2 ms·
Banks don't have to accept overdrafts on checks either. That's what happened when someone says that a check "bounced". The person you wrote the check to won't b
by TheCoelacanth 8y ago
Banks don't have to accept overdrafts on checks either. That's what happened when someone says that a check "bounced". The person you wrote the check to won't be pleased because they don't get their money, but the account won't get overdrafted.
Allowing overdrafts because of pending debits is also just a decision that the bank makes. They don't have to do that.
- bena 8y agoI mean, when you really look at it, banks aren't really up to speed with the speed of information these days. A lot of these things that shouldn't be issues are issues because they're still operating as if there are still people who are managing most of this and physical checks and credit slips are being passed around.
- TheCoelacanth 8y agoNone of these scenarios require them to allow overdrafts. Even operating by passing physical checks around does not make allowing overdrafts necessary. Refusing to honor checks drawn against accounts with insufficient funds has been around for ages, even when everything actually was managed by passing around physical checks.