Bank Deposit Returned

[dvdnett]

What is the name of your state? Mississippi

Deposited 3 checks from an overseas business associate before Thanksgiving. Was given credit for the deposits and paid business related expenses and deposits into personal accounts. Now they say the deposited checks were not honored as of today. What are the ramifications of this and what sould I expect. My attorney does not have a banking law background.

 

[racer72]

I had a little trouble from foreign checks in the past. I never post them as deposited till the deposit shows up on my bank statements. It can take up to 90 days for some checks to clear. A bank giving you credit for the deposit does not mean the money is available. It is up to you to insure the money is posted in your account, not the bank.

 

[treeboss]

Foreign Checks

This may or may not help you and I am not a legal authority but:
When I first moved to Maryland from the US Virgin Islands (Before you say it I KNOW this is not a "foreign country but, we are talking Lower Eastern Shore of Maryland here!
I deposited some Unemployment checks from my last job in the islands. I was told because these were "foreign checks" they could take up to 30 days to clear! What I found out was: The bank has a right to hold funds on domestic checks for no longer than 5 days and on foreign checks for up to 15 days unless written notice to the depositor is given stating the circumstances delaying the release of funds.
This was back in 96 and with the advent of computer systems and connections, most banks, US and Foreign, are connected to a pretty tight network allowing funds to be moved at a "moment's notice".
Hey, if Osamah could do it...? I would check with the FDIC web page and see what your bank is allowed to do...if they were extreme in their practices, they may be convinced to make this right with you if you bring them written documentation to show you did your homework. I found, in "small towns", the folks you may be dealing with know less than you do on most occassions.
(By the way, I bought this former bank a map of the US so they could know better before telling customers St. Thomas was a "foreign country"!)