Sometimes when you get your bank statement you also get a nasty shock. This is when you find that you have bounced your cheques Canada and that your bank has charged you for doing so. If this is not the first time that this has happened to you, then your credit rating could also be in jeopardy.
It is important to note that just because you have cheques Canada bounce, it does not mean that you have done this on purpose. Instead, bounced cheques canada could be caused by problems within the check clearing system itself. In order to understand this better, you must first understand how check clearing works.
The way that clearing cheques Canada works is that whenever you pay a check it is paid into a bank account. The bank must then contact the issuing bank to ask them to honor your cheques Canada. If the bank agrees that there are enough available funds to do so, then the check will clear. Otherwise the check will bounce. All of this is done by computer and can take up to several working days. Usually it takes between three to seven working days.
There are some factors that will affect the clearing of cheques Canada. One of these important factors is the day upon which your cheques Canada are paid. If you pay cheques Canada on a day that banks are not open will take longer to clear than cheques Canada that are paid on a weekday. Another important factor is the bank that the cheques Canada are paid into. Keep in mind that cheques Canada will clear faster when they are drawn on the same bank that they are paid into. One last important factor is whether or not the cheques Canada are in the same currency.
In order to avoid bouncing cheques Canada you need to remain on top of what is going on in your bank account. Pay attention to your balance and the dates when things happen. If you know that there are payments waiting to go out, figure that you have less money available than you think. Whenever you are unsure of something, check your bank statement or contact your bank.