Hi i received a cheque for something i sold on the internet and i have a doubt that maybe the cheque will bounce. the cheque is for £120. Could you tell me if i will receive any fines if the cheque does bounce or if i should return the cheque. I am in the UK. Thanks
2007-08-20 01:37:28 · 11 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Not a fine - but there is usually a charge associated - £5-£10.
2007-08-20 01:41:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You won't be fined if the cheque bounces, all your bank will do is take the £120 back out of your account so make sure the cheque has cleared and been paid to your account before you even think about sending the item to the buyer.
2007-08-20 01:42:42 · answer #2 · answered by ChocLover 7 · 1⤊ 0⤋
If you still have the goods hang onto them until you get the clearance. You could always have the cheque express cleared. It will cost but you will not have to wait to find out if it will bounce. The other thing to remember is if the person sending the cheque has it bounced it will cost them so it is less likely to occur for small amounts as that cost can be significant, though coming down at the moment.
2007-08-20 01:47:23 · answer #3 · answered by Alan F 3 · 1⤊ 0⤋
well for a start why do you think the cheque will bounce, if it's a cheque from a direct debit account usually if the person who sent it doesn't have enough money in their account it is still taken out and they are the ones in trouble for becoming overdrawn, especially if they haven't been allowed an overdraft, if the cheque clears after 3-4 days then you are okay, my bank only takes about a day these days to clear a cheque much to my surprise, if the cheque is from the same bank account as yours (which I expect unfortunately it isn't) then the cheque will clear virtually immediately dOn't accept cheques for payment if you are worried about them supposedly bouncing, only accept paypal, good luck!
2007-08-20 01:50:50 · answer #4 · answered by Rainbowz 6 · 1⤊ 0⤋
You will not incur any costs at all. But make sure that the cheque has cleared in your account before despatching the item. There are a lot of dodgy people out there but you should be fairly safe with £120.
2007-08-20 01:47:26 · answer #5 · answered by Emma B 3 · 2⤊ 0⤋
i sold a car on ebay for 1,500 gbp....the seller sent me a cheque for 7,500 and asked if i could return the remainder of the money as soon as cheque cleared . cheque cleared but the bank told me they were unsure of its authenticity. the next day the cheque bounced. the bank charged me 45gbp for the cheque bouncing . fortunately i hadn't sent the money back to the person who sent me the cheque. always beware of cheques sent to you on the internet . there are alot of scammers out there. however your cheque is relatively small.
2007-08-20 01:46:11 · answer #6 · answered by Anonymous · 3⤊ 1⤋
first u check the cheques identity through bank
if it is in condition of bounce than u can put a case against the buyer
the courtys of uk aere surely faster and the result will be in your favour
2007-08-20 01:44:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You will never know until you bank your cheque. Should the cheque bouce or not you have to take your chances!
2007-08-20 01:45:01 · answer #8 · answered by Anonymous · 1⤊ 0⤋
In the American banking system, most banks will charge you a fee if you deposit a check to your account an it bounces...even though it is not your fault! Best to go to the bank on which the money is drawn and try to cash it directly from that account (if that is possible). Otherwise it may wind up costing YOU money.
2007-08-20 01:47:22 · answer #9 · answered by Oblivia 5 · 0⤊ 1⤋
Make sure you don't release the goods till a week after it's cleared as they can be cancelled even after clearance as I found to my cost
2007-08-20 01:45:49 · answer #10 · answered by Anonymous · 1⤊ 0⤋