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.

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The initiative that helps solve financial disputes amicably between two parties and reduce the number of bounced check cases is aimed at protecting the debtors' rights and ensuring that their money is restored to them.

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The CFPB also said the law required the company to inform consumers of their right to dispute any alleged bounced check violations.

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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.

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Many bookkeepers struggle with how to record bounced checks from customers and forget to charge the customer's bank fees, which later causes problems when reconciling the bank account.

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And on February 10 he pleaded guilty to the bounced check charge.

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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.

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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.

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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.

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Besides, when someone can't pay a payday loan, the lender will attempt to deposit the check, "and it ends up with a bounced check fee anyway." That's almost preferable than having customers take out another high interest loan to pay off the first loan, she added.

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(49) These groups fear that with higher bank fees, increase bounced check fees, and the possibility of banks selling personal customer information to marketers, banks will create just that.