CASH the Darn Check!
Appraisers, I had an interesting conversation with a Chief Appraiser at a prominent AMC today (and no, you don’t have to berate or chastise me for using that expression) who told me they have a real problem with appraisers FAILING TO CASH FEE PAYMENT CHECKS!
This news was absolutely stunning to hear.
It is incredulous to me that people who claim to be ‘professional’ in their work, can’t figure out how to take a piece of paper with their business name on it and the amount it is valid for, to their bank and deposit the funds into their business bank account!
The Chief Appraiser said that the company’s accounting department spends inordinate amounts of time trying to talk with the appraisers who have not bothered to cash the checks. Often, those checks have an expiration date, after which no bank will allow it to be cashed. These appraisers sometimes will not respond when messages are left for them, or in some cases the appraisers can’t be found.
This is an incredibly stupid situation!
To alleviate this problem, the AMC in question is refusing to allow new vendor appraisers to accept fee payments by check. Instead, they only will permit payments via electronic deposit to the appraiser’s bank account.
Please appraisers, if you get paid via checks mailed to you, open the darn envelope, and then get the check deposited to your business account.
If you have someone else doing your bookkeeping, make an absolute requirement that any payment check received today is deposited ‘tomorrow.’ YOU should be monitoring your Accounts Receivables based on the reports you’ve done, and YOU should know day-by-day who owes you money, and who has paid you.
Don’t leave anyone who pays you by a paper check in the lurch due to your failure of processing your income payments correctly. Be the professional you claim to be.