What happens if I accidentally wrote some checks with insufficent funds and then made a deposit the next day?

Question

I just deposited 100 dollars into my checking account and the teller gave me a balance of $4.26. What happens now? Did the people that I wrote the checks to not get to cash their checks?

Answer 1

Depends on how quickly your payees cash their checks; if they merely deposit them, the bank just takes their word for it that the check is good until your bank returns it NSF (insufficient funds.) Since the banks post debits (deposits) before credits (returned checks), you *might* be OK.

On the other hand, if they go to the bank to cash it, you may be SOL (sh*t out of luck.)


modify) This can be an expensive habit; I recommend against it.

Answer 2

Perhaps some of the checks have not yet been presented for payment. You may owe the bank a fee for insufficient funds and if you wrote the checks to businesses, you may also owe them fees for bouncing a check in the first place. If you are going to play the float, only doing it when a check is being mailed; most people deposit checks very quickly, thereby effectively taking away much of your benefit from the float.

Answer 3

If you did the deposit after 2:00, then it will not post to your account until the following workday (Monday) if it was before 2, it should post tonight. You may want to call them to see if they tried to cash them. If she is only giving you a $4 balance, you may have been in the hole because of Insufficient funds charges. But, if you wrote them only yesterday, you should be fine. If they deposited them into their account yesterday, the check would have processed into their account last night, and then yours by tonight or Monday- unless you bank with the same bank- it could have try to clear and give you insufficient funds charges. Better call them and see.

Answer 4

The people you wrote the checks for aren't going to turn them in right away so as long as the deposit went in before the checks then you are good. Don't worry but I would just call your bank just to be safe.

Answer 5

If the deposit clears before all the checks do then no problem,but if checks cler before your deposit is available to spend then you will have a overdraft and probably a small fee to pay to the bank and bad check fees to pay to the recievers of those bad checks.The banks make alot of money off of this,you should not get in the habit of doing this.Why waste your money on dumb bank fees.

Answer 6

that depends on when they submit the check to their bank for processing. If you deposit cash in your account it will usually post the same day, checks usually take 1 or 2.

Answer 7

That could happen, deposits are not posted until 2:00pm the following day. Wrighting checks and then depositing the money in the bank is called "kiteing" and you could get into trouble with your bank.

Answer 8

Most banks will hold the cheques for 10 days, even if the funds are available. That would leave you enough time to make sure you have the funds to cover the cheque. It sounds like the cheque was cashed and the bank had overdrawn you account to cover the cheque.

Answer 9

If you deposited before 2 or your banks cut off time. The deposit should show the next day. It should show $104.26 if it is a local check. My bank does deposits, then debits.

Answer 10

soiunds like they cashed them and then the bank hit you with a fee. Get a statement from the bank, which will itemize everything and tell you if the checks were cashed. If this is a habit. Consider overdraft protection which sounds like you already have it