How long did it take to clear your checking account?
2006-06-20 04:23:44 · 10 answers · asked by metrogurl 2 in Business & Finance ➔ Personal Finance
Yes I had that happen yesterday. Telecheck is an electronic way of processing your checks, they send it through the computer and based on your banks routing number and your own account number it contacts the banks mainframe to verify that you have the amount in your account to cover the check you just wrote. it then puts a hold on the funds and you get your check back voided out. Walmart and a lot of companies are starting to do this now because of having problems with too many people writing bad checks that bounce like a rubber ball and then not being able to get in contact with them to collect funds that the store(s) were shorted. All in all it comes down to keeping the honest people honest, unless you live in a state where they have laws that if you write bad checks you can be arrested for it and proccessed for fraud.
2006-06-20 04:31:51 · answer #1 · answered by georgescomputers 2 · 0⤊ 0⤋
1
2016-10-19 10:51:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes, as most major merchants do, today. Almost all checks paid to merchants who are not mom and pop stores will be run thru the register and transmitted thru telecheck to see if they are good before the store honors the check. Might just as well use your debit card which does the same thing.
2006-06-20 04:26:15 · answer #3 · answered by theauburnian 2 · 0⤊ 0⤋
Telecheck is the system that alot of supermarket chains use to run checks through. It basically tells the clerk whether or not youu've had excessive hot checks or anything like that. Its standard, nothing to worry about.
2006-06-20 04:28:46 · answer #4 · answered by Whitney 2 · 0⤊ 0⤋
It should be instant like a debit transaction. Telecheck puts the hold on your account immediately and verifys funds.
2006-06-20 04:25:21 · answer #5 · answered by Dax 3 · 0⤊ 0⤋
Yes it just checks for fund availablily and insures that your account is not already in an overdrawn state before they take your check. It treats it like a debit card transaction.
2006-06-20 04:52:12 · answer #6 · answered by rjewell901 1 · 0⤊ 0⤋
Generally within 48 hours. It is like a credit card machine but only for checks, that is the simplest way to explain it.
2006-06-20 04:26:56 · answer #7 · answered by mama_wizard 3 · 0⤊ 0⤋
yes - in some places, the amount is debitted right away. the dental office my family goes to uses the same methods. they can usually give you back your cancelled check immediately after they run it through. that way it doesn't get sent to the bank anymore and the funds are available to the merchant right away.
2006-06-20 04:36:27 · answer #8 · answered by Q&A Monster 2 · 0⤊ 0⤋
Some places it takes a day but most places are instant.
2006-06-20 04:27:00 · answer #9 · answered by Hula Girl 4 · 0⤊ 0⤋
no
2006-06-20 04:28:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