If you write Account paid in full on a check doesn't the creditor accept this amount when signing and cashing?
No. That's a myth that has been around "forever". It has no affect whatsoever, unless the check is actually written for the full amount that is owed the creditor.
Section 3-311 of the Uniform Commercial Code does state that a debt can be discharged with a check designated as payment in full "if the person against whom the claim is asserted proves that the instrument or an accompanying written communication contained a conspicuous statement to the effect that the instrument was tendered as full satisfaction of the claim." However, it's up to the claimant to prove "that within a reasonable time before collection of the instrument was initiated, the claimant, or an agent of the claimant having direct responsibility with respect to the disputed obligation, knew that the instrument was tendered in full satisfaction of the claim." So if you receive a check marked "paid in full" made out for less than the amount you have agreed upon, you'd best not cross out the words "paid in full" or write "disputed" on it and cash it anyway, as you risk having the entire debt discharged. However, this condition does not apply to "transactions conducted or performed, in whole or in part, by electronic means or electronic records, in which the acts or records of one or both parties are not reviewed by an individual in the ordinary course [of business]," which means that this scheme will not work at all for most bill or credit card payments, as those payments are typically handled by automated systems and not humans. The correct answer will different depending on the state. A state-by-state analysis is impossible here. There is pre-UCC case law and statutory law in many states that may still be operant, and it might cause the court to reach a different result than the UCC. The version of UCC 3-311 that is enacted in any particular state typically requires as a threshold issue a bona fide dispute over the amount due and owing, and further it may or may not allow for an accord & satisfaction check to be effective without a meeting of the minds or review by a live human being. If it may be effective without a meeting of the minds, the recipient typically has a 90 day period in which to send the check back. Presumably the debtor would have informed the creditor during the 90 days that the creditor had received an accord & satisfaction check, but a crafty debtor could stay quiet and achieve tactical surprise. Nonetheless, if the accord & satisfaction check is not for the undisputed portion of the claimed balance based on that dispute, a court would undoubtedly find that a reason to disregard it and find it ineffective to satisfy the creditor's claim. The version of 3-311 that does not require a meeting of the minds or live human review does allow the creditor to contractually designate a separate address for accord & satisfaction checks. If the regular payment address is used, the accord & satisfaction notation is ineffective.
So you need to know whether UCC 3-311 is enacted in your state, which version is enacted, what the contract says and what your state's pre-UCC statutes and case law look like before using an accord & satisfaction check. For UCC purposes, you must also have a real, substantial dispute, not simply be seeking a discount ... if you're just seeking a discount you must depend on non-UCC law, which may or may not help you.
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What do you do if an account was turned over to a collection agency but the original creditor accepted your payment in full?
Answer . Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid th…e original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.. (MORE)
Can a realtor change the amount of a lease after the lease has been signed by himself and the tenant and he has cashed the security and first payment checks as well?
Only if the lease contains a clause allowing the action to take place. Many leases will have a stipulation about rent increases and/or added fees. If there is none, then the terms agreed on are legally binding and any changes w/o the consent of all parties constitutes a breach of contract.. Adding:…. What do you mean by "the amount of the lease"? As above, many leases are written as "Triple-Net," (also known as net-net-net or absolute net,) which means the Lessor may pass along the costs of utilities, insurance, and real estate taxes. Other leases may say that the common area (or unrentable part) of a building are shared expenses dependent upon your square footage and/or the total occupied square footage at any given time. Also, some leases have closing costs - especially if you've got a leasing agent involved; if your contract is so written then you're paying more for the space but not necessarily in terms of rent per square foot.. OR, if something occurs which would otherwise render the lease void or unenforcable as it currently exists (either lease langugage or changes in law or regulation.) In effect, your old lease may be voided out and you then operate effectively with an oral lease. (Again, most leases have a clause, though, which says that if one part of a contract is unenforcable, the rest remains in force.) (MORE)
Answer . You will need to read the fine print, but probably not. They are more than happy if you make a minimum payment or more so they can charge you an exorbitant rate of interest on the outstanding balance. Pay it off - even if it kills you.\n. \nOn most cards, the interest starts the day y…ou take out the cash advance. (MORE)
Can the original creditor agree to recall the account from collections who is reporting it once it is paid in full in effect having it removed from the credit report?
