Question about bank account

[Toastedlightly]

I have a check that i put into the bank from a friend, and now the check amt was withdrawn, and it says " RETURN ITEM CHARGE - PAPER MN 04****". What does that mean?

 

[OulOat]

It means you don't have a friend anymore. In any case, clarify your story. Did you deposit a check that a friend wrote you and then your bank removes that amount from your account and hits you with a fee?

 

[KarenMarie]

I think it means that your friends check bounced and your bank charged you a few because it bounced!

:Q

 

[Toastedlightly]

Damn.... if I put cash into the account in the morning, how long til my account is credited?

 

[TrueBlueLS]

Sounds like your friend owes you for the check and the fee.

 

[RossMAN]

Your friend probably has insufficient funds and you will get reamed with fees.

Call your branch of account and speak with a someone in charge.

 

[KarenMarie]

Originally posted by: Toastedlightly
Damn.... if I put cash into the account in the morning, how long til my account is credited?

No, I don't think you understand...

Your friend gave you a check... you put it in your bank and they credited you the amount. When they went to take the money from your friends account, he did not have enough money to cover it. So, the back took the money back out of your account, and charged you a fee for the process....

You are not gonna get the check amount back, nor will you get the banks fees back.

sorry man.

 

[Toastedlightly]

I know, I just wrote a check that my ass can't cash, per se, w/o knowing that it had been taken back. I want to know if i can cover my ass (20 bucks over) by putting like 30 bucks in the bank. That is what I am wondering.

 

[KarenMarie]

yes... if you deposit cash before 3:00PM, it will be creditt your account the same day.

if it is after 3:00PM, it gets credited to your account the following day.



edit:

but dont forget to add enough to cover the fees that the bank is gonna take from your for your friend bouncing the check.

 

[n0cmonkey]

Yes. Cash goes in immediately.

 

[Toastedlightly]

I've already been docked 5 bucks, i am predicting more, but when do they do my bank account. Say if the company decides to cash it today, and i put money in today, am I effed?

 

[mugs]

Put the cash in and hope the person doesn't deposit it right away. If it's someone you know, call them and tell them to wait a few days.

 

[RossMAN]

Originally posted by: Toastedlightly
I know, I just wrote a check that my ass can't cash, per se, w/o knowing that it had been taken back. I want to know if i can cover my ass (20 bucks over) by putting like 30 bucks in the bank. That is what I am wondering.

Probably not since the NSF fee will most likely be more than $10.

Doesn't your bank offer 24/7 phone customer service?

 

[Toastedlightly]

Yea, its a wells Fargo. The check bounced i guess yesterday, and 5 bucks was taken out. Would that be the fee?

 

[KarenMarie]

banks have your Current Balance and your Available balance.

Hard to explain thru this medium...

ok.. let's say that you have $1,000.00 in the bank, and you deposit a check for $100.00 ... your Current Balance will be $1,100.00 but your Available Balance will still be $1,000.00 until the $100.00 check clears. Then your Available Balance will be $1,100.00... does that make sense?

If you put cash into the bank before 3:00PM it will credit to your account as Available Balance, cause there is no check to clear... if they tried to cash your check today, chances are it will not hit the clearing house until this evening.. so, you should be ok...

But in a case like that... you should always mention it to your bank manager... every morning, they get a list of accounts that have checks drawn on them that will overdraw the account... they then devcide whether to bounch the check and overdraw the account or put a hold on it, call the accout holder and give them until 10Am to come in and make a deposit to cover it.

Unless oyu have a good relationship with your bank manager... they will bounce the check... unless you tell them the situation up front..

And if your account gets overdrawn... that is more fees they will charge you... and the ppl who tried to cash the check, if it is a business, they will charge you too.

 

[gutharius]

Current balance reflects things pending. Available balance reflects bottom-line-bank-verified balance.

 

[TrueBlueLS]

Originally posted by: KarenMarie
yes... if you deposit cash before 3:00PM, it will be creditt your account the same day.

if it is after 3:00PM, it gets credited to your account the following day.



edit:

but dont forget to add enough to cover the fees that the bank is gonna take from your for your friend bouncing the check.

I don't know what crazy banking institution you're with. The one I work for and bank at has cash posted to your account immediately. You can come thru our drive thru, deposit cash, and still not bounce a check that's cleared at the end of the business day.

 

[gutharius]

OH and call your dang bank. This is not the place to be asking questions about Wells Fargo NSF fees and then making financial decisions based on the "soft" information you receive instead of calling wells fargo and getting "hard" information.

 

[tk149]

Originally posted by: gutharius
OH and call your dang bank. This is not the place to be asking questions about Wells Fargo NSF fees and then making financial decisions based on the "soft" information you receive instead of calling wells fargo and getting "hard" information.

B-b-b-but, ATOT knows all!