Funding Solutions

Thursday, September 07, 2006

Calling in Checks?

Be careful when you call in a check, or when inputing onto a secure order site. You need to be very careful to write or repeat the check routing numbers from the bottom of the check correctly. The routing numbers must be exact or your charge may never go through, not to mention you might send it to another account, which will, at some point, investigate you and you may be liable for the bad transaction, not to mention getting a late charge dinged onto the payment from the company you tried to pay.

You need to make sure that the check number on the top right matches the last of the routing numbers on the bottom of the check. If it doesn't, the payment again won't go through on a physical check you turn in somewhere.

Check your balances carefully with each payment you make. If payment was made through a website, or given over the phone, the person who keys in the check payments may get the numbers wrong by mistake. This happened to me on a $99
check that was actually cashed for $990.20 - and my account was overdrawn! There was a lot of hassling to correct the mistake, and get funds wired back in to cover the costs of the other incoming checks I had outstanding, coming in. Be certain that most institutions will not work this fast, and will not wire the funds back so quickly - it is likely an investigation will take longer and will take longer to reconcile a refund to your account.

Make sure that anyone who has regularly cashed your check payments, whether on a monthly basis or on a single transaction, has the correct routing number and amount. Check your accounts to make sure the checks are cashed in the amounts you authorize, and make sure that it is cashed within days of your expectation of it cashing - to make sure the payment has gone through as expected.

Read more about funding situations at http://www.doubleii.com/fundingsolutionsletter.html

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