If I deposited a check for $3,000 and took the cash but it turned out to be bad, what should I do?

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If I deposited a check for $3,000 and took the cash but it turned out to be bad, what should I do?

The account has since been closed and I spent the cash.

Asked on December 21, 2011 under Bankruptcy Law, Minnesota

Answers:

Michael Duffy / Duffy Law, LLC

Answered 10 years ago | Contributor

Be prepared for the bank's collection efforts. You now likely owe the bank $3,000. Failure to repay this will likely lead to fees, fines, interest, negative credit reports, and possibly legal action. I would recommend you repay the money as soon as possible. 

If someone sent you a bad check, you should also try to receover against that party. Depending on the reason it was bad and what the check was for, you could have a variety of causes of action.


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