Banking

Question 1. The bank says I bounced a check, but I had money in the bank. What can I do?
First, you need to balance your checkbook to make sure that you did not make an adding mistake. Second, show any saved deposit receipts to the bank. Third, remember that money deposited after 2:00 p.m. on any given day will usually not be credited by the bank until midnight of the following banking day (e.g. money deposited after 2:00 p.m. on a Friday will not be available until after midnight Monday). If none of these apply, you should consult an attorney.

Question 2. I made a deposit and the bank has no record of it. What can I do?
Show your deposit slip receipt to the bank. If it is a matter of your word against the bank's as to whether the money was deposited, you will probably lose. It is recommended you contact an attorney.

Question 3. Someone stole one of my checks and forged my name to it, am I responsible for it?
Generally, no. Your signature must be on a check in order for the bank to hold you responsible. The bank may not debit your account but must go after the forger to collect its money. Usually a bank will require that you sign a sworn statement saying that the check was forged before they will credit your account, and the bank will usually prosecute the forger.

Question 4. My ATM/Credit Card has been lost/stolen. What should I do?
Report the loss or theft or your credit and ATM cards to the card issuers as quickly as possible. May companies have toll-free numbers and 24-hour service to deal with such emergencies. It’s a good idea to follow up your phone calls with a letter. Include your account number, when you noticed your card was missing and the date you first reported the loss. Continue to review your billing statements for unauthorized charges. If the statement shows unauthorized charges, send a letter to the card issuer describing each questionable charge.

Question 5. A merchant drafted by account without my authorization. What should I do?
A merchant must have written authorization to debit your account. If your account was drafted in error, notify your bank immediately, preferable in writing, of the error. If the financial institution determines that an error did occur, it is required to correct the same, including interest where applicable, within business day after such determination.

Question 6. What happens if I stop payment on a check?
You must be very careful if you want to try to stop payment on a check. If you stop payment on a check improperly, you may end up paying three (3) times the value of the check and/or be arrested and possibly sent to jail. Generally, it is improper to stop payment on a check. If you want to consider stopping payment on a check, it is strongly suggested that you speak to an attorney before stopping payment. A stop payment is appropriate however where a check has been lost or stolen.

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