Why do you have to wait for a check to clear?

I've never understood this, forgive me. Why do people wait for checks to clear? I mean, you go to the bank, cash the check, and get the money right away. Right? It's not your problem if the person's account doesn't have any money in it, you've got your money so you're good to go. It's not like you have to pay a fee for a check that bounced, the account owner does. So, why do people wait for checks to clear? Am I missing something? Thanks.Why do you have to wait for a check to clear?
If you deposit that check in your account and then its non sufficient than you are responsible for that money.Why do you have to wait for a check to clear?
Because if the check bounces, you have to pay the money back if the other person can't be found. This is how one of the biggest scams work...people get sent a check with the instructions to cash it, send 1/2 to the person writing the check, and keep one half. But the check bounces, the check writer is fictitious or has skipped, and the person cashing the check is now on the hook for the entire amount, including the half of the check they sent.
The bank wants to make sure they get their money from the person that wrote you the check before making it available in your account. If you go to your bank and cash a check on the spot that someone gave you, you have to put your account number on the back of that check because in a couple days if that check doesn't clear from that persons bank (meaning your bank can't get the money from the other persons bank for the check), you are going to get hit with the amount. So if you cashed a check for $100 from another bank and that person that wrote you the check doesn't have the money in there account then your bank is going to take that $100 back out of your account. So it is your problem if you get a bad check from someone that doesn't clear, you'll also get hit with a fee for it too. Hope this helps!
Yep. You are missing something. You DO have to pay a fee if a check you deposit bounces. You also will have the amount of the check deducted from your account if you have cashed it at your bank. The bank is secure from losing the funds, but you are not. That's why you see the signs in stores regarding the fees charged for bad checks.





Some banks charge you as much as $40 if the check someone writes to you bounces.
If you cash a check and it bounces you DO have to pay that back to the bank and you also have to pay them a return check fee.