I live abroad and work with US firms paying me in private checks drawn from US banks. A few days after depositing each check, my bank pays me for it. However, I was told by my bank that a check can actually clear in the US bank from a few days after being sent to the US bank, to up to 5 years from issue(!!!), this means that a check can bounce even a few years after issue, in which case the sum i was paid would be taken out of my account, plus %interest. Can it be that international banking is so inefficient that my bank doesn't get acknowledged that the check was cleared, and the check can "stay in limbo" for years? Should i really worry for years, or a few months after depositing - i should be safe?
(To all those who answered my prev Q: Thanks! Your answers helped me ask my bank the right questions, and limit the unknown to this question only.)
2006-10-27
11:55:46
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2 answers
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asked by
not_a_wolfus
2