I deposited a check into a savings account. The bank held it for nine days. Once the hold was off, I withdrew some of the funds, only to be informed later by my bank that the check was counterfeit. Now I am paying the money back. Am I responsible for paying this money back?
Yes. Why should the bank accept a loss for money you deposited and later withdrew?
The hold period that banks apply is meant to allow time for a check to clear. Sometimes though, it doesn't clear within that time, or it gets returned after that by the other bank for some reason such as a forgery or a completely faked check.
The process gets reversed, step by step. You pay back your bank, and should try to recover your funds from whoever gave you the check.
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Yes. Why should the bank accept a loss for money you deposited and later withdrew?