Only the payee's bank can acquire the rights of a holder and negotiate a check indorsed by the payee "For deposit only."

Payee's Bank

The bank where the recipient of a check or electronic payment has an account, responsible for processing and clearing the payment.

Holder

An individual or entity that legally possesses a negotiable instrument, such as a check, bill of exchange, or promissory note, and has the right to receive the amount specified therein from the payer.

For Deposit Only

An endorsement on a check specifying that the check must be deposited into an account and not cashed.