Ok, well I unfortunately bounced a check because I didn't realize PayPal payments get withdrawn from your bank the next day (I had an outstanding check which didn't clear because PayPal snagged my $ just yesterday and my electronic deposit won't go through for another day or two). Got hit with a $10 fee from my bank and will probly get hit with a $15+ returned check fee from my broker (place I wrote the check for). Now I'm hoping they just hold onto it and try and clear it in another day or two (will have the money then)...but in the meantime, will this hurt my credit report/score?? This would be the first check I ever had bounce...wish the bank woulda just withdrawn the money I had and charged the rest to the credit card I have with them (would be SOOOO much easier). Oh well. help!
If you have OVER DRAFT with your savings or credit card...it WON'T BOUNCE... 99.99% chance it WON'T ever be on your credit report(s)...don't know about CHEX...
I don't have overdraft (well I do, but no LOC, only savings, and I still didn't have enough in there to cover the entire check). What's werid tho is that my broker showed the deposit in the account for the past few days, but now it shows it as being cleared!! When I called them, they said the same thing ...which is odd, because I KNOW it didn't clear my bank. I don't really care if it goes on chex or whatever, I RARELY ever write checks. Just curious, aside from the fees, what are the consequences of bouncing a check? I thought most places hold on to it and try clearing it after another 5 days or so, and if it still doesn't go through, then you're screwed. What happens if it goes into the CHEX system?
What George is saying, is talk to your bank about linking the two accounts, so that your credit card provides you with overdraft protection. Sometimes banks will give you a line of credit for overdrafts with your checking account. But it doesn't go on your credit report unless youdon't make good on it. I would call the broker and ask them to redeposit.
