Banking question

[Alpo]

If I write somebody a check, and when it comes back to the bank I don't have enough money to pay it, the bank charges me a fee.

 

But if somebody writes me a check, and I deposit it in my bank, and when the check makes it back to their Bank and we find there is not enough money to cover it, would my bank usually charge me a fee for depositing that worthless check?

 

I got an email this morning from the bank. Warning about check fraud. And one of the things that said that I should never do is cash an unexpected check.

 

Now if I get a check in the mail from Timbuktu Realtors Incorporated LLC, who I have never heard of, but the check is made out to me for $100, and I take it down and deposit it in my account, and then 2 weeks later it comes back that account with Timbuktu does not exist. Well obviously my bank is going to take $100 out of my account.

 

And if I had cashed that check, when my bank finds out that it was a worthless check, once again they will deduct $100 from my account.

 

Just kind of wondering if they would slap some sort of fee on me for making them go through the process when there was no money involved.

 

I suppose I could actually ask my bank, but y'all are so much more fun to ask questions of.

[Marshal Mo Hare, SASS #45984]

Let me try to answer. Really could not figure what the real question was.

 

you write me a check with insuf. Funds. I try to deposit it.  No good! my bank whacks me $30 and bounces the check. Then I suspect your bank will collect a fee from you too.

 

as I understand it, the actual paper never moves anymore for domestic banks.

Edited March 25 by Marshal Mo Hare, SASS #45984

[Alpo]

Yeah, that was the question.

 

You write me a rubber check and I deposit it and it bounces, does my bank charge me? I know your bank charges you for writing it, but does my bank charge me for depositing it?

 

You said that yours would.

[Father Kit Cool Gun Garth]

I called my bank to get you an answer.
I started by asking them "I write a check on my account that has insufficient funds and...". She hung up on me! 

[Stump Water]

10 minutes ago, Alpo said:

You said that yours would.

 

They all do.

[Rip Snorter]

Rancher friend recently got a good sized check and was unable to determine the source.  He called his bank, and they couldn't determine the source, but told him there was no downside to depositing it as long as he didn't withdraw those funds.  We're talking about a real small town bank where people know each other.  Have to ask him about it when I see him Saturday.

[Seldom Seen #16162]

I can’t answer your question but another thing to be concerned about is whether you have sufficient funds in your account to cover the $100.00 after it has been deducted. Say for example you only have $80.00 in it. Without overdraft protection you will be charged a fee by your bank.

[Abilene Slim SASS 81783]

I deposited a check from a customer that bounced. (Honest mistake on his part). My bank notified me the deposit was void. I was not charged a fee, but my customer would have been for writing the check. 

[Mossy Horn Gent]

Lately, banks have been penalizing both the writer and the depositor.

[Abilene Slim SASS 81783]

How is a a depositor supposed to know ahead of time if a check is bad? How are they responsible for the other person? Sounds like a class action lawsuit to me. 

[Alpo]

I broke down and asked my bank.

 

 

>Good Afternoon,

If the check presented is from another individual, there is technically a $5.00 fee per presentment. However, this fee is waived.
If the check presented is one from yourself***, there is a $50.00 fee. I hope this clarifies any confusion or answers all the questions you may have.

Sincerely,<

 

 

Apparently in the bank's in-house rules and regulations, it says they will charge $5 fee, but they are not doing it. But since they do have it in the rules and regulations, they could do it.

 

 

 

***I'M GOING TO ASSUME HERE THAT THIS MEANS I WRITE A CHECK FROM AN ACCOUNT ON ANOTHER BANK FOR DEPOSIT IN THIS BANK

[Sgt. C.J. Sabre, SASS #46770]

8 minutes ago, Alpo said:

***I'M GOING TO ASSUME HERE THAT THIS MEANS I WRITE A CHECK FROM AN ACCOUNT ON ANOTHER BANK FOR DEPOSIT IN THIS BANK

Either that, or if you make one out to "Cash".

[Yazoo City Gal]

Each institution has its own rules and regulations in writing for your viewing pleasure.   

[Ozark Huckleberry]

In general, banks will not allow you access to funds deposited by check from another bank until those funds have cleared. 

 

In some cases, as a courtesy, banks will grant customers access to a small portion of those funds before the check is cleared -- the policy and amount varies from bank to bank, as does the policy of what is done if the depositing customer withdraws the courtesy portion and the check bounces.

 

The $5 charge for someone else's NSF check might be waived the first time, and maybe even the second. But I'm fairly confident that at some point the bank will tell you that you need to be more careful, and the fee will no longer be waived.

[Marshal Mo Hare, SASS #45984]

8 minutes ago, Ozark Huckleberry said:

 

The $5 charge for someone else's NSF check might be waived the first time, and maybe even the second. But I'm fairly confident that at some point the bank will tell you that you need to be more careful, and the fee will no longer be waived.

These days a $5 charge would be lenient.

[Ozark Huckleberry]

11 hours ago, Alpo said:

I broke down and asked my bank.

Wait . . . wha . . . ?

 

You researched your own question?