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Generally I never accept a personal check, however, I did just recently receive a personal check from someone. And I am wondering, now that I have deposited it into my account and it has cleared. Can they at any time put a stop payment on it? If so, for how long after the check has already cleared? And if they are allowed, how does the bank know if this is a valid reversal and not really for a service that was provided to them? Will there be an arbitration inquiry. As we all know, there are always two sides to every story ...
Thanks so much!
Suz, North Wales
December 19, 2014 01:15:55 PM
In reply to Suz, North Wales
Thanks for dropping by TD Helps, Suz! We'll be happy to answer any questions you may have.
While most checks deposited prior to 8:00 pm are available the next banking day (given that your account has been open with us for at least 90 days), it does not mean that TD Bank has received the funds from your check issuer's financial institution. We generally give you provisional credit for items deposited into your account before they actually clear through the financial institution. For more information on our Deposit Policy, please see our Personal Deposit Account Agreement at http://bit.ly/1kb17UQ. On page 5, you can find the information that should address your concern. You can also review our general Funds Availability Policy on Pgs. 38-41 for further information.
When the funds are cleared from the other bank (which can take roughly 7-10 business days), a stop payment can not be placed. This means, that once the funds are fully cleared and available in your account, it can not be reversed.
If you have any additional questions or concerns, please feel free to contact us 24/7 at 888-751-9000 or stop by any of the TD Store locations in your area. To find out TD Store locations near you, please visit: http://bit.ly/TDStores.
We hope this helps and have a good one, Suz!
LiShu R, Mount Laurel
December 19, 2014 01:17:05 PM