i got a check from my insurance agency, im not sure why so im debating wether to deposit it or not... if i deposit it on my bank of america account and it turns out it doesnt have any funds, will i be charged for it>??? how does it work? if so why would it be my fault if i got the check and all im doing is cashing it .. isnt it the company's fault for sending a check with no funds... but then it should have funds since its a big company and not a personal check. right??? what should i do ?
2007-08-22 13:33:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
A lot of insurance companies send dividend checks. It's basically profit that they have made through the year and by being a policyholder you have stock in the company. You should call them directly if you have any questions, or deposit the check and wait 10 days for it to clear. I hope this helps.
2007-08-22 13:42:22 · answer #1 · answered by Just me 2 · 0⤊ 0⤋
There are two conservative avenues -
1. If possible take the check to the bank it was written on and present it for payment at the teller during legal banking hours. In the event that there is a problem the bank will tell you - if they cash it and there is a problem later it is their problem to collect from the maker of the check.
2. Deposit it in your B of A account and don't spend that amount until you confirm that the check has cleared B of A. The teller can tell you when the funds post to your account. If the check is NSF (Not Sufficient Funds) my B of A account does not charge me for that condition. The charges go to the person who wrote the check (the maker).
2007-08-22 21:05:37 · answer #2 · answered by Mordecai Jones 3 · 0⤊ 0⤋
Cash the check or at least deposit it. Yes, a business like that would have funds to back it up.
2007-08-22 20:41:55 · answer #3 · answered by Irish 7 · 0⤊ 0⤋