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credit and debt

rubber cheques

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It’s incredibly embarrassing if you write a cheque and it bounces, even if it’s probably completely not your fault.

I just had a phone call from someone I haven’t actually met, about an amateur music event I’m going to next week. The cheque that I sent him has bounced. He was very nice about it, and just said to pay on the day.

I was too surprised on the phone to work out what had happened, thinking about it now, there are two options. The first is that my inability to sort out my finances properly meant that there was no money in the account. This is not likely because this guy said that he’d just received a letter from the bank, which implies that he put the cheque in within the last few days. I was only paid a week ago. But if this is the case, then obviously, I’m too blame.

The second option is almost completely not my fault. I paid for this thing weeks and weeks ago - sometime towards the end of August. Since then, my house was broken into and  as I was concerned that one of my chequebooks had been stolen, I  had them all cancelled. So, the cheque - which wasn’t cashed straightaway - would have been declined. Apart from possibly having a better idea of which cheques still had to be paid, I’m not sure that there’s very much that I could have done to prevent this.

Rubber cheques are not nice, even if they’re probably not your fault.

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16 comments for “rubber cheques”

  1. Yet another reason to stop using checks… I know that sometimes you don’t have a choice, but I prefer credit cards, debit cards, electronic transfer, paypal or cash… :-)

    Posted by Shadox | November 8, 2008, 6:55 pm
  2. Ugh. This is why I don’t write checks! I can’t be bothered to enter them on a register and keep track of who is cashing what…! And don’t get me started on people who don’t cash checks for months…

    Posted by deepali | November 8, 2008, 11:03 pm
  3. I really don’t like using check during monetary transactions… i prefer cash.. cold cash.

    Posted by Air Jordans | November 9, 2008, 1:24 am
  4. Back in my younger days, when i didn’t have any money, i had a habit of bouncing checks on purpose to get what I needed, but the problem was that the account was closed, which made it a felony fraud. i found this out when I got pulled over one night and there was a non-extraditing warranty for my arrest. By this time, i was on the straight and narrow, and I contacted the DA and settled the matter, and made financial amends. every since then, i have not bounced one check, and have found that i rarely use them anymore..thankfully…

    Posted by stocks | November 9, 2008, 11:06 pm
  5. Funny you mention this. I recently had a cheque bounce as well. It was actually quite odd. I was paying my utility bill and was rejected. The company called and seemed quite upset. This was actually the first time something like this had happened and it kind of made me a little nervous. Especially since I sometimes just assume how valid a cheque is. It kind of scared me because it is a sign of how credit worthy I am. Fortunately I paid the debt off before the deadline had come.

    Posted by Jonathan | November 10, 2008, 4:25 pm
  6. Cheques also bounce when you dont sign them, wrong date, no date or made out to the wrong person/company.

    Posted by Mortgage Advisor | November 11, 2008, 6:21 am
  7. How annoying! I only write cheques when I absolutely have no other option to pay … Hopefully you’ll get it all sorted out quickly.

    Posted by Maggie | November 11, 2008, 7:27 pm
  8. geez. i live in constant fear that i will bounce a cheque because i keep my balance so close to zero (not on purpose really).

    i am just getting to the area of personal finance and getting myself sorted out and learning how to properly manage my money so that i can avoid bouncing cheques as often as i do.

    i look forward to reading more of your blog!

    Posted by Kaylie | November 11, 2008, 8:28 pm
  9. It sucks when you have checks bounce because you marked a date, but unfortunately they cashed it before the date you put on the check.

    Posted by Jays CD Rates | November 12, 2008, 7:05 am
  10. I think the amount of people that probably are having their checks bounced is huge it is probably an every day thing now a days. I sometimes lose track of my money as I get paid from different places.

    Posted by katec | November 13, 2008, 10:04 am
  11. One of the reasons why I don’t like to use checks is the fact that we have to keep tract of our balances every now and then which is an added work load. I prefer to used debit or credit cards.

    Posted by Acne | November 14, 2008, 7:36 am
  12. The problem with bouncing checks is it causes alot of inconveniences to the person whose check was issued to. Not only that, the account holder generally gets penalized for the issuing a check with insufficient funding.

    Posted by Alma | November 19, 2008, 11:16 pm
  13. Not only embarrassing but expensive. It cost me over $200.00 in bank fees because someone paid rent for his daughter and then stopped payment of his check. I should have sued him cause he has to notify me before stopping payment but who has the time. My wonderful bank shelled out over $500 in outstanding checks for me and nothing did bounce so I’m lucky about that part of it.

    Posted by AirJordans | November 21, 2008, 6:45 pm
  14. Having a cheque bounce is irritating. I make it a point to reconcile my bank acount monthly so I am aware of unpresented cheques.

    In some countries like India issuing a rubber cheque is a criminal offence, so we are forced to be extra careful.

    In Malaysia, we have to pay charges of RM100 for such a cheque.

    Posted by fathersez | December 7, 2008, 2:57 pm

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