marigold wrote:
The check may clear the bank that is drawn upon. This happened to me. Three months later, we learned that the check was a stolen/altered one. The original payee, never received their accounts receivable payment and of course contacted the account owner. Then the originating bank filed claim with my bank. We had to pay the full amount back. Trust nothing where these checks are concerned. The bank will come back to you, the depositor no matter what!
If it is sent for collection, the funds are guarenteed by the presenting bank. Anything that is considered "iffy" should be sent for Collections, there is a small fee for that through your bank. There can be no charge-back after an item is sent for collections, call your bank they will have details.