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What does it mean when a cheque is returned for reason account closed?
Wiki User
∙ 16y ago
It means the account that the check was drwan on has been closed. Whoever wrote the check went to the bank, closed the account without providing a list of outstanding checks, and took whatever cash was left in the account. Unfortunately it makes the check you're holding worthless... but if you are located in the US (not sure about other countries) it is considered bank fraud and is a federal offense. Contact an attorney.
Wiki User
∙ 16y ago
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Is it possible to cancel cheques?
Yes. The term used for this is called Cheque "Stop Payment" You must visit the bank branch from which you got the cheque book and submit a letter stating the reason for the same and also provide the cheque number. If the cheque has not yet been paid, the cheque would be canceled and no payment would be made.
Give me a sample of letter of request to reopen closed account?
To, Branch Manager Are city Sub: Reopen of Account Ref: A/c no. ..... D/s I have an account in your Bank with the above said a/c no. Due to some reason I closed the Account in 00.00.0000. I want to reopen my Account, so please do the needful. Yours Faithfully Name Add Contact No. 1 month ago Report Abuse
How can people write a letter to reopen a closed account?
Dear Sir (or his or her name if you know it), Re: Account number XXXX (Put your old account number in here). I am writing to request that you re-open my above bank account which I closed on XXX (Put date here.) If this is not possible for any reason, I would be grateful if you would let me know what I need to do in order to open a new account, as soon as possible. I look forward to hearing from you.
What is the main reason for an Ecommerce Merchant Account?
The main advantage and reason for an Ecommerce Merchant Account is that this account type gives an opportunity to process online credit card payments.
Do they have to give you a reason why they close the account?
yes they do
How do you balance sales return account?
Sales returns account are balanced and closed against actual sales for the amount of sales returned by the customers due to any reason.
What are the reasons for dishonoring a check?
The most usual reason why a cheque is dishonoured is that the cheque was written on a bank account that does not have enough money in it to cover that payment, which is called insufficient funds. Other reasons include stop payment (the peson who wrote the cheque has changed his or her mind and withdrawn the authorization for the transfer of funds), frozen account (some authority has ordered the account frozen, so that no transactions are permitted) or account closed.
What is the difference between exceeds arrangement and insufficient fund?
Amount mentioned in the instrument exceeds the overdaft limit then that instrument is retuned for reason "Exceed arrangement". eg. If o/d limit of an account is Rs.1 lac and around Rs.75 K have already been overdrawn and then cheque of another 50K hits the account then instrument will be returned for reason "exceed arrangment". If account does not have sufficient balance and customer issues the cheque exceeding the balance then same will be returned for reason "Insufficient Funds". eg. If account has the clear balance of Rs.1 lac whereas instrument is issued of Rs.3 lacs then same will be retuned for reason "Insufficient Funds".
What is the reason for intrument return in the check bounce?
A cheque may bounce if: a. The person trying to cash the cheque doe not have an account with the bank b. If the name on the cheque does not match the person trying to cash it c. If the cheque is expired (More than 90 days in the past) d. If the signature on the cheque does not match the signature of the person who issued the cheque e. If there is not enough funds in the bank account to pay for the cheque
What is difference between return inward and return outward?
Inward return is directly proportional to the outward clearing where funds crediting into customers account i.e;inflow of funds into customers account and cheque return due to reason for eg insufficient funds or say cheque stopped by the drawer etc.... Outward return is directly proportional to the inward clearing where funds are debiting from the drawee or payee account i.e;outflow of funds from customers account and cheque return due to reason insufficient funds or say cheque stopped etc....
What are the reason for dishonouring a check?
A cheque may be dishonored for the following reasons: a. Cheque Date Expired - Usually cheques are valid only for 3 months from the date mentioned in it. So, if a cheque is dated 1st of January 2013 and you cash it in May or June of 2013, it will be dishonored because the cheque is old and invalid. b. Signature of account holder does not match with bank records c. Not enough funds in the bank account to pay the cheque d. Any overwriting or editing in the cheque e. Cheque issuer has explicitly put a stop-payment on the cheque.
Can you complain?
Dear sirs, i am having a saving account in maybank........i bankin two cheque under cimb bank......rm5000 and rm3000 about 5 times since april..........reason for returning....(not arrange for).......why the other bank never closed the account .......how can we report this case.........the cheque holder has ran away.......he is one of the Toto sales agent and the cimb bank just let him off.......worry about his account close.......(Melaka Semabok Toto Mr Chong Koon Long )
A bank I used to do business with just updated an old account for no apparent reason which has lowered my credit score what can I do about this?
Was the account closed?
Do banks have to give you a reason why they closed your business account?
They don't have to, but if you ask, they almost certainly will.
29 reason why a check can not be cash?
Practically, there are not 29 reasons as to why a cheque cannot be cashed. But, a cheque may bounce due to a variety of reasons. They are: a. The signature of the cheque issuer does not match bank records b. There is not enough money in the issuers bank account to pay for the cheque c. There is overwriting in the cheque and is not duly counter-signed d. The amount in numbers and amount in words does not match e. The cheque is very old and expired (more than 90 days old)
Two reason why a check may become stale?
The only reason why a cheque may become stale is: The cheque was issued to you in the past and you have not yet deposited it for cashing it. Any cheque that is older than 180 days is considered stale. If you deposit a stale cheque - the bank will not release the funds
Can you reopen a credit card that was closed by the issuer?
No. The reason a credit issuer closes an account is because they no longer consider you an acceptable risk.
