Ok iGOT THAT CHECK IN THE MAIL TOO, I DIDN'T KNOW ANYTHING ABOUT A SCAM SO I WENT TO MY BANK AND THEY SAID ITTHEY WOULD HOLD THE CHECK FOR 5 DAYS SO WHEN I CALLED MY BANK THE MONEY WAS IN MY ACCOUNT SO I THOUGHT IT WAS A GOOD CHECK AND LIKE 3 WEEKS LATER MY BANK CALLED AND SAID THAT WAS A COUNTERFIT CHECK AND I HAVE TO PAY ALL THAT MONEY BACK. MY QUESTION IS IF ANYONE KNOW, OK THAT'S A BANK THEY SOULD HAVE ALOT OF... |
What your bank is telling you is true, and within the law.
The bank is required to deposit funds into your account within a certain amout of time of you presenting them with a check. Think of the outrage we'd feel if everytime we deposited our paycheck, we had to wait 10 days before that money was available. But it DOES take typically 10 days-ish for a check to "clear," meaning the funds promised to you in the check have been collected from the account on which the check was written. Then, if there is a problem, like the bank can't somehow reach the originating financial institution, or if the institution is in a different country, or if the funds aren't immediately distributed, the check might get a second look by your bank employees and even a second or third attempt to try to collect the funds. Finally, if the bank then determines that despite their best efforts, there is no institution to reach, or the account purportedly which originated the check does not exist or if the check is determined to be otherwise a counterfeit, your bank has no choice but to take back the money that was put into your account. Because the money doesn't actually exist.
I read somewhere on the Internet about a person depositing a large check into his account and the bank holding then depositing it a few days alter only to find it was bad.
They tried to bully him into repaying the money but it was the bank's fault for depositing the check and not his. I think they ended up reaching a compromise with him and letting him keep some of the money.
Anyway, if I am correct and the bank deposits a check without checking the validity of it, they should have to absorb the mistake, unless they can prove you intentionally tried to defraud them in which case you would need a really good lawyer.
I could be wrong but do an Internet search and check the law.
Read the fine print in your banking account agreement. You AGREED toa llow them to do this when you set up the account, and it is industry standard.
They have no way of knowing-- UNLESS the bank the check is made out from is also the same bank that you have your account at-- if its legitimate or could bounce. IF they were forced to only give you the money after its offically, 100% free and clear, we'd all be waiting 30+ days for every check we cash.
In the future you can take any check to the bank its drawn on and have them turn it into a cashier's check, which you then take to your bank and deposit-- and this is 100% safe.
The bank is within the law to have you repay the money, which is unfortunate. Banks aren't in the business of losing/giving away money, just take a look at ATM fees that charge you to withdrawl your OWN money. Sorry about your situation.
It is a scam, mainly out of nigeria , and they have been doing it for over several years . Sorry the bank is right about you having to pay the money back
