Post # 1
I wrote a check to someone and in the numerical section put the correct amount, but stupidly wrote the words out wrong. (It was $350 and I wrote out Three hundred & 50/100).
The check cleared my bank for $300.50.
I’m wondering if the payee will have any fees incurred, because I’m assuming they deposited it for $350 (what it was supposed to be).
I plan on giving them another check for $50 – but I also want to cover any banking fees.
Do you know how banks typically handle this?
I always thought the written words were used only in case the numerical value was unable to be read – shows you what I know!
Post # 3
From my understanding of commercial paper, banks go soley by the written words. (Reasoning being that the numbers are easier to change– ie adding a 1 in front of the 300). However, there shouldn’t be any fees attached to this unless they overdrafted or something. Just write another check for $49.50 and you’re good!
Post # 4
They would have deposited it for the written amount so I don’t know what fees they would incur. Writing another check for the remainder should clear everything up.
Post # 5
I’ve been in banking for about ten years….they made the mistake so if there are any fees (which I don’t see why there would be) they should reverse them or write your vendor a letter explaning the error. Good luck!
Post # 6
The depositor’s bank should have also only accepted the check for the written amount. The written amount always wins. If the depositor’s bank accepted it for a different amount (the $350) then it’s their own fault, they should have known to take it for $300.50. When I worked at a bank, the depositor’s bank scanned the check (behind the scenes) and put the information, such as the amount of the check – so this should show up the same for you and the depositor. I’d just get a hold of the person you wrote the check to and ask them what they were able to deposit it for and then send them the additional money once they confirm they were only able to get $300.50 for it.
Post # 7
I found out the payee’s bank deposited it as 300.50 as well.
Thanks for chiming in, everyone!
I definitely learned something new today!
Post # 8
Fees only occur if the checks bounce; no fees should be incurred for this scenario.