I received a check drawn from my same bank and branch for the purchase of my truck. My bank policy states one-to-three days hold to clear. I waited six days before using the money for my mortgage. On the seventh business, day they reversed the check putting my account in the negative. The bank has since prosecuted the guy who wrote the check, and he is back in prison for theft and fraud. How can they still hold me liable for the money when they did not follow their own policy and a court of law has held the other guy liable for the crime?
The transaction gets reversed and that includes the funds coming out of your account. Why should your bank absorb a loss because you did business with a crook? Your bank likely followed standard policies and in some cases banks are required to make funds available while there is still a chance the item will come back.
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The transaction gets reversed and that includes the funds coming out of your account. Why should your bank absorb a loss because you did business with a crook? Your bank likely followed standard policies and in some cases banks are required to make funds available while there is still a chance the item will come back.
