|
I recently found a -130.00 entry while checking my bank account
balance online. I called them and they said they had done an audit and
a check from 1 year and 8 months ago!!! had bounced. So, they took the
money back. Isn't there a time limit to this sort of thing??
|
| |
| |
In article <d635c509.0409281039.6e4cada0@posting.google.com>,
fred <fsimmons@gmail.com> wrote:
I recently found a -130.00 entry while checking my bank account
balance online. I called them and they said they had done an audit and
a check from 1 year and 8 months ago!!! had bounced. So, they took the
money back. Isn't there a time limit to this sort of thing??
Had you made a $130 deposit about that time? Ask for documentation,
such as the bounced check. And don't do this with customer
lack_of_service on the phone. Go in and talk to the branch manager,
and if your usual dress is beat up jeans and a T-shirt, dress up a ways
so the manager won't make an assumption from your looks.
If they can't show you the check and you had no such deposit around that
time, ask for an apology and the money credited back. If there is at
least some doubt, they MAY give it to you as a good will gesture.
--
Rich Greenberg N6LRT Marietta, GA, USA richgr atsign panix.com + 1 770 321 6507
Eastern time zone. I speak for myself & my dogs only. VM'er since CP-67
Canines:Val, Red & Shasta (RIP),Red, husky Owner:Chinook-L
Atlanta Siberian Husky Rescue. www.panix.com/~richgr/ Asst Owner:Sibernet-L
|
| |
| |
If it's from 1 year and 8 months ago and you did in fact make the transaction,
then you are liable for it.
It's not often that retail banks catch and correct an error from more than six
months ago. Nonetheless by law they are allowed up to seven years.
The IRS is very well known for taking full advantage of the seven year
statuate. At the bank I work for, we have clients come in every May and June
screaming that their tax refund check from five or six years ago had been
backdrafted from their account and returned to them due to an improper
endorsement.
|
| |
| |
Probably a good idea, for larger amounts I'd do it in writing.
In article <d635c509.0409281039.6e4cada0@posting.google.com>,
fred <fsimmons@gmail.com> wrote:
Had you made a $130 deposit about that time? Ask for documentation,
such as the bounced check. And don't do this with customer
lack_of_service on the phone. Go in and talk to the branch manager,
and if your usual dress is beat up jeans and a T-shirt, dress up a ways
so the manager won't make an assumption from your looks.
If they can't show you the check and you had no such deposit around that
time, ask for an apology and the money credited back. If there is at
least some doubt, they MAY give it to you as a good will gesture.
--
Rich Greenberg N6LRT Marietta, GA, USA richgr atsign panix.com + 1 770 321
6507
Eastern time zone. I speak for myself & my dogs only. VM'er since
CP-67
Canines:Val, Red & Shasta (RIP),Red, husky
Owner:Chinook-L
Atlanta Siberian Husky Rescue. www.panix.com/~richgr/ Asst
Owner:Sibernet-L
|
| |
| |
So what happens if you've pulled all your money out of the account when the
6 year old 'backdraft' takes place, and it puts your account in the red.
Would the bank try to charge for overdraft? What happens if the account is
closed?
If it's from 1 year and 8 months ago and you did in fact make the
transaction,
then you are liable for it.
It's not often that retail banks catch and correct an error from more than
six
months ago. Nonetheless by law they are allowed up to seven years.
The IRS is very well known for taking full advantage of the seven year
statuate. At the bank I work for, we have clients come in every May and
June
screaming that their tax refund check from five or six years ago had been
backdrafted from their account and returned to them due to an improper
endorsement.
|
| |
| |
So what happens if you've pulled all your money out of the account when the
6 year old 'backdraft' takes place, and it puts your account in the red.
Would the bank try to charge for overdraft?
What happens if the account is closed?
YES, the bank will charge you an overdraft if the backdraft puts your acct
negative, which by the acct agreement you signed (when you signed the signature
card) they are entitled to do.
