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#2276155 - 09/29/22 03:47 PM Returned Check Question
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,099
South
We had a customer deposit a $ 8,869 check and we place a large dollar hold on the check.

On the second day the customer came back and withdrew $5,525.

On the third day the issuing bank return the check as NSF so we have a loss.

What are the timing requirements from the issuing bank in processing the check?

Thanks!

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Operations Compliance
#2276194 - 09/30/22 01:42 PM Re: Returned Check Question beegee
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,369
Illinois
The issuing bank must return the check by the midnight deadline the business day following the check being presented for payment.

Day zero the federal reserve would have received the check from you.
Day one the drawee bank received the check.
Day two the federal reserve receives the check back from the drawee bank
Day three, you get the check back.

Most likely, this return is timely and you will have to pursue your customer to recover the funds they owe you.
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#2276201 - 09/30/22 03:40 PM Re: Returned Check Question BrianC
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,099
South
Thanks BrianC

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