Checks and bouncing checks?

Question

If i were to deposit a check into my account and it bounced, when would i know if it bounced or not? Would i know it right then and there at the counter or would i find out later? If a check bounces, but the money was already credited to my account, would the amount be take away from my account?

Also, when would I be able to know when a check clears completely?

Answer 1

You wait till the check clears at the bank. Usually five working days or so. Ask your bank about it, but yes, I would certainly wait for it to clear before shipping anything away. The other options (all better  and safer than any normal check would be that he pays you through pay-pal or, even better, a money order (which he can purchase at the post office). A money order is pretty much like cash.

Answer 2

this all depends upon you and your bank.  Can you check your bank account via the internet?  Then, you should be able to check on a daily basis.  Other banks have texting services that will text your balance to you or email you everytime you have a change in your balance.  You need to discuss the terms of your account with your bank.  If you're worried about bouncing checks, you should see if you can get automatic transfers from your savings account whenever needed.  Also, you can ask about what type of overdraft protection that your bank may offer.  

Answer 3

It takes a few days and sometimes the bank will credit it to your account before it clears, then if you draw on that check and it bounces, the bank will hit you up for overdraft fees. Your best bet is it insist on cash or money order.

Answer 4

Usually it takes up to 5 days, maybe more. Sometimes if you ask, the bank will call the bank on which the check is written and check to see if the account has enough to cover the check. If the amount is fairly large, the bank might be willing to check for you. You could also ask the person to go online in your presence and show you their balance to prove they can cover the check. If this is someone you don't know, be very careful. Sometimes foreign people use phony money orders (a money order is usually considered safer than a check) and a few weeks later the bank tells you it was counterfeit and takes the money out of your account.