§ 4501 Bank Draft Collection Notice

• •If a bank gets a check or payment order with documents from you, they must show it to the person who needs to pay it.
• •If the payment is rejected or not paid on time, the bank must tell you quickly, even if they already gave you money for it.
• •The bank can’t just keep quiet if the payment fails—they have to let you know so you can fix it.

You sell a car and give the buyer’s payment check to your bank. The bank gives you the money right away.

If the buyer’s check bounces, the bank must tell you quickly so you can ask the buyer for another payment.