A cashed check for roughly $2000 bounced. What do I do?
I recently was mailed a check for about 2000 dollars. I cashed it and sent the cash out to someone else to pay for other services. 3 days later Wells Fargo called and the check was bad. The person I got the check from has pretty much vanished off the face of the earth and I am now on the hook for $2000. I filed a police report. I am wondering if I have any other legal recourse or whether this person could be tracked down if he/she was using fake ID, fake bank accounts, fake phone, etc.
If I cashed a check at a bank, could it later bounce?
OAS CU is right when they say that you can take the check to the bank on which it is drawn and cash it without concern that it will later bounce or have a stop payment placed on it.But Tom is correct also. If you cash the check at your own bank or credit union, the check then needs to be presented to the bank on which it is drawn and the funds might not be there or there may be a stop payment placed. In that case, your bank or CU will take the funds back from you, either by debiting your account or by collection from you if the funds aren’t in your account.If you’re worried about it, go to the bank on which the check is drawn.
If you cash a payroll check and it bounces, what can happen?
“If you cash a payroll check and its bounces, what can happen?”Ah, well that depends on exactly what you mean by “cashing a check”.Because if you go to a bank or a check-cashing service, and you exchange your check for cash, both you and the bank or check-cashing service are said to be “cashing” the check.Now you’ve already said that the check bounces. That means that the party that accepted the check (i.e. the bank or check-cashing service) will have the amount of the bounced check deducted from their account along with the bounced deposited-check fee.Now they can pursue payment from both the party that presented the check (receiving cash in exchange) and the party on whose account the check is drawn.As a practical matter, they will probably pursue whichever one they think is easier to collect from. So if you presented a check from your employer, which is a business that’s actually listed in the phone book, they might call them up and say “What the heck is going on?”. If the business responds with “We’re really sorry, there was some kind of a screwup with some deposit we made two days ago, and you shoud be able to cash it tomorrow”, they may accept that and if it works out all right, they will go with that, but they might be reluctant to cash your payroll check in the future.OTOH, if it turns out that your payroll check is totally phony baloney, then they’re going to seek reimbursement from you… and you’re going to be liable for the amount of the check any additional fees that you have agreed to in accordance with ther terms specified by the bank or check-cashing service.
What happens if you cashed a bad check that you did not have knowledge of it being a bad check written to you from someone else?
If someone writes you a bad check and you deposit the check at the bank, or cash it at your bank you will be penalized. They will charge you a fee for the bounced check and it may take a couple days for it to reflect.Now if you cash the check via one of those check cashing places, a bank you aren’t a member of, or walmart, then I cannot be sure of what the end result is. It may take a couple days to find out it is a bad check, but I would imagine the location would have video of you cashing the check as well as your license number or something to identify you in the event they find fraud.If you are asking this in hopes of getting rich quick, it isn’t worth it. If you are worried about bad checks, insist on getting paid in cash.
How long does it take for a Bank of America check to get cleared? Is there a way to fasten the process?
Most of the Top Banks including the one mentioned in the question are pretty active in completing the transactions. Gone are the days when the banks used to send the physical check to the another bank (where the payer has a bank account) for manually verifying the signature and get the approvals.The previous process was very time consuming and expensive for the banks. Banks started using Core Banking and ACH system to speed up the process . Now better options are available as echeck or substitute checks.Most of the check transactions complete withing 24 hours . There can be few reasons for the delayCheck not submitted yet by the party that is supposed to be paidCheck is delayed in transit - Postal delayBanks internal Fraud detection team has flagged the transactionSome Banks don't support few industries they call them Prohibited or High Risk Industries.(Banks may take there executive decision any time and investigate deeper and deeper )apart from the above there can be few more reasons that can delay check actualisation.
Can I cash a check knowing it will bounce?
You mean to say you are aware of the reasons why the check might bounce;Still you should submit for clearance; because you are required to prove that you have attempted to clear the check within the reasonable time and it has failed; only then the law provides relief to you against the drawer of the cheque; without the check being actually dishonoured, the law will not consider your plea for relief against the drawer;thus it is mandatory that you send the cheque for clearing and let the cheque be officially marked as bounced for the reasons of ‘insufficient balance’;However, if you know that the drawer of the cheque is dead or declared bankrupt, then there is no point in trying to get it cleared; the bank will return the cheque with a different reason, rather than ‘insufficient balance’; then the cheque attracts the provisions of the Contract Act — impossibility/inability to fulfill the contract; your claim can be made against the property of the drawer or others belonging to him;
How long does it take for a check to clear at Chase Bank?
First of all you need to present a check with out any type of mistakes in the Chase bank for speed transaction.Free software such as http://bit.ly/ocwquora2019 helps you to print checks for speedy cashing and is absolutely free for first five transactions.For the eagerly waiting personalities regarding the clearance of the check, hours that take to clear a check really matters. The duration of a check getting cleared is depended on many factors such as the amount written on the check, customer’s relation with the bank etc. and hence it is quite subjective and not easy to predict.However according to the banking officials of United States, it takes approximately two business days for a deposited check to get cleared.Deposits that are made on an ATM machine produce a slip which clearly says when funds will be available. This helps the customer to contact the bank accordingly.Another major factor is the amount of the check where in some cases a portion of funds can be made available in a single day. For instance a bank makes available $100 or $150 of a $400 check and the balance of $300 will be made obtainable within two days.The scenario changes if the amount is more than $2000 and it will take more than eight to ten days. The pace of availability of fund is directly related to your healthy account balance and answers the question of “how privileged are you for the bank”. Please note that if you have low account balance and a history of over drafts it can take up to ten full working days.
How long does it take Bank of America to clear a check?
How long a heck takes to clear depends on many factors. How long your account has been open, the average balance of you account, how many checks of similar nature you deposit, how many times you have gone into the negative etc. based on that information a determination is made by the bank’s computer on whether or not it will require a hold on a check. If the decision is made to hold the heck, how LONG the hold is going to be is dependent on the check itself. If it’s a cashiers check from a reputable bank, the hold will be shorter (under 5k may not require a hold at al), where a personal check from Delaware May be held longer. They may also split up the check so you have access to some of your funds sooner. For example a $7500 check that has been placed on hold might give you $200 next business day, $5000 in three business days and the rest after five business days. This is done as a courtesy so you aren’t waiting for all of your money. It also reduces risk to the bank significantly.Mall of that being said, if NO hold has been placed in your check, your funds should be available the next business day. So if you deposit a check on Wednesday at 3pm you would have all of your check Thursday morning. If you were to deposit a check on Friday past the cutoff time, your check wouldn’t be available until Tuesday because Friday night, Saturday, Sunday and Monday are all the same business day! Hope that helps!