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Can a check still bounce even though I cashed it and was given cash by the teller? If so what happens and who becomes responsible?
Anne, Newark , DE
June 16, 2016 10:35:53 AM
In reply to Anne, Newark , DE
Thank you for joining us today, Anne. We'll be happy to clear up any confusion regarding returned checks.
Once a check has been cashed, it still must clear the Federal Reserve and can still be returned against your account. In the event that this occurs, you would receive a copy of the check and a letter to notify you. You may present the check again for deposit, however, we do recommend speaking with the maker of the check to confirm that the funds are available.
When a check that you have deposited into your personal account has been returned, a Returned Deposited Item (RDI) fee is assessed to the account. We recommend checking out http://go.td.com/1cTejgt for more information regarding this fee. Any fees assessed to your Tenant would be determined by their financial institution.
Please note that if you have a business account with TD Bank, you'll want to refer to the Business Deposit Account Agreement provided when you opened the account for further information about the fee which may be assessed on those types of accounts. Or, click here: http://go.td.com/28HuRVm and use the Compare Accounts tab to see our current business account products. Once you find the account type you have, select the View Account Guide link to see additional information about this fee for your business account.
If you have any questions, you're welcome to give us a call 24/7 at 888-751-9000, or stop in at any TD Bank Store near you. You'll find a local listing here: http://go.td.com/1f9DSJR.
If you have any additional questions, Anne, please do not hesitate to reach out to us!
Kris M, Mt. Laurel
June 16, 2016 10:36:12 AM