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Chapter 37. Banking > Special Situations

Special Situations

In addition to understanding normal business banking transactions, it's important that you understand what to do in some special circumstances. For instance, what if the boss accidentally writes or receives in payment an insufficient or "hot" check? Or what if you're asked to withdraw $10,000 or more in cash from the business account?

Returned Checks

A check may be returned to the company for any number of reasons such as a missing signature, closed account, or insufficient funds. If you receive a returned check, your best bet is to contact the person who gave the company the check and try to collect cash instead. If the person is not cooperative, you or the boss should contact local law enforcement authorities since theft of goods or services by check is against the law. If the company inadvertently should give someone a check that is returned, be prepared to pay cash and possibly to pay a special fee. You should make every effort to settle this matter amicably and at once. The company can be held legally responsible for the returned check; at the least it could suffer a damaging blow to its reputation.


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