|
 |
Home >> Checks/Money Orders >> Checks You Received
Returned Check Confusion
A local check I deposited to my checking account on Feb. 4, was returned to my account on March 13. I pursued this with my bank. They in turn attempted to return it to the maker's bank as a late return. Apparently, the bank provided information that the item was returned in a timely manner. If this is the case, and the check still took more than four weeks to get back to my bank, who is responsible? I'm waiting to hear back from my bank, but I'd like to be prepared.
|
|
 If the return was timely, and there was a delay in delivery to your bank -- (lost mail, misrouting by an intermediate returning bank, etc.) the paying bank is off the hook, and your bank is off the hook. That means you're stuck, unless you are able to collect on the bad check. The remitter still owes you the money. If your bank botched the return of the check by failing to timely process the incoming return for example, your bank is at fault, and could be liable to you for your loss if you are not able to collect on the rubber check.
Published on BankingQuestions.com 4/13/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
