Quote:
Originally Posted by Trixxxia
WG, sending a check on bank collection is done from 'your' bank and not theirs - meaning, your branch manager has to initiate the 'collection' normally, on the bounced checks you have. If you've sent those back to him, you will have to deposit them again, have them bounce and then ask your bank to send them on collection. Just note that it will take 30-60 days and most likely cost you another $ 40 per check they collect + the NSF fees per check. It's your best bet other than going to his office and getting the cash for it.
As the funds come in to cover each check you will be paid the amounts of the checks.
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Wow, I've never heard of this before. I do have the original 3 checks that are marked NSF - Not to be cashed unless certified. I still have these 3 checks plus the replacement three. So if I go to my bank, they can someone attempt to collect on the original checks? I don't mind waiting as interest is accruing, but what is the likelihood of succeeding on collections? According to his bank, the funds aren't there so what can my bank do to collect?
WG