bank? What are the issues if the bank continues to take checks made payable to one business but deposited into another business account? Is there any documentation that the bank should be obtaining from the factoring company (bank's customer)?

  2. #2
    Member
    Join Date
    Aug 2021
    Posts
    35
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Even though this subject is an old one, it seems like a current topic. Many people still don't understand how factoring works. It looks like these days, people started to understand it better, but the thing is that you have to make sure you are trusting the right company, and they will help you with all the issues you have. Maybe you should take a look here: https://factorforyou.com/new-york-factoring-companies/. I also had some doubts and a lot of questions until I started to cooperate with them.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •