Bouncing Checks

[Kim308pl]

It seems we are bouncing checks left and right now adays, in fact I called and checked this morning and we have -17.46 in the account which mean we are hit with 30.00 per transaction that comes in.

I really want to do this.

[Kathy]

Kim, I think the best thing is to go to the bank in person, sit down with them and ask for their help in managing your account. Its really not anything magical...but self-discpline to only spend what you have. Using cash in envelopes for the different categories (a cash envelope for groceries, a cash envelope for gas, a cash envelope for ....) will force you to only spend what you have for each. When the money is gone, you make do. Once you get through this for a few months (or a year) you will find you have a better handle on spending within your personal limits. Good luck talking to your bank!

[candyhop]

I understand where your coming from. i am negative in my checking account also. But I am so worried about have to pick up the checks and where in the world am I going to come up with the money. I dont get paid until next month.

Candy :confused:

[MalteseJane]

If you don't have the money, don't write a check. It's as simple as that. Don't you keep a check register at home ?

[Kathy]

One other thing I wanted to add about this topic is that it is illegal to write a check if you don't have money in the bank. I know of a woman who was picked up at her office and taken to jail in handcuffs because she had written checks that bounced and she failed to handle it with the bank. DOn't let this happen to you. :(

[lilorphann]

As a business owner I am mortified that people who know that they do not have the money in their checking account would even consider writing a check they know is not good.

Bad check writers need to know that this is illegal and is taken very seriously and that enough NSF checks can force a business to raise their prices, so before you complain about the price increase at your local gas station or whatever, remember that an NSF check may be to blame.

[Melislite]

I am not sure if you are asking for advise & What advise you would be looking for?? GET RID OF Your Checking Account, Most Banks have free savings accounts!!!
I understand we all make mistakes...But some mistakes can really cost you a whole lot of money & Time & Possible legal Problems which in turn cost you more money!!
I bounced a check several years ago and I was mortified & felt so bad. I was embarresed going to the bank to rectify it, but I had no choice!! Insanity is doing the same thing over & over and expecting different results!!! I do not mean to sound harsh, but this is really a big Deal! I wish you well in solving this situation & I am sure that if you take the advise of all the people who posted suggestions, everything will work out!! Take care!!

[Kate]

I am not sure if you are asking for advise & What advise you would be looking for?? GET RID OF Your Checking Account, Most Banks have free savings accounts!!!





Why do you advise getting rid of the checking account? I wouldn't think that that is the problem.

[Melislite]

I advised that as a temporary solution until she can get her issues resolved, that way she does not continue to bounce the checks!!!

[QuiltAngel]

kim,
I think you ought to conside some sort of debt/credit counseling and budget planning. It is risky to bounce checks and can cause you more troubles such as legal ones and credit ratings.

I know it is hard to do. Look at your spending and see where you can cut back until you can get a handle on things.

:hug:s
Jane

[lilorphann]

If having a checking account is a constant source of temptation to spend money that doesn't exist then I would say to remove the temptation by getting rid of the account; some banks reserve the right to do it for you if the writing of bad checks continues.

[triplej2676]

i had this problem, too. what i have done is given myself a cash allowance. i take this money out of the bank or the atm every time i get paid. then i pay my bills online. i can see my checking account balance and pay what is due and it is always on time. the cash i have in my wallet MUST last me until i get paid again, or i don't buy anything. i actually spend LESS b/c i don't want to be out of cash and need something! my bills get paid, and i don't bounce checks. i am an excellent writer, but when it comes to numbers and checks and balances, i am absolutely embarrassed at my lack of ability to manage my money.

[KyaMia]

I have advanced degrees in finance and was previously employed for more than five years by one of the top three banks in the US. Different banks have different rules about checking accounts.

Getting rid of the checking account will not solve the problem, since sometimes you may need a checking account to pay certain bills and accounts.

I suggest:

1. Go to the bank and ask how they post debits (minus) and credits (plus) to your checking account. If several items come in on one day, do they post from the largest amount to the smallest amount? or do they do the reverse? or do they post them as they come in?

2. Are you using a debit card? If you are, make sure you write down everything you spend, everytime you spend it.

3. Is online banking available at your bank? Is it free? Many larger banks have online banking that is very secure and safe. You can check your account every day to check what has cleared and what has not.

4. Maintain a correct register. Take the time to write everything down. When an item, check or debit or deposit, posts to the account, check it off. There is a column provided in most check registers for this purpose.

5. When you receive your monthly statement, whether you get a paper statement or an online one, make sure you take the time to reconcile the account. This means checking off everything that has posted, and making a list of what has not.

