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Can the ChexSystems electronically debit your account without permission in order to recover the amount of an overdraft check written to a merchant plus 30?
Wiki User
∙ 15y ago
Absolutely. By using a check, you are agreeing to the rules set up by the processor of your checks. One of these rules is they charge you extra for bounced checks. Also, even if it wasn't legal for them to do this - you still have no standing. If you go to complain to the penal system, you will be admitting to theft, since writing a check without funds in the account to cover it is illegal - EVEN IF YOU DIDN'T KNOW THERE WASN'T MONEY IN THE ACCOUNT. Sorry to yell, but that excuse is always used. Bouncing a check has a minimum of a $250 fine with no jail time, and possibly up to a $10,000 fine with upwards of 5 years in jail. Be happy they only took 30 bucks, and try to stay ontop of your balances.
Nope
Technically No.
It is actually the merchant not the bank that does this. You agree to it when you wrote the merchant the check. My grocery store post this on their check acceptance policy. The reason it may say checksystem. That what they use to do forced electronic check conversion.
Wiki User
∙ 15y ago
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How long does it take for Tele Chex systems to report a bounced check?
I'm assuming you're just asking if how long it takes for a merchant to know if a check has bounced. Checks are now electronically sent to their clearing houses which means they are being processed faster, and checks clear faster. If the check is local, the merchant will know within 3 business days (its usually next day though), and within 5 if its unlocal. If you constantly bounce checks, your bank may report you to chexsystems and close your account. Once the bank reports you, you will see a chexsystems report within 1 to 10 business days depending on if they use electronic or paper reporting.
What type of bank account does merchant processing use?
A merchant processing account is an account that allows a business to accept payment from credit and debit cards. This allows payments to be processed electronically.
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A "Merchant Credit Card Processor" is a electronically device that takes the information from your customers credit card for payment. This will automatically put the payment in your account after charging the customers credit/visa/master card.
What happens in the bank card process?
Once you receive your bank card and it is activated, use your card at a merchant of your choice. The bank is then contacted electronically and communicates whether or not there is sufficient funds to cover the transation. If there is, the purchase is carried out, and the merchant then submits the transaction to the bank for payment.
What is the penalty for writing a check with no funds to cover it?
Knowingly giving a check without sufficient funds is a crime. Though criminal intent may be difficult to prove. Other penalties may be your bank's NSF fee as well as the merchant's fee for bad check. Some states will give the aggrieved party up to 3 times the amount of the check plus court costs. If you can, ask your bank for an overdraft protection account or an overdraft privelege.
What is a synonym for merchant?
What is synonym for merchant? What is synonym for merchant?
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What does the acronym 'SET' stand for?
The Acronym SET can have many meanings. The following is just one. SET (Secure Electronic Transaction) A standard protocol from MasterCard and Visa for securing online credit card payments via the internet. It is a three-way transaction: the user, merchant and bank must use the SET protocols. Credit card data and a digital certificate (for authentication) is stored in a plug-in to the user's Web browser. The order is received by a SET-enabled merchant server that passes encrypted payment information to the bank. Approval is electronically sent to the merchant. The above retrieved from Answers.com
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Paypal is an internet merchant account. You can also obtain internet merchant accounts through The Transaction Group, Merchant Group, and Merchant Plus.
Who did merchant work for and why?
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Was Hernan Cortes a merchant?
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