Re: Betting
Posted: Mon Feb 10, 2014 5:20 pm
Each bank has there own individual policies that are just a matter of course. However, each item may be handled per Federal and State banking laws with what is known as a "Reg CC" hold being placed on the check. It's been a while since I have looked at the laws but there are varying amounts that can be made available depending on the bank's policy. I also think there's an amount that is made available if a Reg CC is placed. It's a small amount. With a Reg CC hold it can be up to 10 working days before you see the funds in your account. If funds are made available immediately and for whatever amount it is a provisional credit. For specifics that govern a person's individual deposit account they should refer to the account holder statement. It list everything that can happen to the account from fees to holds to funds availability. Most people never read it and are shocked when something happens out of the "norm".MudHog wrote:Smoke68 wrote:You speak the truth. Back in my college days, I was working down at San Destin putting out beach chairs and umbrellas. I did a side job for a guy who built the chairs spending 2 weeks in a stuffy warehouse doing hard labor. He wrote me a check, and I used it to OPEN A CHECKING ACCOUNT. Think about how much trouble I was in after his funds came back insufficient. Every transaction I had made in the last 4 days ended costing me an extra $20. Needless to say, I was livid and so were my bosses on the San Destin side who dealt with this guy.Seymore wrote:Was it a check or draft? A check is pay on demand while a draft is paid only after the maker authorizes the bank to pay the funds once the check is the issuing bank's possession.
In the future I would not write checks on funds for checks where immediate credit is given. For instance your employer writes you a check for work for $10, you take that $10 check to your bank which gives you immediate credit on those funds, A couple days later the check comes back to the bank as insufficient funds and the bank takes the money out of your account, but you have already written checks or withdrawn money on that deposit, doesn't matter because the bank gave you provisional credit. This is just a rough example.
There are a million and one things that could have happened for why the check came back to Regions as not good. Regions is going to say it's not their problem why the check is bad and that you need to deal with whoever wrote you the check. That person or company could have filed bankruptcy, had their assets frozen by court order, had their checking account offset by the bank for a debt that person or entity owed, had a garnishment filed and the funds are frozen, had an IRS or State tax lien levied against their funds, and on and on. If it's for gambling there's no telling and I can see how it would be very easy to get stuck with a check like that.
I would demand direct deposit for all funds. If someone writes you a check and you are concerned about the possibility that it will come back then ask your bank to put a Reg CC hold on the check and send it for collections. This means you will not get immediate access to your money for several days but when they do give you credit the check will have been paid and you won't be in this spot again.
If you have any specific questions just PM me. I did this chit for 20 years and can probably track down an answer for you. If the check came from Canada or the Caimans then I can see how it would take that long to get back to the bank. That's international banking and it has a whole other set of rules and regs.
Long story short, never depend on a single check to make your balance be in the black. It can come back to haunt you.
Aren't fund immediate with a check only if you have the amount covered in the bank account? Meaning if you deposit/cash a check for $1000 and you only have $500 in the bank, you won't see $1000 available to you immediately because you don't have enough to cover it. In this case, the bank holds the funds until the funds are received from the other bank which also prevents lose of funds in an ISF scenario.