bounced check

[saiyagirl]

so i looked at my bank statement today and realized that my check to nyu bounced. i had completely forgotten that i wrote a check to a friend months ago....and i guess he JUST cashed it as i was sending out my check to nyu.

i think i know before they do...should i write them a letter and a new check? this is all sort of embarrasing. but this won't count against me, will it?

 

[DW]

do you have overdraft protection? if so, do you still have time to deposit into your account before they notice?

 

[Tweetie_bird]

I was just gonna say that. Why can't you borrow that amount of money and make sure that you don't spend that money until NYU's check is cashed?

Perhaps borrow it from friends...family... ??

 

[SMW]

I would call NYU immediately, apologize profusely, and tell them you're sending a money order by overnight or express mail. If the check has already bounced, I think it's too late for overdraft protection, guys!

 

[DW]

Originally posted by SMW
If the check has already bounced, I think it's too late for overdraft protection, guys!

actually, it wouldn't be necessarily. if you have enough protection plus your previous balance to cover the total check, it just stays as a negative charge in your bank account. you pay the overdraft fee plus the negative balance, but the check can clear with the party who cashed it. you only get a few overdrafts before your bank takes away the privilege i think (it only happened to me once frosh year of college so i dont know for sure)

after i started to realize just how much money i'd be throwing around doing secondaries, i stopped sending personal checks and went exclusively with money orders. sure, its a pain going to the post office/bank, but that extra dollar could save you the financial pain of a bounced check and the subsequent embarassment.

 

[Angeliqua]

yes, this happened to me once and the bank "forced" the check through, charged me a million dollars but did not actually return the check to the place I wrote it. Call the bank and find out what they did, If they did return it, call NYU and clear it up! Chances are the people opening the applications and gathering the checks to deposit (and subsequently receiving word of the "bad check") are not the same ones making a decision on your app...just make sure you clear it up soon and no one will be the wiser! Hopefully...good luck!

 

[PrincessCKNY]

I am the QUEEN of bounced checks. I think I have had a total of 5 checks bounce so far. Luckily, I think I have the protection DW was mentioning. My bank charges a $15 fee (per bounced check) called "Forcepayment Fee" and leaves me with a negative balance. That thing is a godsend.

I seem to frivolously write checks to med schools hoping that the processing will be slow enough to give me some time to earn money to deposit into my checking account. There goes that logic.

Saiyagirl, see if your bank offers something like that. If not, maybe consider switching banks? If that's not an option, sorry to sound like a hypocrite, you just need to manage your money more wisely if there is no other solution. Borrow money to deposit or find some other cashflow. Hope that helps.

 

[SMW]

My overdraft protection nevers allows me to show a negative balance (it's either taken out of savings or put on my credit card). But, saiyagirl, call your bank to make sure, and if need be, do contact NYU ASAP. I don't think it will work against you unless you let it go too long.

 

[saiyagirl]

thanks guys.
i'll send a money order right away and first thing monday morning i will call NYU. i dont' have overdraft protection and i think the check WAS returned but i guess the best i can do is just give them their money!

it's going to be a TOUGH next few months. thanks for your support!

 

[SolidGold]

Do you think that NYU will charge extra for the returned check?. I know that businesses lose money for bounced checks and some will bill those customers another $25 or so. Thats what we did at this store I managed a few years ago.

 

[CyclinE]

i would write a letter of explaination to the finances office