I received an insurance check for home repairs and deposited it in an ATM. The funds became available after a few days and I withdrew the full amount of the check. However the check was reversed because the bank didn't endorse it. I have already paid the contractor and the bank is asking for the money back. I currently don't have it, but I understand that I am going to have to find a way to pay it back. Can the bank charge me with a crime if I can't pay it back in time? Is there any other way I can resolve this issue?
Your bank has a claim on at least part of the funds from the check. Paying the bank what it's due is the only way to resolve the issue, unless you're able to negotiate a settlement with the bank. Because state laws vary widely, its hard to say anything about criminal charges. However, the bank could attempt some form of legal resolution if it isn't made whole.
Published on BankingQuestions.com 5/08/08
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Your bank has a claim on at least part of the funds from the check. Paying the bank what it's due is the only way to resolve the issue, unless you're able to negotiate a settlement with the bank. Because state laws vary widely, its hard to say anything about criminal charges. However, the bank could attempt some form of legal resolution if it isn't made whole.
