Who reports to telcheck and chexsystems? Is it? 1*THE BANK THE CHECK WAS DRAWN ON . 2*THE BANK WHERE THE CHECK WAS CASHED . 3*THE PAYEE LISTED ON THE CHECK. OR ALL OF THE ABOVE.
Usually the bank that the check is drawn on will report to Chexsystems. Telcheck usually gets their reports from the recipients of the NSF checks after the check bounces (in other words, whoever gets stuck with the bad check).
quote: -------------------------------------------------------------------------------- Originally posted by lbrown59 Who reports to telcheck and chexsystems? Is it? 1*THE BANK THE CHECK WAS DRAWN ON . 2*THE BANK WHERE THE CHECK WAS CASHED . 3*THE PAYEE LISTED ON THE CHECK. OR ALL OF THE ABOVE. -------------------------------------------------------------------------------- lbrown! were you bouncing checks again??? LOL ================= I can't even bounce a ball! But I would like to know the answer to the ?s. ..
i try to stay away from the depository side of banking... i know chexsystems is reporting by the bank you wrote the check from i dont know about telesystems and if you have a bad check the company you wrote it to will report to your credit bureau. three words - OVERDRAFT ASSISTANCE PROTECTION
hypothetically speaking - yes you'd be hit a few times per check. we were just discussing this today at work. say customer bounces four checks totalling $500. the bank doesnt pay the checks and charges $30 per item. customer never reconciles account and it goes into collections also. so you would have five items on chexsystems, five items on your credit report, and potentially five judgements (or one very large one)not including telesystems. thats a heck of a lot of disputing.
Re: Re: ***** Who ****** Yes, but not in the same place. 1. Telecheck guarantees checks to merchants. Merchants turn their NSF's over to telecheck who tries to collect. Telecheck may report to the 3 CRA's, but does not report to Chexsystems. 2. The bank that the check is drawn on reports to Chexsystems, but only when they close your account for the "inappropriate" actions. This action is not reported to the 3 major CRA's.
Re: Re: Re: ***** Who ****** Merchants turn their NSF's over to telecheck who tries to collect. Flyingifr ============ Ok but what about checks that aren't - weren't NSF? ..
Re: Re: Re: ***** Who ****** Why would a check be returned if it's not NSF? Even if the account had been closed, there would be insufficient funds available in that account to pay that check. If it's an error, it needs to be worked with the bank, but as far as the bank was concerned, there weren't funds to pay the check. The only exception I can think of is a stop payment.
Re: Re: ***** Who ****** 1*What is it if it's not NSF ? The Answer is 42!! ======================= NSF means Non Sufficient Funds - IE not enough funds in the account to cover the check. If the money is in the account when the check is presented it can't be returned due to NSF. 1* It could be: A banking error Payee error banking procedure Accounting error Etc. -------------------------- Checks returned for such reasons are not legally NSF checks.
Re: Re: ***** Who ****** I've never seen a case of bank error where the bank doesn't go back and notify all concerned that it was an error. You have to ask for it, of course. In many cases, however, the money had a hold on it or something like that, in which case it IS an NSF check. Having sufficient funds means funds that have been cleared by the bank for withdrawal. If you make a deposit and your bank puts a 5 business day hold on it, but you write a check that is presented on the 4th business day, then yes, you have a check presented against insufficient funds because they are not available for withdrawal. This seems to be by far the most common cause of NSF checks that the writer feels are not NSF. But they are.
Re: Re: ***** Who ****** In many cases, however, the money had a hold on it or something like that, in which case it IS an NSF check. Hedwig ================ Just because there may be a hold don't mean the check bounced because of the hold or there were NSFs .
