I wrote a check and had insufficient funds in the account, which I didn't know at the time, and the bank sent the check to the collector. The collector resent it, though I still don't have enough funds yet to cover it, and my bank put a hold on it, so I put a stop payment on the check that same day. Was that the correct thing to do until I can get the funds into my account?
If your goal is to prevent the check from being presented against your account yet another time, incurring a third set of fees, it may have been a wise move to stop payment. However, try to get a deposit into the bank soon to cover your short balance. Then contact the payee of the check and offer to replace the check with cash or a money order. The payee probably won't take kindly to a suggestion that the check be deposited a third time.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
If your goal is to prevent the check from being presented against your account yet another time, incurring a third set of 