I cashed a personal check today from a friend and later found out that its going to bounce. My bank said I'm going to get charged her fees and EVERYTHING! Is that right? Or did they not understand?
2007-06-01 19:21:28 · 10 answers · asked by The Tiffy 1 in Business & Finance ➔ Personal Finance
Yep, that's right. It's not their fault that your friend can't cover her check. You won't be charged HER fees, but they will charge you about $10-20 for the returned check. I know, not fair. It's happened to me as well. In any case, you'll have to take this up with your "friend."
2007-06-01 19:27:13 · answer #1 · answered by 1M9 6 · 0⤊ 0⤋
You probably will have fees because your bank will have to reprocess it - but it may only be $5 - it wont be like hot check fees that stores usually charge.
I used to sell Stampin Up and every once in a while would get a bad check from someone at a party - they only charge $5.
Now - you could tell your friend they charged you more and make her pay you an extra $10 for your trouble.
What if that would have made some of your checks short because the deposit didnt go thru or something! Its a pain - but hopefully wont cost you too much! : )
2007-06-01 19:27:02 · answer #2 · answered by mollylollypop 2 · 0⤊ 0⤋
They understand but it is your responsibility since it is your bank account. The bank has to process the bounced check so they charge you for it. The banks are really cracking down these days because there are a lot of people trying to pass counterfiet and bad checks by using a 3rd persons bank account. If I were you I would make your friend pay you back for the fees.
2007-06-01 19:34:23 · answer #3 · answered by GEE-GEE 5 · 0⤊ 0⤋
Yes, that's correct. You are responsible for any items deposited to your account or cashed by you.
You would have a claim against the person who wrote the worthless check for the value of the check and any fees charged by your bank and you could probably add your own "bad check fee" to any recovery from your "friend."
2007-06-01 19:35:19 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You are charged a fee for deposits that are returned. If you have checks bounce as you wrote checks based on your belief you had funds, you will be responsible for those fees. Your friend should pay you in CASH for all fees you incur.
2007-06-01 19:53:00 · answer #5 · answered by Gatsby216 7 · 0⤊ 0⤋
Sorry no such thing as free. The landlord has a different bank than you. Just because he deposited the checks doesn't mean they have cleared your accounts yet. Sometimes this process can be slow. And if the checks later bounce this will cost you a lot of headache! Without money transfer you have not paid the rent it aill eventually catch up to you. Sorry no free rent!
2016-05-19 01:34:04 · answer #6 · answered by ? 3 · 0⤊ 0⤋
If you cashed the check and it bounces, yes you will have to "pay back" the amount of the check plus any fees that your bank may charge you. Thats if your friends bank refuses to fund the check.
As to your friend, she might have to pay an overdraft fee and or an insufficient funds penalty plus the amount of the check.
Good Luck
2007-06-01 19:28:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes you will be held responsible. I suggest you get things straight with you so called friend. They need to honor the check as soon as possible. Bottom line is that you presented a check to the bank and you are responsible. Sorry......
2007-06-01 23:05:54 · answer #8 · answered by wph00 4 · 0⤊ 0⤋
You will be charged by your bank for cashing, or depositing the check. It's up to you to re-coop the charges from your "friend".
2007-06-01 19:27:37 · answer #9 · answered by badbill1941 6 · 0⤊ 0⤋
Normally, you accept a check without recourse: if it's bad, you are on the hook to the bank, and the maker is on the hook to you. The maker of the check should reimburse you for all costs incurred by you arising from its insufficient funds.
2007-06-01 19:32:03 · answer #10 · answered by Anonymous · 0⤊ 0⤋