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Old 03-05-2007, 05:00 AM
cardcounter0 cardcounter0 is offline
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Join Date: May 2004
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Default Re: Official CHECKS information thread

[ QUOTE ]
"Why did the teller ask if my check was a payroll check?"

Banks will often waive any sort of a hold on a check if the depositor is a customer in good standing.

[/ QUOTE ]

When you hand a check to the bank, the first and about the only though in their mind is -- Will this check bounce?
Typically, Payroll Checks have a much lower percentage of being returned than other checks. So asking "What is this check for?" or "Is this for work?" is the teller's clumsy attempt to determine if it is a payroll check.

If it is an International Check (a check from a different country) it needs to be sent to [que scary music] "collections" [/que scary music]. This does not mean that Vinny and Vito are going to appear at your door to break your legs. International checks require special handling since only American banks participate in the Federal ACH system. So some extra steps are required for the bank to get it's money for an international check. As a result, a hold of longer duration is usually placed on an international check, unless the bank has a good history of these checks clearing with you.
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