Answer . \nNegative entries will remain on a credit report until the required time period of seven years has elapsed. Neither the original creditor nor a collector can have the entry removed, but it can be noted as "paid as agreed", "paid in full" "satisfied" and so forth.
Answer . \nUntil the debt is paid according to the judgment award.\n. \nStates establish garnishment laws and each state differs somewhat in the way garnishment is implemented, the percenage allowed or if it is even allowed.\n. \nContact the court where the garnishment order was issued to obta…in specific information concerning state garnishment laws. (MORE)
\n. \n Answer \n. \n. \nFirst, presuming there is an early prepayment clause that allows one to pay the total for the total balance, and not one that requires the payments to be made for the entire term of the contract. (Many loans require they be paid all the way through, effectively assur…ing the lender of the expected interest rate/return he wanted for the entire term of the investment).\n. \nWhile I would think that absent something (and it better be in writting) that the payment is being refused because the lender forgives it, until it is paid -- it is owed.\n. \nBut there must be more here...lender/creditors generally have no motivation to refuse payment (unless part of the no early payment arrangement)...very much the opposite!\n. \n. \n. \nAdded by Danika37075\n. \nThis is the full story.\n. \nI took a quick loan out with a check in the Nashville, TN area. This had been going on for a little while, each week trying to get the amount reduced by paying a little extra. A couple of months ago, I was in the hospital and didn't pay the loan. I received a letter stating that I had until the 25th to pay the entire "loan" off. On the 25th I called to make sure that they were opened and the manager was there. When I told her that I had all the money and was about to come in and pay the entire check off, I was told it was too late. That she had already sent it to their lawyers and refused to accept my money. When I said that the letter stated I had until that day to pay it, she had forgotten which date she put and apologized, but still said it was too late. \n. \nNow they are taking me to court for the money plus court cost. I thought that if you tried to pay a debt and they refused your money, that you then didn't owe the money. Am I wrong? \n. \nWhat recourse do I have now? \n. \nThanks Danika (MORE)
What should you do if you got a 1099C from a creditor even though you paid them off in full in August and they didn't write anything off?
\n. \n Answer \n. \n. \nCall first of course, but send them by certified mail, a copy of your payoff info and request they correct their records and acknowlege doing so by sending an Amended 1099C, (it may actually have a form number like 1099C-AMD). They aren't going to like doing so, beca…use making amended filings for them is always a time consuming and expensive process, but they would have to.\n. \nIf they respond with any reasons they believe the 1099C you received is required, you can deal with that.\n. \nIf they don't respond or send the amended, the documentation you have should become part of your tax records and would appear to be sufficent to show your acting properly in not reporting the income. (MORE)
ANYONE can request additional money, whether they are an attorney or not. But if they have accepted the check as final payment AND it has satisfied the contract ( that I hope you had ) between the two of you, they would have to take you to small claims court for any additional amount they claim.
Let then know as soon as possible. Tellers are required to cash checks exactly as they appear. Even if the give you less cash and keep more in their drawer it is bad for them and they may be disciplined. Always let them know
Cashing a check means you have accepted the terms of the deal thatwas made when the check was written. In certain instances, like acar or house transaction, you may have a certain amount of time torevoke the deal.
Each individual check cashing store will have their own set limitson the highest amount you can cash. These vary depending on howmuch cash the business keeps available.
Yes, if you still have OD limit and No, if you have exhausted your OD limit. Let us say your OD limit is $10,000 and you have used $7,000 and you have given a cheque for $2000, then your cheque would be cashed. If you have used $9,800 and given a cheque for $2000 your cheque would be rejected.… (MORE)
There are a couple ways to answer this question. 1) IF A CHECK IS WRITTEN OUT TO YOU.. and you would like to cash it but have no money in YOUR account: Unless it is a government check or a payroll check you will not be able to cash it. Most banks now require you to provide your Social Security Numbe…r when cashing it instead of your account number (since there is no money in your account to "hold the check" against.) IF you still need to cash it you can always bring it to the bank that it was "drawn off of" on every check it says what bank that persons account is at. 2) IF A CHECK IS WRITTEN YOU TO YOU.. and you would like to cash it but the person whose account it's coming from does not have enough money (or no money) you'll still be able to cash it, however the person whose account its coming from will be hit with an overdraft fee. Also, when you bring it to your bank to cash it and it is "drawn off" a different bank the money may be drawn out of YOUR OWN account. Banks dont like giving out money for free. I highly suggest you bring it to the bank it was drawn off of to avoid any problems. 2) IF YOU WROTE OUT A CHECK.. and dont have enough money in your account the check might go through, but you will be hit with a big overdraft fee for going below $0. (MORE)
No Limit. If you are going to deposit more than Rs. 50,000/- you need to provide your PAN card number. If you are going to deposit more than Rs. 10,00,000/- (10 lakhs) you need to provide the source of income of the money. These are done to ensure that black money is reduced and also to identi…fy possible money laundering activities. (MORE)
It represents you paying all of your credits or loans... meaning, you used your cash to pay for your loans(accounts payable). And this will make cash a Credit and Accounts Payable Debit. Basically using cash to deduct your account payable.
