What happens to me if i cash a check from someone and that check turns out to be bad, do i need to pay back?
Answer: If you DEPOSIT the check into your checking account, the bank will deduct the money out of your account and will (most likely) charge you a fee for depositing a bad check. For instance, Bank of America will charge you $5 for a "Domestic Returned Deposited Item".
If you CASHED the check at your bank (rather than depositing it), you will still be liable for the amount of the check. They will first pull the money out of your account(s), and if they doesn't cover the costs, they'll come after you legally.
If you cashed the check at the OTHER person's bank, the other person will be liable for the bad check. But before they cash the check, the bank will probably check their account to make sure they have enough money in the account before they hand over the cash.
Yes. Plus penalties and fees.
Depends on bank policy, and policy of the person/business to whom you write the check. If bank cashes it, you will owe them a negative balance plus a fee for being overdrawn, and perhaps a recurring overdraft fee for as long as it's overdrawn. If the bank does not honor the check, then you will owe the recipient the amount of the check plus whatever fee they charge.
Many states have cold check laws that can prosecute and jail you for fraud if you do not make good. So I advise you to make good.
If you cashed it at that person's bank, they will go after the one that wrote the check. If you cashed it at your bank you are responsible.
The bank will deduct the amount of the check from your account plus an insufficant check fee, usually like $25. But if you call customer service and explain what happened you can usually get the fee waived.
If the check bounces then yes...you will be responsible for the amount and the fees the bank charges for the check bouncing, and sometimes a returned check fee.
Generally, yes. However, if your endorsement includes "without recourse" you would not be liable -- and you probably would have great difficulty cashing the check.
sorry you must pay the the bank back unless there is enough funds in your account to cover the amount of the check,after which it will be up to you to recover the amount of the check and any bank fees and any court cost if it comes to that, you might be able to retrieve up to 3 times the amount if the court allows check with your local DA and find out. and good luck.
yes you do - if you deposited it in a bank they will come after you or ruin your credit and make it impossible for you to ever open a checking or savings account . If a store cashed it you need to pasy them back too . If a friend cashed it you need to him/her. You are stuck -period end of story
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