While you pick out your wedding colors and set your budget, don’t forget the post-wedding logistics. If you’re expecting any monetary gifts, it helps to have a plan for how you might combine finances with your partner and what you’ll do with the money, especially if it’s given in the form of a check.
Should you open a joint bank account?
Joint accounts can make it easier for couples to track and manage expenses, set a budget and build trust and transparency in your relationship. It’s also simpler to deposit any wedding gifts into a single account. But not all couples choose to combine finances into a joint account. It’s important to do what makes sense for you and your spouse.
Opening a joint account before your wedding
If you open a joint checking account prior to your wedding day, you can deposit your checks right after the event. The smart savings tools in an Ally Bank Savings Account can help you start reaching your goals as you build your new life together.
You may want to wait, however, if one spouse will be changing their name. That way you won’t have to fill out any additional name-change paperwork. Just consider you may have to wait to deposit any checks you get leading up to the event.
Read more: How an Ally Bank Savings Account can help you reach your goals together
Managing your wedding checks
Monetary wedding gifts will likely come in many forms. If you receive a check, follow these tips to cash it successfully.
If the check is addressed with an “or,” only one of you will need to endorse it, but with an “and,” you’ll both have to sign.
When and how to deposit your wedding checks
If you’ve received wedding checks as gifts, you likely have a few questions:.
How soon after the wedding should you deposit checks? Deposit the check within a few weeks of the wedding to be courteous to the giver and start earning interest on the money in a high-yield savings account, like one from Ally Bank.
How long can you wait before depositing checks? Banks are legally required to honor personal checks for up to six months after the issue date, and some may offer even more flexibility.
Should you use a mobile deposit or ATM? Most banks will give you the option to deposit a check on their mobile app, but if you’d prefer to deposit in person, you can use your bank’s ATM.
What if the check has both your names? If the check is addressed with an “or,” only one of you will need to endorse it, but with an “and,” you’ll both have to sign.
Troubleshooting common check issues
Check trouble? Here’s how to handle these common issues:
Your name is misspelled: Sometimes, your bank will be able to process a check normally with a minor misspelling. However, it may be safer to contact the gift giver and ask if they can write a new check.
The check bounces: Typically a check bounces if the issuing account has insufficient funds to cover the payment or there’s a technical issue with the check, such as a misspelling. Contact the check issuer as soon as possible to resolve the issue.
The check is addressed to your maiden name: If you have legally changed your name, you can sign the check with both your maiden name and your new name. Contact your bank if you have trouble with a mobile deposit.
You need to transfer a check to someone else: Sign the check as usual. Underneath the signature, add “Pay to the order of” and the new recipient's name. Keep in mind some banks will not accept third-party checks.
And now, to the next chapter
Cashing your wedding checks is just the beginning of you and your spouse’s financial future together. Planning ahead for what you will do with monetary gifts and employing the right tools — like a joint account at Ally Bank — will help you make decisions and start saving as a team.
