Bounced Check

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Bounced Check

A check from which funds are not transferred because there are insufficient funds in the payer's account. For example, suppose Joe writes a check to Bob for $500, but there is only $400 in Joe's checking account. When Bob deposits the check, his bank will refuse to credit the $500 to his account, because Joe's bank will advise that Joe does not have enough money to honor the check. In this case, the check is called a bounced check. In the United Kingdom, the common term is an unpaid cheque.
References in periodicals archive ?
The twist in the case, which marks the first time Christos Orphanides has been held accountable for his company's bad debts, is expected to be of immense significance in light of other cases pending against Orphanides in connection with unpaid cheques issued.
THE Ritz casino has won a High Court battle to recover PS1 million on unpaid cheques from a wealthy gambling addict.
092 billion liabilities regarding unpaid cheques on June 30, 2013.
The landlord, within his legal right, has initiated a criminal case against me for unpaid cheques, even though they know what the situation is.
Some banks return unpaid cheques with the remarks of "insufficient funds" even when actual reasons of dishonour or defects in the instruments are different.
Cahoot suits me as I can keep an eye on my money wherever I am, but it also has a good overdraft buffer, so if I do spend more than I have, I won't face hefty fines or unpaid cheques.
Last is the post office whose role in the game was very limited until the State Bank of Pakistan enhanced it under its proposal that the banks should mail back the paid bills or unpaid cheques to the customers.
The problem is that unpaid cheques incur interest and car agents charge about two per cent a day for the unpaid money.