The bank

[camaro]

I cashed in a check about a year ago from today. It cleared.

Today they reversed the amount saying it didn't clear. WTF. My account is f-n negative now...

This is the first time I have ever experienced something this stupid!

This is presidents choice financial bank.

[max_boost]

Better call the bank and ask for clarification. I've never heard of a cheque clearing and then coming back NSF one year later. Could it be a different cheque that just happens to be the same amount? :dunno:

[GTS Jeff]

Originally posted by max_boost
Better call the bank and ask for clarification. I've never heard of a cheque clearing and then coming back NSF one year later. Could it be a different cheque that just happens to be the same amount? :dunno: :werd:

A cheque, especially a Canadian one, is processed within a week.

[tictactoe2004]

close your account and deal with a real bank, not a grocery store :)

[Tyler883]

nah, the real banks are even worse

[project240]

My Brother had a similar problem to this awhile back. He received a cheque for something sold off Ebay. The cheque cleared, then like 4 months later he received a letter from the bank saying it was reversed. He went in to the bank to find out that the guy who had written the cheque had gone to his bank and signed an afidavid (sp) saying he did not write the cheque. My brother (along with my mom who worked at the bank) contested, but he never did receive the money back nor the $450 item he sold. Hope your situation works out a little better.

[joseph]

Originally posted by GTS Jeff
:werd:

A cheque, especially a Canadian one, is processed within a week.

^^:werd: Actually they should know whether it cleared or not the very next morning if its a week day.

[lude_grl]

clearing goes though at midnight every day
so if the person cashing does so then that night at midnight if the moneys not in the account its NSF
cept a year later,
at most a usd chq can be up at 30 days in clearing...
but never heard of a year

[abyss]

I'm with President's Choice too, yay no fees! However, there are usually transactions I have to question on my statement, if you call them they'll tell you what happened. Probably just an error, it happens all the time with them, they always fix it. However keep an eye on your statement just to be safe, that's what I do.

*edit, one time I had $250 dollars in there, I went to buy a coffee and it came up NSF, I checked my balance, it showed $-1500.00, I was like AHH, I don't even have overdraft! Called them and they fixed it.

[AsianCaucasian]

Damn PC bank screws me over all the time. It took them 3 entire weeks to clear a cheque for me one time!!! I called and they told me it would be done in 10 business days... it wasn't.

[E36M3]

Not necessarily true. While the cheque may be credited quickly, in the case of a cheque drawn on a US bank, for example, they have up to one year to recall funds.

Where was the cheque from?


Originally posted by GTS Jeff
:werd:

A cheque, especially a Canadian one, is processed within a week.

[GTS Jeff]

Originally posted by E36M3
Not necessarily true. While the cheque may be credited quickly, in the case of a cheque drawn on a US bank, for example, they have up to one year to recall funds.

Where was the cheque from?

I did specify Canadian. US cheques usually take three weeks IIRC.

[E36M3]

Your wording did not indicate only, but especially, which is quite different.


Originally posted by GTS Jeff
:werd:

A cheque, especially a Canadian one, is processed within a week.

[heavyearly87t]

Originally posted by camaro
I cashed in a check about a year ago from today. It cleared.

Today they reversed the amount saying it didn't clear. WTF. My account is f-n negative now...

This is the first time I have ever experienced something this stupid!

This is presidents choice financial bank.

If this is a year old cheque that you just got around to cashing then you may have a small problem. That is what this sounds like to me.

Accounting GAAP standards say that any cheque written should be held id a cheque payout account for one year. Most banks will not cash a cheque that is over one year old.

This is assuming that this is a company cheque.

If it is a personal cheque. You have no way to collect.

Now if this cheque was cashed a year ago. They should not be reversing it. I would try to see the branch manager and find out why it was returned and why it took a year. Then go to the bank it was issued from, if it was local, and ask them the same.

It sux when banks screw up.

Good luck.

[GTS Jeff]

Originally posted by E36M3
Your wording did not indicate only, but especially, which is quite different.

My mistake. I did terribly in my English classes.