Check from insurance co is signed by both bank and us/claimants, who keeps the check or funds?
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UPDATED: Nov 8, 2012
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Insurance Question from Norwalk, CT
Asked on 11/08/2012
Check from insurance co is signed by both bank and us/claimants, who keeps the check or funds? After the check is issued from ins co and is signed by both bank and us how do we get the money?
Answer given on November 16, 2012
If you have received a claim check from an insurance company and the check is payable to you and the bank, then both parties need to sign the check. It appears that you have gotten the check signed by a representative from the bank and that you have possession of the check. If so, you simply take the check to your bank (not the lender, but your regular bank) and deposit it or cash it. There should be no problem doing this.If the lender has the check, then you need to see what they will require to release the check. If the repairs have already been made on the home, then they will most likely want evidence that the repairs have been made. Receipts for work should satisfy them. If you have not yet made repairs, then you will need to arrange for the work to begin and the bank should be willing to release the funds to the repair company that you have chosen.
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