It’s happened to all of us – you deposit a check into your account and the amount deposited is less than the check amount. Or, even worse, the amount withdrawn from your account is more than the check amount. So what gives? Why is this happening and what can you do about it?
Reasons why the check amount might not match
There are a few reasons why the check amount might not match the deposit amount. The most common reason is that the check is an electronic check, which means that it’s been processed electronically through the ACH network. Electronic checks typically take one to two business days to clear, so it’s possible that the funds haven’t been deposited into your account yet.
Another possibility is that the check is a foreign check. Foreign checks often take longer to clear because they have to be processed through multiple banking networks. It can sometimes take up to six weeks for a foreign check to clear, so if you’re expecting a foreign check, be patient!
The last possibility is that there are insufficient funds in the account of the person who wrote you the check. If this is the case, then you’ll need to contact the person who wrote you the check and ask them to provide you with alternate payment.
If you’ve deposited a check and the amount doesn’t match what was expected, don’t worry! There are a few possible explanations. The most likely explanation is that the check is an electronic check and it just hasn’t cleared yet. However, it’s also possible that the check is a foreign check or that there are insufficient funds in the account of the person who wrote you the check. If you’re unsure, your best bet is to contact your bank or the person who wrote you the check for more information.