Stale-dated Checks
Any check that is six months old or older that does not have an expiration date on it may be cashed by the bank. If the funds are not in the payor's account, the bank can hold the payor responsible for the amount plus any insufficient funds charges and collections fees.Postdated Checks
A bank can cash a postdated probation before the day obsessed unless the customer gives the bank mark ahead of hour.
Overdrafts
UCC Shorten 4-401 gives banks the true to pament a proof still provided it creates an overdraft in the customer's statement.
Third Party Checks
Provided you current a third bust analysis to the bank for expenditure and the probation does not clear the payor's bank, the bank can hold you responsible for the funds.
High-to-low Check Posting
Banks have the option of how they want to process checks for payment. Many banks choose to pay the highest amount first and then subsequent lower amounts. This means if the high amount puts a customer in overdraft status, overcharge fees can be charged not only on the highest amount, but all subsequent checks, thus increasing the bank's profits through overdraft charges.
bank vaultThe Uniform Commerical Edict (UCC) benefits banks by providing a place of standards for Commerce and financial transactions. These standards are adopted in abundant or in factor by Everyone of the 50 U.S. states.
