Bounced Check


Also found in: Legal, Idioms.

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 American Civil Liberties Union of Arkansas and the Lawyers' Committee for Civil Rights Under Law filed the suit on behalf of four people who were jailed because they couldn't pay fines related to bounced checks and a Sherwood resident who is challenging the practice as a misuse of taxpayer funds.
The CFPB also said the law required the company to inform consumers of their right to dispute any alleged bounced check violations.
Financial institutions may also be required to file a Suspicious Activity Report with the Financial Crimes Enforcement Network regarding certain bounced check activities of its customers.
The process is simple: find the transaction that originally recorded the receipt of the check and select the icon "Record Bounced Check.
Abdel Fattah was sentenced in absentia over the bounced check, which is why he is wanted by the police.
Our customers are never blindsided with ridiculous bounced check fees that some banks charge.
Nasrallah denied that Ezzedine had any ties to the party in a speech earlier this month, but reports say Hezbollah MP Hussein Hajj Hassan has filed a complaint over a bounced check signed by Ezzedine.
The Community Financial Services Association of America, an industry group, did the math on the rates incurred with other options, and finds that a $100 bounced check garners a $54 fee, which comes out to an annual percentage rate of 1,409, and a $37 late fee on a $100 credit card balance amounts to an annual percentage rate of 965 percent.
If the recipient cannot pay the loan when it's due, he or she must deal with late and bounced check fees and possible legal action.
If APR rates were applied to those transactions, a bounced check fee would be 1,329 percent (counting the vendor's fee) and an overdraft would be 913 percent.
A vendor should send a demand letter for payment to the buyer advising of treble damages and an opportunity to cure the bounced check within 30 days.
There is no chance that an error at the bank, an incorrect entry, a delayed deposit or withdrawal, or an undiscovered bounced check received from a shareholder will come back to haunt them.