I am responsible to pay the bank for the bad check that they have cleared?

Question

Before I withdrawn the money I called the bank to verify if the check was valid and if came from a legitimate company and they said yes, therefore, I assume I can go ahead and withdraw the money. Am I accountable for this and they did not inform me of any possibility of fraud check???

Answer 1

your responsable for your own banking activites even if you are mis- informed

Answer 2

Yes. If you withdrw the money, and th check turns out to be bad, the bank will not credit you for the check amount.

But normally you will not have the funds available for withdraw until the check clears.

However, if in the very rare case a check clears and then the bank goes back and says it turned out to be fraud, you are responsible for returning the amount to the bank.

Answer 3

You are responsible. I just had this happen to me. I got a cashiers check and it looked legitimate, I took it to the bank and they posted it to my account. About 7 days later they called me and said the check was counterfit and that any money I spent, I would be responsible for.

My advice don't spend any of the money until you know for sure that it has cleared both banks, yours and the one where it was drawn from.

Answer 4

Sorry, pal - you're in the hole for this one. The bank can charge you back and go for collection if the check turns out to be NG, even if they cleared and cashed it.