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Bad Checks, Bounced Checks, & NSF Checks
Negotiable instruments like checks and drafts have become an indispensable part of any business transaction today. As a result, it has become increasingly important to safeguard a business against financial losses arising from the receipt of fraudulent or bad checks. A check can be considered bad if it is bogus or the NSF checks (non sufficient funds check), also referred as bounced check. The issuance of a NSF or bad checks is an unlawful act and can attract civil and criminal penalties. The onus of a bad check is assigned to the person signing the check and such a person, upon incrimination, is likely to face legal action as specified by the judicial system of the state. A bounced or NSF check is the result of insufficient funds in the account of the issuer of the check. An NSF check leads to the disruption of a healthy business cycle and also attracts bad check/NSF fees for the issuer of the check. The credit worthiness of the issuer is put under circumspection, which may blemish the business reputation of the issuer. Measures Against Bad and NSF Checks The receiver of the check should evaluate the credit worthiness and conduct due diligence of the business/financial repute of the issuer of the check. A businessperson wanting to mitigate the risk of NSF or bad checks can employ the services of a check guarantee company. Check guarantee companies take upon themselves the liability of a bad or NSF check for a predefined fee. The receiver of a NSF or bad check can transfer or sell the check to commercial collection agency, which will pay the receiver an up front sum of a certain percentage of the face value of the check. Later, the commercial collection agency employed tries, with good success rate, to recover the check amount from the issuer by employing difference collection techniques. Check transactions, which constitute an important part of business payments, can prove to be detrimental to the financial health of the business itself, unless they are handled carefully. The collection of bad debts arising due to NSF and bad checks can become an unwieldy task for a business. Commercial collection agencies are equipped with the necessary know-how and resources to tackle such cases involving fraudulent checks. Collection Agency Services offers you a wealth of information on how to select the best collection agency for your business.
MORE RESOURCES: Credit - Google News Photo credit by Jonathan-Hayward of the Canadian Press - Martinez News-Gazette
Bernstein 'deserves credit' after Capello exit - BBC Sport (blog)
7 Things You Didn't Know Affect Your Credit Score - San Francisco Chronicle
TEXT-Fitch publishes second edition of US Retail Credit Insights - Reuters
Europe Bank Risk Premium Vanishing on ECB Cash: Credit Markets - San Francisco Chronicle
An Earned Income Tax Credit Q&A - Seattle Post Intelligencer (blog)
Credit Suisse Reports First Quarterly Loss in 3 Years - New York Times
CORRECT: Fitch Jan Credit-Card Charge-Off Index At 4-Year Low - Wall Street Journal
Credit-Default Swaps in U.S. Reverse Rise as Greece Strikes Austerity Deal - Bloomberg
Republicans Target Tax Credits for Undocumented Immigrants - Fox News
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