|
 |
Home >> Checks/Money Orders >> Checks You Wrote
When Will Account be Debited for Cashed Check?
I gave a $10,000 personal check to a friend . He deposited it with BofA two weeks ago. I only checked now, and saw that my checking account was debited for only $1000. I called my friend and he explained that there was an error and the teller processed $1000 instead of $10,000. However, they told him to come back within 48 hours. He told me he returned and was able to withdraw all funds without a problem, but my checking account is still debited at $1000. I know that BofA is aware of the problem. I am not touching the funds, but I am also afraid to initiate anything while they are possibly in the process of perhaps fixing it. My bank is different from BofA. Is BofA stuck and cannot request the additional funds? How did they give my friend the funds? It has been two weeks now. I am thinking to wait another two weeks then approach my bank, or am I just lucky to have received a bank bailout gift from BofA?
|
|
 The bank that encoded the dollar amount on the check would be responsible for absorbing the loss or passing it along to its customer if the paying bank (your bank) refuses to honor an adjustment claim. Such a refusal normally results only when the account the check is drawn on has been closed out and the paying bank would lose money if it honored the claim.
It takes time for adjustments like this to work their way through the system. In the meantime, leave the extra $9,000 in your account to cover the error.
Your intuition to take a hands-off approach for now is good, because you definitely don't want to have both banks jockeying for an adjustment. That would only cause confusion and could cause a much bigger mess, but you can be assured that the error will get rectified, even if it takes a while.
Published on BankingQuestions.com 10/15/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
