I recently deposited a check and after three days the funds cleared in my savings account. I drew on the funds and then the check was withdrawn from my account. My account is now overdrawn and I am repaying the deficit. Can the bank ask me to do this? Is it my fault or theirs?
If the bank gave you credit for a check you deposited, which was later returned to them unpaid, they will debit your account. You then have the responsibility to collect that money from whomever wrote you the check. If you spent the money in between the deposit and the return, yes your bank will request those funds in a lump sum, or payments.
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If the bank gave you credit for a check you deposited, which was later returned to them unpaid, they will debit your account. You then have the responsibility to collect that money from whomever wrote you the check. If you spent the money in between the deposit and the return, yes your bank will request those funds in a lump sum, or payments.
