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How many times will a bank allow an insufficient funds check to be redeposited or resubmitted?

Generally, a national bank will redeposit the check twice. However, there are no laws that determine how many times a check has to be resubmitted or may be resubmitted.

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Banking & CD FAQs

A deposit was credited to my account by mistake. Can the bank freeze the account?

Yes. The bank may freeze the account to ensure that no funds are withdrawn before the error is corrected. Or the bank may place a hold on the deposit.

Are money-market funds getting dragged down by the subprime crisis?

The funds can invest only in the highest-quality securities, so they can’t buy subprime debt. Some funds have bought commercial paper [short-term debt] from structured investment vehicles [SIVs] that hold subprime mortgages. What is making people jittery is that another batch of SIVs is on watch for a credit downgrade. So, while

I owed my friend in another state some money and I sent a cashiers check, his bank has placed a hold on the money. I thought the purpose of the cashiers check was to have immediate guaranteed funds. Why would the bank do this?

You are mostly correct about the rationale for using a cashier’s check. Normally, cashier’s check provides next day access to the funds for the party you had sent the check to. However, exceptions to hold policies do exist. One exception could be if the check is over $5,000.00. In addition, holds

The bank is charging me a fee to make change at the teller line. Can it do that?

Yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. All fees should be determined on a competitive basis within the market. Each bank should make the decision on the type, amount, and method of calculation based on sound banking judgment and safe and sound banking

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