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If a cheque is dishonoured for any reason, the bank on which it is drawn must promptly return the cheque to the depositor's (payee's) bank, which will ultimately return it to the depositor.
A bounced check is slang for a check that cannot be processed because the account holder has non-sufficient funds (NSF) available for use. Banks return, or ?bounce,? these checks, also known as rubber checks, rather than honor them, and banks charge the check writers NSF fees.
Insufficient funds Lack of cash in the account is one of the most common reasons for dishonoured cheques. The bank cannot execute the transaction if you do not have the required funds in your account. The bank may impose a cheque bounce penalty on the payer and the payee.
Are There Fees for Bounced Checks? When there are insufficient funds in an account, and a bank decides to bounce a check, it charges the account holder an NSF fee. If the bank accepts the check, but it makes the account negative, the bank charges an overdraft fee.
How We Calculate the Penalty Bad Check or Electronic Payment AmountPenaltyLess than $1,250The payment amount or $25, whichever is less$1,250 or more2% of the payment amount
Generally, if your bank credited your account, it can later reverse the funds if the check is found to be fraudulent. You should check your deposit account agreement for information on the bank's policies regarding fraudulent checks. Fraudulent checks may be part of an overpayment/money order scam.
(1) Whoever commits the crime of issuing worthless checks, when the amount of the check or checks is twenty-five thousand dollars or more, shall be imprisoned at hard labor for not more than twenty years, or may be fined not more than fifty thousand dollars, or both.
First, the check writer should be contacted using the phone number that was provided. The situation may resolve itself and the writer of the check may have genuinely made a mistake. However, you should not deposit the check again, particularly when you are being charged for the dishonored check by you bank.