No. A cheque written to self, can be encashed only in the bank which has issued the cheque book to you for holding the account.
I deposited a check Friday in my bank account but I only have 100.00 of the check I deposited. When will the full amount be available to me?
It depends on the size of the check. It sounds like a hold was placed on the check which could mean anywhere from 2-10 business days.
The cheque would bounce and the person who issued the cheque can be legally prosecuted for issuing cheques without sufficient funds in the account. Also, the bank may take legal action against the customer for misusing the cheque facility.
A creditor will usually accept a lower payoff amount whenrequested. Usually a lump sum payoff will result in a lower duebalance.
Can a car dealer ask for more money a week later due to their mistake and for us to sign a new contract after we paid in full with a check that they cashed the next day?
Sure the dealer can ask for more money and you can refuse. Tell them a deal is a deal, and you expect them to honor the contract they signed. You payed them and hopefully you are in possession of the car. If so, I see nothing they can do, until you come back for service. Then they may try to recoup …their loss. So be aware of that. If they made an honest mistake and it is very little money I would make it right if it were me. But legally I think you do not have to. Your decision. (MORE)
Can I check someone else's bank account balance to see if it will cover the amount of the check that they paid me?
Yes, just call the bank of issue, tell the to verify funds for the amount of the check. I do this all the time.
how long it take to receive your money from the cashier check you deposit in bank of America bank
If a collection company cashes a check for a lesser amount but is referenced paid in full is the debt done?
Yes, because they admitted that the amount received was enough to cover your debt. They pretty much settled.
Yes. If you have the correct information. Usually username, password, sitekey, and know the security answers if asked, you could access a checking account that you do not have access to.. Which is why you should never share passwords, because a simple password for another site is often used univers…ally for an individual, often including their online bank accounts. (MORE)
Writing account paid in full on a check is a statement that couldhold up in the court of law stating a debt is paid. Be careful whenwriting this as it can be attributed to fact.
You can only cash it as long as you have the same amount of funds in your account or even greater amount or an overdraft facility/arrangement. You can deposit it, but most likely it won't be available right away.
At the bank on which the check is drawn - the name is usually on the front of the check near the top or on the lower left side; . At a check cashing service, such as Amscot; at some grocery stores such as Publix and Walmart; . At certain banks who offer third party check processing through Chexar;… try searching for a location near you. (MORE)
No. In the United States, only a government entity is allowed to freeze bank accounts, and only for the investigation of (and sometimes resulting conviction for) criminal acts. Creditors have the following legal tools at their disposal to get their money back: * Statementing/Invoicing (monies due …from prior months carry to subsequent statements) * Collections Processes (including phone calls, emails and letters) * Workouts (generally part of collections, but effectively modification of terms to better work with the debtors particular situation) * Lawsuits (typically a last resort) When a lawsuit occurs, a civil judgment may be reached and the individual will be required to pay the amount owed. The court, at that time, may garnish wages in order to be sure that the amounts are paid, however, they STILL may not freeze a bank account for such a judgment. (MORE)
The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.
Each time you write a check you should write down the number date amount and who the check was paid to in your checkbook?
Preferably yes. It is a good habit to note down those details because it would let you re-conciliate in future reg. your check usage and also track missing checks if any.
Most likely yes they can still charge you. A conditional endorsement on a check, ie writing "paid in full" or "payable only in the event the job is completed to my satisfaction" is considered irrelevant. As long as the company can prove you still owe them money, they have the right to collect.
