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Posted By: Chris

Checks clear faster but you still do not receive notice from the banks until a couple weeks later if a check you deposited bounced. If you deposit a check, the bank credits your account like the check is good. If it comes back NSF they debit that amount from your account as well as charge a fee to the depositor. All though checks can clear within a 48 hour period, the person who deposits the check still has no way of knowing it has cleared. Ideally it would be great if a bank would send these notices the day after, but they don't.