If the account is closed, the bank will reopen the account with a negative
balance. You'd then get a letter from the bank informing you that you now owe
them the amount of the check, plus their return item charge, and most banks
have a separate charge for closed acct activity handling since there's several
extra steps involved. And if you don't pay it, it becomes a charge off bad debt
on your consumer reports, both credit and chexsystems.
Sometimes if the acct is closed the bank may send it back to the IRS, but that
is extremely rare. In that case, the IRS would pursue collection from you
directly, either with a levy of some kind or with a garnishment. But again it's
very rare that route is taken.
|
| |
| |
sounds like we all need to start writing "void after 60 days" under the date line
maybe check companys can even print it there if requested
|
| |
| |
RobATL1711 wrote:
So what happens if you've pulled all your money out of the account when the
6 year old 'backdraft' takes place, and it puts your account in the red.
Would the bank try to charge for overdraft?
What happens if the account is closed?
....
If the account is closed, the bank will reopen the account with a negative
balance.
That, they probably cannot legally do. They can demand payment, but
they
can't reopen the account. Furthermore, I doubt they can put the debt
on your credit report without an adjudication.
|
| |
| |
RobATL1711 wrote:
It's not often that retail banks catch and correct an error from more than six
months ago. Nonetheless by law they are allowed up to seven years.
Do you know what kind of errors can be corrected that late under the law
? There is a 11 day time limit for returning checks due to NSF or stop
orders.
I can see the law allowing fraudulant checks to be back charged for 7
years.
But it is very surprising that merely a faulty endorsement, even if the
check was deposited to the account of the correct party, allows the
payee (IRS) to backdraft the check. If that is true how come we don't
find private companies diligently checking all endorsements and
backdrafting all checks with any error in the endorsement (eg illegible
signature) ? This is bound to be true of a significant fraction of all
otherwise valid checks.
Did the receipient in the cases you knew about deposit the check in a
incorrectly titled account (eg refund check is joint and check was
deposited into husbands account only) ?
|
| |
| |
That's an interesting comment. Are there any problems with writing "void
after XX days" on a check? Will some places refuse the check if that's on
it? I'm talking about average Joe using checks in the supermarket or
mailing to the DMV or whatever.
sounds like we all need to start writing "void after 60 days" under the
date line
maybe check companys can even print it there if requested
|
| |
| |
2000man@wongfaye.com (2000man@wongfaye.com) wrote:
sounds like we all need to start writing "void after 60 days" under the date line
maybe check companys can even print it there if requested
And the bank will completely ignore that line.
|
| |
| |
"Falky foo" <falkyfoo@bonksbcglobal.net> wrote in message news:<RvG6d.21580$QJ3.15026@newssvr21.news.prodigy.com>...
That's an interesting comment. Are there any problems with writing "void
after XX days" on a check? Will some places refuse the check if that's on
it? I'm talking about average Joe using checks in the supermarket or
mailing to the DMV or whatever.
The bank's free to ignore it and clear the check anyway.
If the bank does return the check, you still owe the money, and you'll
have to deal with a creditor who's put out by having to handle your
returned check.
It won't deal with the OP's problem, which is that the bank turned up
a bounced check on audit. Language that purports to make a stale check
void won't help in that situation.
--
Not a lawyer,
Chris Green
|
| |
| |
"Falky foo" <falkyfoo@bonksbcglobal.net> wrote in misc.consumers:
That's an interesting comment. Are there any problems with writing "void
after XX days" on a check? Will some places refuse the check if that's on
it? I'm talking about average Joe using checks in the supermarket or
mailing to the DMV or whatever.
Banks typically read only the amount and account number when
processing a check. This is why they reserve the right to return or
process stale checks at their discretion, i.e. ignoring the date.
Writing "void after 60 days" may make the check legally not a check
at all. I'm very hazy on this point, but the Uniform Commercial Code
(law in nearly all states) is incredibly detailed on what
constitutes a check. As I recall from discussions on
misc.legal.moderated -- though, again, I might well be wrong --
writing certain sorts of things on a check can make it legally a
different type of instrument and not a check any more.
Not that it matters in practice -- if it looks like a check, a bank
will virtually always process it like a check.
