Can a payday loan company cash a cheque after being returned NSF?
September 15th, 2009 | 
Author: I am interested in finding out if a Payday Loan company can cash a cheque after it has been returned by the bank as NSF. They cheque was for $500.00 and it was cashed at $100.00 increments 5 times a day, resulting in 5 NSF fees per day!
A check returned NSF can be presented again one more time.
after that it comes as a collection item. Unless the check was misencoded for the wrong amount, there is no way that a check could be presented 5 times @100.00 each. Go see your bank
Posted in cash payday loan
A returned check can be resubmitted more than once. My father has a small business and from time to time gets checks from customers that bounce. The bank always sends him a letter with a note that the check can be resubmitted x number of times for payment. Until now, I hadn’t heard of a check being cashed in increments like that.
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You are confused. It is NOT POSSIBLE to partially cash a check. They CAN resubmit a check, but not more than once the same day. You need to VISIT your bank and find out what actually happened.
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A check returned NSF can be presented again one more time.
after that it comes as a collection item. Unless the check was misencoded for the wrong amount, there is no way that a check could be presented 5 times @100.00 each. Go see your bank
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Banker for over 25 years
Hello,
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