I did a favor to a friend & deposited 2 checks . 1 for 200$ & the other for $100 on my account. I didnt personally saw the checks but i think they were no good. Still the money became available right away & i have no transactions pending, does it means it went through & everything is alright ? Help!
The checks will have to clear the bank they were written on first. If they were
fraudulent they will not clear. The money was actually not available. Do not
attempt to withdraw any of this money until it clears It could take a week or more
depending where that bank is and how quickly clearing is done. If you withdraw
any of it and the checks were no good, you will have to pay it back to the bank.
Will your friend pay it or was he scamming you?
No. Some banks make the money available as soon as it is deposited, especially on fairly small checks. That doesn't mean they won't bounce.
It can take 2 or more WEEKS for a check to bounce. And if you write multiple checks against a negative balance, you can get multiple NSF fees.
It takes 2 weeks for checks to fully clear. Everything is not alright yet.
The bank presumes that you trusted the checks so they may show it as a balance. When the checks do not process through the other bank or a fictional bank, then your account will have the checks reversed and you will end up bouncing checks.