My business neighbor recently wrote me a check to pay for the water bill (we share the water bill) but my bank returned a copy of the check to me (NSF) and charged the $100 amount on the check and additional $5 fee. So I lost $105 from my account plus not receiving the $100 thats owed. It's my first time receiving a bad check. Is the bank supposed to do that? They also attached a substitute check policy along with the bounced check copy. How do I get the money back? And what actions should I take if my neighbor doesnt pay the amount he's owed? I dont want to pursue legal actions right away but its just difficult to contact him because he never answers his cell phone when I call him, and he rarely calls me back even if I leave a lot of messages. Thank you for helping.
2007-08-10 10:21:31 · 4 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
No, the bank shouldn't charge you for anything as long as you only deposited the check into your account. If that is what you did, his bank should should be sending him a letter saying that his check did not clear. You shouldn't have had to pay anything at all. If I were you, I would call your bank and find out why they charged you instead of him. If they refuse to refund you the money they owe you, I would change banks. If you can not get a hold of him, leave him a message of some sort and tell him that it is very important for him to call you. I would hate to see it have to go any further. You definitely need to talk to him about it.
2007-08-10 10:33:02 · answer #1 · answered by angelamc31 3 · 0⤊ 1⤋
I don't know all the mechanics of the banking system but I can tell you this: Bank of America charged me, I think, $10 when a friend of mine gave me a bad check. They did not take any other money from my account. I did have to get the 10 bucks back from my knuckleheaded, insolvent friend. His check was $700 and BOA just bounced that check back at his bank, Wells Fargo, all I paid was the $10. So yeah, if you deposit/accept a check and the check bounces the bank will charge you as well. It's like adding insult to injury, no?
2007-08-10 17:48:48 · answer #2 · answered by Thomas M 1 · 0⤊ 0⤋
Your neighbor owes you $105. His bank also will be charging him. You got off cheap. One of the local banks in my town charges $35 for a bounced check.
2007-08-10 18:07:35 · answer #3 · answered by Bibs 7 · 0⤊ 0⤋
Take your neighbor to small claims court.
2007-08-11 07:59:28 · answer #4 · answered by Gary 5 · 0⤊ 0⤋