Are banks responsible?

[ejjd]

What is the name of your state: Colorado. I received a check from Canada as a commission payment, it looked like a certified check to me, deposited in my bank, they held it for 5 days, released the money to me which I then spent, and two weeks later took the money back out of my account because the check was fradulant. Doesn't the bank have some responsibility in this? I cannot get ahold of the person that sent the check apparently this was a total scam, but I think the bank should have some responsibility.

 

[BelizeBreeze]

What is the name of your state: Colorado. I received a check from Canada as a commission payment, it looked like a certified check to me, deposited in my bank, they held it for 5 days, released the money to me which I then spent, and two weeks later took the money back out of my account because the check was fradulant. Doesn't the bank have some responsibility in this? I cannot get ahold of the person that sent the check apparently this was a total scam, but I think the bank should have some responsibility.

Nope, the bank is not responsible. YOU are.

 

[fairisfair]

What is the name of your state: Colorado. I received a check from Canada as a commission payment, it looked like a certified check to me, deposited in my bank, they held it for 5 days, released the money to me which I then spent, and two weeks later took the money back out of my account because the check was fradulant. Doesn't the bank have some responsibility in this? I cannot get ahold of the person that sent the check apparently this was a total scam, but I think the bank should have some responsibility.

just curious, what did you give to the entity that wrote you the check??

 

[ejjd]

Are Banks Responsible

It was a referral commission on a real estate deal

 

[HelpinMN]

re

the fact that the bank released the money in no way means that the check has cleared. They released the money early as a curtacy to you. An international check can take up to 6 weeks (not sure on that number) to clear. In most circumstances they would have placed a hold on the check untill it cleared, but in some circumstances (such as you being a good customer who always has a positive balance) they may have just let you have the money because they trusted you that it was good.

^^ As with all my posts I am not a lawyer, just a guy with too much time on my hands. So if someone who actually knows what they are talking about posts ignore me.