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Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. In many cases, the funds are available the next day, he says, while personal checks can take days or even longer than a week clear in some cases. If you still have the check, just return it to your bank.
This is done either by depositing the funds back into your account, offering you a cash refund, or giving you a replacement check. Note that cancelation fees may apply. Again, cancelation fees may apply. Once the declaration is processed, the bank can issue you a refund check.
This is a specialized type of insurance that would make you liable for the second check, rather than the bank. For details, see below. Policies may vary based on the individual branch, the amount of the check, when it was issued, and other specific details of the request.
They recommend that you contact your local branch to speak with someone in the Financial Center and make sure that the stop payment will be allowed for your particular situation. Representatives are available Monday through Friday from 8 a.
If they opt not to purchase a replacement check, you could bring an indemnity bond to the bank that issued the original check and ask them to honor it. Technically, the OCC says you may be able to do that, depending on which bank issued the check. And, you may have to wait up to days for the bank to refund the money to your account. You might consider using a money transfer company such as Western Union, PayPal, MoneyGram or Xoom , or electronic transfers from your checking account to be sure that your money won't get lost in the shuffle.
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By Justin Pritchard. Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He covers banking, loans, investing, mortgages, and more for The Balance.
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