PSA: A client's check bounced right after I paid my quarterly taxes

I was at my bank in Austin last month trying to deposit a $2,500 check from a big project. The teller told me it was no good, and I'd already sent my tax payment. I had to use a credit card to cover it, which cost me in fees. Has anyone else set up a better way to make sure a check clears before big bills are due?

4 comments

4 Comments

rayadams2mo ago

My bank in Dallas finally let me set up a separate holding account for checks over a grand. The money sits there for a full five business days before I can transfer it to my main account. It stopped me from counting on a check that wasn't real yet.

ryanc712mo ago

Love that idea. I started doing the same thing after a bad check cost me a late fee.

wells.christopher2mo ago

My old credit union in Denver had a similar rule for checks over $500. It felt like a hassle at first, but it saved me twice last year when deposits got returned. That five day wait is annoying but it really does force you to plan around the money actually being there. I got burned once on a rent check and now I won't touch a deposit until the full hold is up, lol.

danielm801mo ago

Totally feel that, @ryanc71. Learned the hard way too.

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