advice please.. bounced cheques.

DEBT_23

hi all, basically i recieved personal cheques to the sum of £1000 i paid them into my Co-op cashminder account. 3 days later the cheques showed cleared into my account, i withdrew a certain amount one day and the day after i went into branch and took £500 out. today i went to the bank ( 3 days later) to find im negative £946...i dont understand how could the cheques have bounced when i withdrew what showed as cleared ?????????????
who is now responsible me or the bank or person issuein the cheques ?? im minus in my bank and aint a clue how to deal with it.

trynsave

The T&C for your a/c state that chqs can still be retnd unpaid for up to 4 working days from paying in, and any money cashed against later retnd items will be deemed as an informal request for an overdraft.

http://www.co-operativebank.co.uk/cfscombi/pdf/Cashminder_account_Terms_&_conditions.pdf

You withdrew the money and so are liable to pay it back to the bank upon their request. The person who wrote you the chqs still owes you the money, not your bank, and it is up to you to contact them. Your bank should be returning the unpaid chqs to you.

I'm guessing by the speed in with which you withdrew the money you might have thought the cheques may bounce, is that right?

dc110

cheque wont be fully "cleared" ie not able to be returned until after 6 days

http://www.chequeandcredit.co.uk/246/

Extant

You're responsible. Your bank made the cheques available to you before they were cleared as a customer service. The difference is "cleared for fate" (cheques which are cleared and cannot be returned in normal circumstances) and "cleared for funds," which is what your cheques were. Cleared for funds is where you can withdraw, but the cheques are still not cleared.

In short, you need to get this £946 back from the person who gave you the cheques.

GiveItBack

as an aside, if the bank clears the cheque, and then after 14 days writes to tell you there's an error, and asks for the money back, where does the account holder stand?

natweststaffmember

GiveItBack wrote: »

as an aside, if the bank clears the cheque, and then after 14 days writes to tell you there's an error, and asks for the money back, where does the account holder stand?

It depends what the error is and how it has occured

Extant

GiveItBack wrote: »

as an aside, if the bank clears the cheque, and then after 14 days writes to tell you there's an error, and asks for the money back, where does the account holder stand?

If the error is fraud, asking you is just being polite - it's going to happen anyway.

What sort of error is it?

GiveItBack

seems that the person paying me has after a while of me not cashing the cheque, stopped it.

i've paid it in in good faith.

jambosans

GiveItBack wrote: »

seems that the person paying me has after a while of me not cashing the cheque, stopped it.

i've paid it in in good faith.

They will have to issue you with another cheque/ cheques or transfer the money (which would be quicker).

All the other points made still stand, you owe the bank the money, and you will have to claim it back from the person who issued the cheques.

omen666

The banks can reclaim the cheques for months after

agsnu

omen666 wrote: »

The banks can reclaim the cheques for months after

Only if you are a knowing party to fraud.

Under the 2-4-6 guidelines, after the 6th working day, the banks are not allowed to take the cheque funds back from you. I don't know what all these people are talking about, but if it's a stopped cheque then the bank should have realised this before the 6th working day and returned it as unpaid then. If they didn't, it's their error.