What is the legal time frame for a bank to return a counterfeit check? November 30, 2009
Posted by Credit in : Credit , trackback
cucodelvalle asked:
On March 28 I deposited a money order. On July 6 my bank debited my account for that deposit claiming that it was a forfeited check. I think that this debit is illegal because more than 100 days passed and I had already assumed this was a good check. Anybody knows what is the time limit for a bank to charge back a forfeited money order?
On March 28 I deposited a money order. On July 6 my bank debited my account for that deposit claiming that it was a forfeited check. I think that this debit is illegal because more than 100 days passed and I had already assumed this was a good check. Anybody knows what is the time limit for a bank to charge back a forfeited money order?
Comments»
Sorry, there is no legal time limit they have to abide by. It isn’t your bank doing this it is the persons bank who the check was drawn off of. What happened is you got a check that someone later claimed was foreged or counterfeit. Most likely they didn’t catch it until they got their bank statement which could have been a few weeks after you deposited the check…their bank had to investigate the matter and then contact your bank and prove to them the check was not vaild…then your bank took the money out of your account. When that much time has passed before the money has come back out of the account there has been pleanty of investigation of the matter. Your bank should provide you with the documentation they used to justify the removal of funds…
If it’s bank fraud, they have up to a year. They probably needed the 100 days to investigate it.
You didn’t say how you obtained the money order. If you got it from someone else, you need a notorized, “certified copy” of the front of the check to take the person you got it from to court…so you can be made whole.
What the bank did is 100% legal.