I deposited a cheque someone gave me. Then I withdrew money against these funds. Then the cheque bounced and the bank wants me to repay the debt and has suspended my account until I do so. However they did not informed me promptly as the first cheque was fraud, ever though they still allow me to withdraw money.
2007-03-26 10:38:36 · 8 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The bank has no duty to verify the validity of a check that you deposit, nor to check that the paying account has sufficient funds to cover the value of the check.
You are responsible for the checks you deposit. That’s because you’re in the best position to determine the risk – you’re the one dealing directly with the person who is arranging for the check to be sent to you. When a check bounces, the bank deducts the amount that was originally credited to your account, and if you don't have sufficient funds (because of withdrawing them), you are going to be responsible for paying them back.
2007-03-27 07:54:56 · answer #1 · answered by Matti 4 · 0⤊ 0⤋
The bank was providing you with a service. Presumably, you had more money in your account than the value of the dud cheque otherwise I find it hard to believe they would let you withdraw money which would take you over your limit. If they did, as a gesture of goodwill, perhaps, it does not prevent them from reclaiming their money (not yours) once the cheque is shown to be bad. Sometimes, it takes a while for a professionally created cheque to be identified as a fraud so these things can take more than a few days.
2007-04-02 12:03:59 · answer #2 · answered by michael w 3 · 0⤊ 0⤋
The technical answer is that your bank acted as your agent in collecting the funds for you. If the cheque was fraudulent, they collected no money for you and as any funds you drew against the dud cheque were in fact borrowings you took from your bank. Therefore and quite reasonably, they want their money back.
2007-03-26 17:43:58 · answer #3 · answered by Finbarr D 4 · 1⤊ 0⤋
You'er screwed.
You should have waited for the check to clear BEFORE withdrawing the funds. When the bank gave you the funds, they were advancing money that THEY didn't have, anticipating that the check would cover it.
The check didn't.
You owe the money to the bank.
Now, you DO get to sue the person who gave you the check. Some states allow you to sue up to THREE TIMES the face value of the check PLUS attorney's fees, interest, and court costs.
So you might actuallty MAKE money.
...unless this is one of those Nigerian scams...
...then yhou are screwed...
2007-03-26 17:45:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you should have waited until the cheque cleared and get conformation it only takes a week max.
if you desperate borrow a few quid from a friend or family you've only got your self to blame really
2007-03-31 02:01:15 · answer #5 · answered by MILL 3 · 0⤊ 0⤋
Hi,type in bank charges there is people who will help & advise you.Good Luck
2007-04-02 16:45:52 · answer #6 · answered by Ollie 7 · 0⤊ 0⤋
the bank has jumped in with both feet and your checkmated
2007-03-31 14:57:39 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋
Sorry but the resposibility is yours.
2007-04-02 15:25:10 · answer #8 · answered by kif 3 · 0⤊ 0⤋