Quote:
Originally Posted by Drwilliamson6890
What do you mean by collections?
Collections is when a bank doesn't give you the money until they have it themselves. Typically because the bank isn't 100% confident that they're going to get the money*. If the check isn't sent to collections, then the bank makes the money available to you same/next day, even though they haven't gotten the cash from the bank the check is drawn on. If it later bounces, then they're going to come after that money.
*There can be lots of reasons why they feel this way, including your customer/account status (including the age of the account), the amount you have in your account vs. the amount the check is for, how well they can handle it if it is bad (big ones can handle it better), where the check is from, how authentic the check appears, whether you look suspicious, etc.
Last edited by madcatz1999; 12-14-2015 at 09:13 PM.