Why does the "insufficient funds" error appear in ATMs even though I have money in my SBI account?
Your cheque will be returned with the reason - Insufficient funds, where there are not sufficient funds in your account and similarly you may not be able to withdraw cash when you do not have sufficient balance in the accountNow you have money in your account; however, the message appears as - insufficient funds.01. The banker might have received some cheques on clearing or cheques tendered by some persons or the banker is in the process of debiting the account with some amount like loan repayments or standing orders for transferring the money to some other account etc., The system automatically blocks the necessary amount on due dates and as such the money requested is not delivered to you. through automated teller machines.02. You should have watch over your transactions, cheques issued, standing orders to be executed, loan amount transferred etc.,03. The banker might have debited your account erroneously by some amount thereby showing the error - insufficient balance. In such cases, you have to immediately contact the bank branch and should clarify your doubts without fail
Why is it that you need sufficient funds in your bank account to cash a check from a different bank?
Mostly everyone is not correct excepting the obvious that the bank maintains holder in due course protection vs the check cashing recipient so they can claim back the money if the check is returned.The answer is that advancement of funds from a cashed check is really an extension of credit. If you are not allowed to have the funds without waiting for the deposit to clear, then either the bank did not think you worthy of the credit extension or the amount was larger then the approving party whether a teller or manager in order to grant that however temporary extension of credit. Placing a hold on your existing balance as collateral mitigates the risk and likely makes the check cashing more easily approved by the staff following the stated policy.This is the answer especially when considering that a check can be returned like 30–60 days way after a check would normally clear anyway for stolen, altered, forged, or fraud. In these cases the bank would be holding the bag in its attempt to collect the funds from that person anyway
What are some of the ways to reverse bounced check fee?
Bounced (insufficient funds) checks are somewhat harder to get reversed. The fact that your financial institution bounced your check versus extending you credit and paying the check (and thereby extending you credit and creating a negative balance situation) suggests that you are either a new customer, a lower balance customer or not otherwise deemed credit worthy enough for the bank to pay your check (overdraft). You can always try to plead your case to a customer service representative on the phone (or in person is sometimes better) and if the item in question was small and/or it is not in your normal pattern to write checks for more than your balance you may reach a sympathetic ear. Customer contact personnel in most financial institutions have some (often limited by strict policies and guidelines to ensure fair and equitable treatment of all customers) small latitude to waive fees under a certain amount. If they won’t waive the full amount of the fee(s) ask them if as a goodwill gesture they will offer a partial waiver of the fee(s).The best way to be a good customer of the bank is to not overdraw your account, keep ample balances in your account at all times, maintain several accounts with the bank (loans, credit cards, checking, savings, CDs, etc.) to show that this is your primary bank, stay as a customer for multiple years, etc. Your odds of successfully negotiating a fee reversal increase if you are proven yourself to have been a good customer.
What does "Reverse check paid" in my bank account mean?
If you don't have an overdraft line of credit attached to your checking account and can't pay funds out if your account goes negative, the bank re-credits your checking account in the amount of the bounced check and reverses the deposit from the recipient's funds too. The meaning of the "reverse check paid" is exactly what is sounds like, they reversed the payment from your account because of insufficient funds. Your landlord may just not have seen the reversal in his account yet. Since he already deposited the check, he probably assumed he had the funds. Your bank will probably be mailing your check back to you and charging you an insufficient funds fee. Or, your landlord's bank will try re-presenting the check to your bank - banks can do this up to 3 times. Just get the $850 into your account asap, so you don't go negative if the payment is made. You will have to make sure that money is in your account to cover the check and re-send your landlord another rent check. Either way, double check with your bank and your landlord and you will be able to figure it out.
DOES BANK OF AMERICA RE-SUBMIT RETURNED CHECKS TWICE?
Whether to redeposit a check or not is the depositor's choice. Bank of America will not automatically redeposit the check. Howerver, the depositor (the one you wrote the check to), may redeposit the check as soon as it is mailed back to him by Bank of America. If you do not want him to do this (or if you do), then you would need to speak with the person you wrote the check to.
How do stop payments on checks work when you deposit by ATM or electronically (eg mobile deposit)?
When the check you deposited attempts to clear the paying bank, that is, the bank where the funds are being held, computers attempt to match your deposited item with active stop payments. This will be true even if you and the person that wrote the check use the same bank. Typically, the system will look for a match on account number, check number, and dollar amount. If enough parameters are met, the system will either reject the check automatically or it will alert someone at the paying bank to review the item. It is standard practice to have a person review all suspected stop payments (where a check matches some or all stop payment information) because stop payments generally cost around $30 USD or more. Since a customer paid for a service it makes sense to give these checks a review. Also, there is a high level of risk to the bank when dealing with stop payments. If they pay the item and they should not have due to the check matching certain criteria from the stop payment order, they will probably have to take a loss and pay the amount of the check to the person who requested the stop payment. The checks typically process at night and the review normally happens the next morning. The review can help because the date the check was written and the payee can be compared with much greater accuracy by a human than a computer. The bank employee is comparing the stop payment request they received against the actual item to determine is it should be stopped or not. There is an element of judgement involved. It might match on dollar amount, but was written to a different person so it is probably not a match and will be allowed to process normally. When there is enough confidence to stop the check, the person or bank system will block the funds from leaving the customer's account and send a notification to your bank that the check is being returned due to a stop payment. The amount of the check will be subtracted from your account, and your bank will almost definitely charge you a fee. The fee is for a Returned Deposited Item. If you do not have enough funds in your account, your bank will overdraw (take to a negative balance) your account and then you will have other issues to deal with. So in the end, stop payments are handled the same, regardless of how you deposit the check.
Why would my landlord want a cashier's check instead of a personal check?
There are a number of ways that a personal check can be bad and thus be dishonored, with the recipient (landlord in this case) not receiving the funds. Here are some of the ways:Check is a totally made up fake, no such bank or account ever existed.Check is drawn on closed account.Check was stolen from another person by this tenant.Account from which the check was drawn has insufficient funds.Stop payment order issued for that check.So those are lots of good reasons for a landlord to not accept any personal checks.A cashier's check can also be a complete fake, so the landlord could still be burned by that. And although a stop payment order cannot be issued for a cashier's check, a cashier's check can still be reported as lost or stolen; so there could be a headache for the landlord should this occur.Here is an article that does a good job of discussing cashier's checks:Cashier's Check: Everything You Need To Know | BankrateIf this is a new tenant, the landlord accepting a personal check that is bad stands to have to evict the tenant when the landlord has not really received any money whatsoever from that tenant - so expect that any payments required to move in will not be accepted in the form of a personal check.
If someone stops payment on a check, can the check be cashed by the original recipient later?
Usually checks can be presented for payment twice. After the second presentation, the check is stamped with a big black star, which effectively kills it from then on.