Which endorsement signifies that cash should not be exchanged?

A restrictive endorsement is the correct choice because it specifically indicates that the item being endorsed can only be deposited or credited to the account of the person or entity specified in the endorsement. This type of endorsement typically includes phrases such as "For deposit only" followed by the account holder’s name. By doing this, it effectively prevents the cash from being exchanged or transferred to anyone else, ensuring that the endorser retains control over the funds while still allowing for deposits.

Other endorsements, like qualified, blank, or conditional endorsements, do not impose such strict limitations. A qualified endorsement allows the endorser to limit liability but does not prevent cash exchange. A blank endorsement simply transfers the check to whoever holds it, making it negotiable. Meanwhile, a conditional endorsement stipulates that certain conditions must be met for the endorsement to be valid, but it does not restrict cashing in the same way a restrictive endorsement does.