William's grandparents wrote him a check of $$5,000$ for his college education. On the back of the check, they write William's bank account number, his bank's name, and write "For deposit only."

How does this type of endorsement help William?

It helps ensure that the amount can only be deposited in William's bank account.

It helps William transfer the amount back to his grandparents using the same check.

It helps ensure that anyone in possession of the check can cash it$.$

It ensures that William can cash the check only at the bank where he has a checking account.