Is it possible for the check to bounce?
2007-07-28 09:15:42 · 10 answers · asked by YO Mama 2 in Business & Finance ➔ Personal Finance
Yes.
If the Thursday check is presented for payment before the Friday check actually clears.
2007-07-28 09:20:07 · answer #1 · answered by fcas80 7 · 2⤊ 0⤋
Depends upon where you use the check. If it's at a Wal-Mart it will almost certainly bounce. Same for any other place that processes checks electronically. If you're putting it in the mail on Thursday it would be OK as long as the deposit was processed before the recipient processed the check. Local mail is often delivered the next day so it still possible to have it bounce if it's processed electronically.
2007-07-28 09:24:12 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes. It is called kiting and is illegal. The funds should be there when you write the check.
Of course many people do it. If you have to do this, try to post date the check for the Friday. This is particularly easy if you are mailing the check.
Checks once took days to clear because they had to be physically transported to the clearing house. Now it is mostly electronic. Some stores will run your check through a reader and hand it back to you right there. It has already been deposited and your account debited.
While is was rather easy to get away with this several years ago, it is becoming very risky and you should not try it. Don't forget, that deposit could very well be late.
2007-07-28 09:24:03 · answer #3 · answered by Anonymous · 2⤊ 0⤋
It depends on timing. Probably not, but, yes, it is possible. It also depends on your bank's clearing procedures. If they wait until the end of the day to decide o bounce checks, you're in good shape. If the deposit is coming in as direct deposit, and it posts as cleared funds first thing in the morning, you're in good shape. If you are depositing a check and the bank puts a 2-day hold on it, you may have a problem.
2007-07-28 09:23:16 · answer #4 · answered by Ted 7 · 0⤊ 0⤋
The same laws that allow for EFT (electronic check processing) also allow banks to IGNORE the date on the check, so all the folks who recommend post-dating are leading you wrong. Assume the money has to be there when the person you are paying gets the check-just about everything is EFT now.
2007-07-28 09:43:35 · answer #5 · answered by starrystarrynight 4 · 1⤊ 0⤋
of course -- it is called floating checks -- a lot of folks do it and most get by == but every once in a while something falls thru the cracks and they end up with a bad check and they blame it on the bank.
2007-07-28 09:20:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If the bank can find a way to charge you for insufficient funds, they will. You might consider getting overdraft protection on your account.
2007-07-28 09:21:33 · answer #7 · answered by $Sun King$ 7 · 0⤊ 0⤋
If it gets cashed thursday and you don' t have overdraft protection.
Probably not likely but possible - post date your checks to when you know you have the money.... its a crp shoot otherwise.
2007-07-28 09:21:00 · answer #8 · answered by intracircumcordei 4 · 0⤊ 1⤋
You willm ost likely be okay but what if the deposit does not pan out?
2007-07-28 09:19:53 · answer #9 · answered by charlotte q 2 · 0⤊ 1⤋
yes. if the person you wrote the check to goes to your bank & cashes it the same day...
2007-07-28 09:20:26 · answer #10 · answered by john p 3 · 1⤊ 0⤋