WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options

checks

azbusinessazbusiness subscriber Posts: 12
edited March 2011 in Business Planning
I run an internet business and only take paypal, there have been requests for people to use checks. If I deposit a check however dont cash the check until it clears and it turns out the check bounced am I charged a fee because it was a bad check? I could understand if I gave the check to the bank cashed it and the bank account was over drawn however what if I leave the check in the account until it has proven to be good or not. Are there fees if it is not good?I have talked with a banker and they told me the fee for every bad check is $7, is this normal?Look forward to hearing from you!
Thanks!
· Share on FacebookShare on Twitter Share on Google+

Comments

  • Options
    metro2metro2 subscriber Posts: 1
    A friend of mine makes his costumers that want to pay with checks sign a paper that states that if the check bounces there is a $200 fee. He takes all their information in case he needs to bill them for the $200. This method deters some of the people that bounce checks, but it probably doesn't work very well with the professionals that know how to cover their tracks. The bottom line is as the other posts say, if it's worth it for you to actually bother with finding a solution, there are methods like these that make it more inconvenient for your costumers to bounce checks. There is know ironclad solution for taking checks with zero risk.
    · Share on FacebookShare on Twitter Share on Google+
Sign In or Register to comment.