--
Stan Brown, Oak Road Systems, Tompkins County, New York, USA
http://OakRoadSystems.com
A: Maybe because some people are too annoyed by top-posting.
Q: Why do I not get an answer to my question(s)?
A: Because it messes up the order in which people normally read
text.
Q: Why is top-posting such a bad thing?
|
| |
| |
On Wed, 29 Sep 2004 22:22:10 -0400, Stan Brown
<the_stan_brown@fastmail.fm>
"Falky foo" <falkyfoo@bonksbcglobal.net> wrote in misc.consumers:
Banks typically read only the amount and account number when
processing a check. This is why they reserve the right to return or
process stale checks at their discretion, i.e. ignoring the date.
Writing "void after 60 days" may make the check legally not a check
at all. I'm very hazy on this point, but the Uniform Commercial Code
(law in nearly all states) is incredibly detailed on what
constitutes a check. As I recall from discussions on
misc.legal.moderated -- though, again, I might well be wrong --
writing certain sorts of things on a check can make it legally a
different type of instrument and not a check any more.
Not that it matters in practice -- if it looks like a check, a bank
will virtually always process it like a check.
I'm not saying it means anything at all, but I have been given checks
that read "Void After 90 Days".
In fact, my most recent paycheck says "Void After 180 Days".
Maybe it doesn't mean anything, but it seems to be common enough
practice..
--
There's no way to delay that trouble comin' everyday
|
| |
| |
Mike Z. Helm <mhelm@not.known> wrote in
news:k2fpl0h8qfln1o15q4tgb8t8gkcdhigqud@4ax.com:
I'm not saying it means anything at all, but I have been given checks
that read "Void After 90 Days".
From the few times I remember reading the T&Cs in that much detail, at
least some banks require you to make arrangements for this in advance; i.e.
they won't look at each check to see if you've written it on there, but if
you worked it out with them ahead of time and have the checks preprinted
that way, they'll add the 60/90/180/whatever days flag to your account.
In fact, my most recent paycheck says "Void After 180 Days".
That's pretty common, since I've had occasions where an old check turned up
that I had misplaced. (small commission checks or $5-$10 reimbursements,
etc.) Once the check is that old, it's easier for them to reissue it if
they can simply verify that it hasn't been cashed and it's past the "Void
After" date, rather than having to issue a stop payment on the original
first.
A few guys I've worked with even sat on these checks intentionally until
they had a fair amount tied up in stale checks, (60 days until void at that
company) then had the whole mess reissued as a single check. The company
discouraged it due the accounting hassles, and eventually just started
adding these amounts onto the regular paychecks.
|
| |
| |
On 01 Oct 2004 06:24:17 GMT, "Joe Bramblett, KD5NRH"
<kd5nrh@yahoo.spam.com>
Mike Z. Helm <mhelm@not.known> wrote in
news:k2fpl0h8qfln1o15q4tgb8t8gkcdhigqud@4ax.com:
From the few times I remember reading the T&Cs in that much detail, at
least some banks require you to make arrangements for this in advance; i.e.
they won't look at each check to see if you've written it on there, but if
you worked it out with them ahead of time and have the checks preprinted
that way, they'll add the 60/90/180/whatever days flag to your account.
That's pretty common, since I've had occasions where an old check turned up
that I had misplaced. (small commission checks or $5-$10 reimbursements,
etc.) Once the check is that old, it's easier for them to reissue it if
they can simply verify that it hasn't been cashed and it's past the "Void
After" date, rather than having to issue a stop payment on the original
first.
A few guys I've worked with even sat on these checks intentionally until
they had a fair amount tied up in stale checks, (60 days until void at that
company) then had the whole mess reissued as a single check. The company
discouraged it due the accounting hassles, and eventually just started
adding these amounts onto the regular paychecks.
I was issued a withdrawal check from a 401k plan and took 6 months to
cash it. It was too small to bother with, I thought. I don't think
this is how it's supposed to work, but since I took so long to cash the
check, I had built up a few dollars in interest in the 401k and they
issued me a check for that. That time though, they didn't allow
interest to be built up.
--
There's no way to delay that trouble comin' everyday
|
| |
| |
|