YES - if the account holder and the person to whom the check is payable are the same. NO - if they are both different. Ex: You can deposit a check that was given to your spouse by his/her friend to repay a loan into their account without any issues. But you cannot deposit the same check into your …dads account. (MORE)
It depends. If: . you have a monthly loan repayment agreement with the creditor wherein the creditor automatically deducts your monthly payments from your savings account or . you have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the creditor reg. the same .… Then, the creditor can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise the creditor cannot deduct any money from your account without intimating you. (MORE)
Nothing , except if you try that, you may be charged with fraud if that's not true.
Yes cash basis is acceptable accounting concept in those industriesor companies where all sales and purchases are done on cash basisand nothing on accrual basis but it is still not recommendedmethod.
You need to take the check to the bank is was written from and have them cash it against the writer's account. You can go to any branch of the bank.
Some banks have agreements with some state governments to allow recipients of government checks to cash them at those banks. You should check with the government agency that issued your check to find if any bank will negotiate the check for you as a non-customer. If there are no banks with an agr…eement with the government agency to cash your check, you would have to try a check cashing service. You can often find these in the phone book under financial services. Many grocery stores and large box stores will also cash checks for you. Typically a fee will apply at these places. (MORE)
If you are in the unfortunate situation that you have a check but no bank account, it would seem your only option would be to go to a check cashing business where your check will be cashed at the cost of a large a percent of your whole check.
Pawn shops will be more than happy to accept cash for items they sell and perfer cash over any other basis. In todays society checks are not accepted as they were years ago, it is much easier to stop payment on a check through your bank for a small fee and the buyer come out ahead with the item alle…gedly purchased. Pawn shops are at greater risk of losing money if they accepted checks and no business intends for that to happen. (MORE)
Your bank may choose to cash it, at their discretion, and assess a fee on your account which could be from $20-40 depending on your bank's fee schedule. Or, your bank may choose to return the check to the payee (whoever you wrote it to). In this circumstance, if the payee presents the check for pay…ment at your bank, they will likely be told to return to you for an explanation of why they are unable to cash the check. But if they cash or deposit it at another bank and the check is returned unpaid, they will be charged a "returned item" fee by that bank and will probably be quite unhappy with you, and may even request that you pay the fee in addition to paying the check. (MORE)
Why can I not sign into YouTube on Freemake video downloader if I have a Google account and I also have a password and a YouTube username but it doesn't accept any of them?
If you are trying to download a video from youtube that accout mayhave a restriction set so only the owner can download it with bysigining in to THEIR youtube account
You can try the other account, monitor it closely to withdraw the money as soon as the check clears. Or you can use a check cashing service, or maybe get a friend to cash it for you.
Can the buyer get the full refund of the amount she paid if she back out from installment of real estate because she doesn't like the new policy that the company addendum?
Under the Statute of Frauds, contracts can be rescinded within a certain amount of time and become null and void if there is: lack of consideration, no meeting of the minds, unconstituionality, illegalities, or for any of the reasons cited therein.
The only way a creditor would know your checking account info is if you have a credit card from your bank. Banking information is NOT included in the credit report that creditors pull to consider your CC application...
No. Take the check to the bank that it is written on. Some banks will charge you a fee for cashing the check if you don't have an account with the bank, but they will cash the check.
Have them either just endorse it (sign the back) with just their name or have them write "Pay to the Order of Name " and sign it. Either way, you now also sign it and bring it to either your bank or the bank it was drawn from to get cash for it.
No. it is not possible. Firstly, the bank will ask for identity proof and match the name in the check to the person trying to cash it. Secondly, if the person cashing it is found to be impersonating someone else, they can be jailed for fraud and forgery. So, don't worry
Yes, you still owe the money if for some reason the creditor does not cash your check or has lost it. The creditor can request a new check.
Legally - No. Ethically - Yes. Once you issue a check, the receiver of the check is responsible for cashing it on time. If they fail to cash it within the 90 day mark and the check expires, legally you are not bound to replace the check. However, from a goodwill and ethical perspective, you must re…place the check if the receiver missed cashing the check due to a legitimate reason. (MORE)
What should i do if my boss hasn't paid me in two months He always has an excuse and when i try cashing the written check he finally gave me he never has money in the account so i can't cash it?
Start by stop working for free. File unemployment if he is a realregistered employer and they will pay you. Stop going to work.Getthe NSF checks (all) and report the crime to the D.A. Go to thelabor board-it's illegal not to pay an employee once every 30 days.If the company has money, get a labor la…w attorney who will takeyour case for free. Start looking today for a real job. Whether youthink so or not, you are actually unemployed. (MORE)