Don’t Float Checks To Cover Your Expenses

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If you’re running low on personal funds, and you have no room left on your credit card, it may occur too you to float a check or two to pay for essentials. The idea behind floating is that you can write a check for a purchase, and deposit the money to cover it in your bank account before the check clears. As foolproof as this might seem, it can be a very costly way to make ends meet.

First, the time needed to clear a check has been greatly reduced in recent years. Banks have started using substitute checks in place of real checks – the substitute checks are legally valid instruments which allow banks to process deposits and debits much more quickly. In years past, clearing a check could take a week or more; today, it can be done in just a day or two.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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