Penal Code 476a PC is the California statute that makes it a crime for a person to write or pass a bad check, knowing there are insufficient funds to cover payment of the check. The offense can be charged as a felony if the value of the bad checks is more than $950.00. Otherwise, the offense is only a misdemeanor.

A bounced check penalty from a bank can cost around $35 in the form of a nonsufficient funds fee. Merchants can also charge a bounced check fee; they typically cost $20 to $40. You could face other consequences for bouncing a check, including getting written up or having the bank close your account.

On conviction under Dishonoured Cheques Offences Act, 1977; an individual shall be sentenced to imprisonment for 2 years without an option of fine while in the case of a body corporate (Companies, Business and Non-Government Organisations, etc) it shall be sentenced to a fine of not less than N5, 000.

Returned check charge – This is the fee charged per bounced check or returned check due to insufficient balance, stop payment order, or closed account. It ranges from PHP 1,000 to PHP 2,500 per bounced check.

A bounced payment occurs when there isn’t enough money in your current account to fund a pre-arranged payment, so your bank refuses to make the payment. Banks usually charge you for each bounced payment.

A Checking Account is a transactional deposit account held at a financial institution that allows for withdrawals and deposits. Money held in a checking account is very liquid, and can be withdrawn using checks, automated cash machines and electronic debits, among other methods.

Aim for about one to two months’ worth of living expenses in checking, plus a 30% buffer, and another three to six months’ worth in savings. The more cash in your checking account, the better, right?

Types of checking accounts

• Traditional checking account.
• Premium checking account.
• Senior checking account.
• Interest-bearing account.
• Business checking account.
• Checkless checking.
• Rewards checking account.
• Private bank checking.

6 Types Of Checking Accounts

• Traditional Checking Account. A traditional checking account offers the ability to write checks.
• Premium Checking Account.
• Interest-Bearing Checking Account.
• Rewards Checking Account.
• Student Checking Account.
• Second Chance Checking Account.

From ‘Account summary’ select the account in the ‘Personal accounts’ section that you are interested in. Select the option ‘View account details’ to see your account name, account type, account number, sort code and bank address.

A checking account is a bank account you can write checks from, or access several other ways, which tends to make it your go-to, daily transaction bank account. A savings account is where you stash funds that you aren’t ready to use yet, often with the goal of accumulating more.

Why you need both But after keeping the essential amount needed to pay bills (and to make other transactions) in your checking account, put the rest of your money in a savings account. A savings account is important to have as it allows you to effortlessly grow your money: By simply storing money, you earn interest.

Keeping too much in your checking account could mean missing out on valuable interest and growth. About two months’ worth of expenses is the most to keep in a checking account. High-yield savings accounts, CDs, and investment accounts are better for money long-term.

Your financial institution can’t help you if there is a mistake on your bank account statement.

Although it’s unlikely, it is possible for a deposit to be mistakenly credited to the wrong person’s account. When this happens, whether the bank error is in your favor or someone else’s, the bank will eventually reverse the transaction and credit it to the correct account.

Legally, you have an obligation to notify your bank of any errors within 60 days of the bank sending you the first erroneous statement. If the error is a failure to post a credit, the 60-day period runs from the sending of the statement in which the credit should have appeared.

The financial institution is ultimately responsible for replacing money that was deposited into the wrong account. If the money was already spent before this time, you’ll still be credited and the person who spent the money will at the very least be responsible for paying it back to the financial institution.