Overdraft

Posted By: Lisa on 2006-10-31
In Reply to: Thanks for the support, all (sm) - AAAARRRGH!

I worked in a bank years ago. Bouncing a check or having overdraft protection is NOT illegal. You only get arrested if you write a check on an account that has been closed. I wrote checks with the money in my account, my paycheck then bounced. I had no way of knowing. I got nailed with fees because my paycheck was returned the I had to eat them. MTSO did not even offer to make them good. MTSO did make good on the NSF check but not the fees. I was upset too because I had been burned. I feel your pain. What you did -- not illegal.

Complete Discussion Below:

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I am SO UPSET! - AAAARRRGH!
- if IC there has to be something - if employee and no pay
- Now that MTSO needs to look into factoring. - (sm)
- Sounds like Davis. If it is then it is the same situation - been there
- Another Question From OP (sm) - OP of thread
  - Yes - I have a contract that my client and/or MTSO signed. - ICMT
  - Sorry for typos... On a sugar high! - OP of thread
- MTSO paying - Boo
- Take control. Resume job search while you keep this one. There are other great accts out there. - nm
  - You guys are SO great! Thank you again! (sm) - From the OP
- MTSO not paying... - Mt in MS
- It happened to me, also. sm - Me, too
  - Getting Paid sm - Happened To Me Too
    - Me Three - Lisa
    - Get out now! - MTinGA
      - Thanks for the support, all (sm) - AAAARRRGH!
        Overdraft - Lisa
        Thanks, Lisa! (sm) - OP of thread
        Because you have overdraft protection, you're... - UTMT
        I agree with you... - Anna
        I agree with the rest - Unhappy Camper

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Because you have overdraft protection, you're...

fine as far as doing nothing illegal. Also, when a deposited check bounces and there have been checks written assuming the check was good, that is not illegal. However, writing a check and KNOWING the funds are not there is check kiting, which is a federal offense. Do banks prosecute? Normally they will not, unless it comes to the point of numerous checks OBVIOUSLY written knowing they will not clear on the second or third time (maximum of 3 times). Then, the recipients of the checks can press charges. Believe me it happens. I was a bank manager for many years, and, although it didn't happen very often, it did happen.

Also, in reality banks love check bouncers. They are the "money maker" accounts. Those fees add up VERY quickly.

My dh is a deputy sheriff, and the jail in his county has many, many inmates in for check-kiting. In our state the first conviction is 1-5 years, and it get worse from there.

Who hasn't written a check at the grocery store on a Thursday night, knowing the money wouldn't be there until they made a deposit on Friday. I know I have. One day is pretty safe, but now that so many banks use the same clearing house, writing a check even 2 days before a deposit is risky...unfortunately speaking from experience here.

So, overdraft protection is the way to go. Safe and legal.