Checking Account?

Question

Hello, if you have $106.70 in your checking account, and you buy items that totaled $74.61, that leaves you with $32.09 in your account...right? THEN, someone gives you a check that later, you fiind out is bad, and the bank charges my account -$60.00 in fee for the bad check, when i only have $32.09 in it. Now, my question is.. does the bank post the bad check b4 or after the items were bought? my statement shows that the bad check came in BEFORE the items that i bought, but they all came in on the same day and the bank posts from big to small first..

since the bank posts from highest to lowest, does that necessariily mean that the bad check came b4 the other items??

Answer 1

It is hard to say. Items will typically post in real time. With Check 21 most checks clear instantly. Odds are that the check cleared shortly after midnight and the rest is history.

Answer 2

You're making the assumption that it is somehow a "person" doing this. Understand that all of the information was scanned and is sitting in a computer file getting processed, and the file is sorted electronically largest to smallest before processing begins. It is a moot point whether it came in at 2:00 pm or 3:00 pm, processing starts at 8:00 after the feds dump the files out that were given to them by 6:00 pm.

Generally, banks post all of the debits (adds) to your account first, and then all of the credits (deletes) second.

All credits, whether a returned check fee, cleared check, get processed within milliseconds of each other.

Hopefully you can find the person who gave you the check that bounced and get them to pay all of those fees. In general, it is a good practice to let the checks clear (3 days) before you start writing checks off of them - this eliminates the problem you're now experiencing.

Answer 3

Hmm, I would say it doesn't really matter when all of it posted because you still didn't have the money in your account. It would be nice if the bank could tell you instantly if the check would clear or not the other person's bank, but thats challenging. Unfortunately, the banks charge big bucks to stop unfunded checks, and the person who gave you that check caught you in a bad situation.

Answer 4

Let me get this right: You received a check from someone and it bounced? $60 in fees sounds unreasonable! Go to your bank and ask to speak to a manager. If your record has been clean in the past, they just might reverse it. I hope you're using a credit union or a small town bank and not one of those "big name" banks who don't care about their customers. If they won't refund, ask them how badly they want your business. Good luck. Fight the good fight or take your business elsewhere!

Answer 5

Depends on your bank's policies. Have ALWAYS found that banks act in their own interests before yours.