Imagine that you have been involved in some intense psychotherapy sessions. You have worked hard for your money and then been properly reimbursed for your efforts and expertise. Now imagine this real-life scenario that took place with a colleague:
"I made a deposit of about 15 checks that came to over $4000 into my money
market account. When I checked on line a few days later I saw that I wasn't
given credit for the deposit. I went into the bank, showed my deposit receipt
and asked what happened. They said that they would investigate. Two days
later I was given provisional credit for the deposit. All settled? No. A month
later I received a letter from the bank stating that they had lost the checks and
if I could not provide copies of the front of the checks, they would deduct the
provisional credit including any interest owed.
The following is a quote from the letter, "Please be aware that when we cash a
check or accept a check or other items for deposit to your account, we are acting
as your agent. We are not responsible if the item is lost in the collection process.
If an item we cashed for you or accepted from you for deposit is lost during the
collection process, we may deduct from your account the provisional credit we
gave you for the item, and any interest earned." So I deposited the checks
directly to a teller, received a receipt for the deposit, they then lost them and say
that they are not responsible. I identified a few of the people that gave me checks
and they told me that the checks were never cashed. I can't identify 1/2 of the money. The bank refuses to take responsibility for the checks they lost. They say
that copies should be made before depositing. How many of you make copies before depositing checks? How many of you knew that a bank is not responsible if they somehow lose your deposit? I used to believe that as long as I had my receipt I
didn't have to worry, I could trust my bank to do the right thing."
Of course this is outrageous and the psychologist is pursuing several avenues to turn this wrong into a right. However, how many of us knew that a deposit was not really a deposit until the bank says that it is a deposit?
Because of this (and also for good bookkeeping reasons) it is important to make and keep a photocopy of all monies that are paid to you for professional services. This includes copies of checks, Explanation of Benefits from insurance carriers, credit card payments, and cash received. This serves as a protection of our incomes. We work hard to earn a living and apparently must guard against someone else's mistakes to make sure that we retain the income.