6. Above all, do not spend money that you do not have.

7. Do not expect to 'float' a check. With the new laws that have recently passed, a paper check can be cleared electronically in a matter of hours instead of days as in the past.

8. Know the cutoff times for your bank. My bank has a deposit cutoff time of 2 pm. This means that any deposit made before 2 pm on a business day will be posted to my account that night. If it is deposited after 2 pm or on a weekend, it won't be available until the next business day.

9. Have direct deposit if possible. Direct deposit is made available as soon as the bank receives the electronic feed from the source.

10. Find out if your bank offers overdraft protection. Some banks offer it as a savings account or a credit card. You still have to pay for it, but the fees are not as high as overdrafts are.

If I can be of further assistance, please contact me or post here.

Kya

[palmasy2002]

Have you tried software like Microsoft Money? I was awful at maintaining my check register when i was doing it by hand and never really knew how much was in my account. Since i have started using the software I punch in my receipts nightly and always know what I have.

I also figure out when my pay days will be and assign certain bills to each payday. If I know that my check will be 900 bucks but I have 750 in bills (car, insurance, etc.), it helps me plan for the remaining amount.

[Kate]

I also figure out when my pay days will be and assign certain bills to each payday.

I did this and it helped me out tremendously. That way if I have one pay period I have more bills to pay, I can pay it sooner with my other check. It helped me to spread them out and be too tight on money for one pay period.

[danigirl]

I can see making a mistake once... but if you don't have the money then don't spend. You should really consider debt counseling.

[Kim308pl]

OK..WOW, I feel like I have been blessed out back and forth over this matter. Gee. First off one of the problems was someone keyed in the wrong amount and 500.00 was taking out and I did not know it until 3 weeks later. Secondly, I made some errors in the checkbook that was back when I had major surgery. ok Maybe I should not have been the one to do the checkbook is DIRE pain,but everytime my husband does there are always errors.
Thirdly, I do keep a register, I do use MS Money. I would check my bank account everyday if I could, but my bank does not have online banking. They are a small bank. They charge you to have printouts, so the only thing I can do is wait for my statement.

I am NOT writing checks just to write checks, or overspending on junk we do not need. THere were errors, but when you found out you have no money LITTERALLY and the eletric bill is due and you can't make anymore arrangemtns cause you have used up the 4 they gave you already for the 12 month period, you are screwed. The only thing to do is write a check and pray your money hit the bank firsts.

I have talked to my bank, told them I was worried about writing bad checks. They advised me that if I need to write a check to do so and not worry about the legal issues. That I hve over draft protection so they automatically honor the checks and then charge me 30.00 for it. THey donot even see it or know about it until they run records at the end of the money or I call and ask.

I really do not appreciate the way some of you have acted. YOu have written down to me and was harsh. I have been made to feel like a stupid person and that is something that I am not.We got into trouble some was our fault, some was someone elses fasle.

I wish I had never psoted anything here. I can't believe so many can make you feel so bad. Do I even keep a check register, what kinds of stupid question was that. Who in their right minds would not keep one.

Just to let you all know that since we fonud out what the problem was and then where the mistakes were, we are better now. In fact I do not have a bill due until MAY and we still have money.

I think that some of you should really look at what you wrote and go back and think about how you would feel abot it and how you would feel after reading some of the commments.

I hope I do not get in trouble over this post but I felt like I need to express my feelings over this and that it is terrible to feel nwanted, unwelcomed in an online place. It is terrible that ppl yo do not know can make you feel like crap and a bad person.

I am sure that there are alot more ppl out there in the same shape or problem I was in. Right now I feel like crap, I feel like I am not wanted here and that I am a stupid person. I even paid for a membeship here as well as a small donation. So I would like to use the site and be a part of it, to get my money's worth, but I am not sure if I can, not with others out there who can be this harsh.

[Kathy]

Geee....I don't think we deserved that. Harsh? I don't see that. I see good ideas and wisdom.

Your first post said this:

It seems we are bouncing checks left and right now adays, in fact I called and checked this morning and we have -17.46 in the account which mean we are hit with 30.00 per transaction that comes in.

I really want to do this.

I'm truly sorry your feelings were hurt. It wasn't intentional as the members of this website were attempting to help. You posted this comment/question/concern in a public message board which has the purpose to create a discussion. If you didn't want input regarding the obvious problem of bouncing checks, then you shouldn't have posted it. :(

Since you don't want input, I'll close this to further comments.

Again, I'm sorry you were offended.