MacGregorSailors.com

Ixneigh wrote,

If the bank holds the check until verifying the counterparty would not it end these scams cold??

Why would a bank hold the check? They send it thru the system to get their money as soon as they can. If it clears, it is verified. If it is returned, BINGO!

Not being current with the bank rules since TARP, I'm not sure how they do it now as it has not come up in my everyday deals, BBBBBBUUUUUTTTT, in my younger years I have had checks given to me that were out of area and clearing was much slower then than now. If my bank account was large enough to cover the check, they would cash the check but put a hold on the remaining funds equal to the value of the check. $10,000 in my account would get a $3,000 check cashed instantly, no questions.

...but if that 3000 USD check comes back, you will not get your money back, you will find...

Oh yes, that was understood. Now I would have the $3,000 from the check and $4,000 left in my account. They would, in all fairness, return the check also, in case I wanted to frame it.

And I assume it's for Charity, of your descretion.
Doe-keep-me.
Dave

Highlander wrote:For any of you guy's who are willing to freely part with your doh-ray-me !! I'll glady except your donation's 100# bills inside a nice gift card will do fine no need to waste your time getting Check's !!!!

J

DaveB wrote:And I assume it's for Charity, of your descretion.
Doe-keep-me.
Dave

Highlander wrote:For any of you guy's who are willing to freely part with your doh-ray-me !! I'll glady except your donation's 100# bills inside a nice gift card will do fine no need to waste your time getting Check's !!!!

J

Yep Dave
It would all go to the Highlander Goodwill Foundation "funding my goodwillingness to ease the strain on your wallet !! "

J

I recently sold a car and was paid with a bank check. I assumed a check written on Wells Fargo was good as cash. My banker told me it's not and can easily be stopped. So I cashed the check at the Wells Fargo bank and took the actual cash.

So don't believe a bank check is always good. It may have been when created.

This scam reeks of the Nigerian 419 scams with all the poor grammer etc. For fun, read some of the 419 baiters on 419eater.com

Russ...that still does not protect you...if that check is determined to be bad at a later date, they will come after you for the money. Of course, it is a bit harder for them to collect when you have the cash.

I once sold my '86 Corvette over the phone to a lady in Denver -- I was in Albuquerque at the time. Turns out she was a stripper and sent her "agent" to get the car, He gave me a bank draft and I gave him the signed title. I promptly took the draft to my Credit Union who informed me that I was supposed to attach the title to the draft and they would process the whole thing. Opps. The CU suggested calling the state patrol to get the guy stopped before he left NM.. Instead, I called the bank in Denver and found out the lady was a good and reliable customer and not to worry. All went well but i will never forget what a bank draft is. Lesson Learned
Dave

Catigale wrote:Russ...that still does not protect you...if that check is determined to be bad at a later date, they will come after you for the money. Of course, it is a bit harder for them to collect when you have the cash.

How could they come after me for the "bad" check when I cashed it at the bank that wrote it? They did check to make sure it was valid before handing me the cash, which took 45 minutes while they solicited me to open an account. I said if it takes this long to cash a cashiers check written on your branch earlier today, no thanks.
After I left with the cash, they'd have a hard time coming after me. I'd like to see the judge who favored them for giving me cash for the check they wrote on their own bank and later decided it wasn't good.

Also, don't send title until the funds are clear. Possession is 9/10 of the law, but it does give you some leverage with the buyer to hold the title.

Ahh.. i missed the fact that the bank check and the paying back were one and the same...it would make arguing the case pretty tough....presumably you should know if your own checks are good....

Still the mantra that a bank or cashiers check are NOT the same as cash is important to understand.

I hate to throw a monkey wrench into all of this, but sometimes, even "cash" is not good enough. If its counterfeit and you try to deposit it into your bank account, you'll be out. If you try to spend it and you get caught, you may be arrested by the police and then you'll have a real mess on your hands, trying to explain everything.

Today's high-definition color printers can do a very good job of copying US money. Almost anyone can be fooled.

dennisneal wrote:I hate to throw a monkey wrench into all of this, but sometimes, even "cash" is not good enough.

That is why I bought a Counterfeit Money Detector Pen to use on any cash I receive for a large sale item.
Yellow = real
Black = counterfeit

Office Depot carries them for just a couple bucks.

I use a black marker and when someone gives me the cash...I mark it and then explain to them it's counterfiet and if they don't want to do a lot of explaining to the cops it would be best just leave the bill with me and walk away...no questions asked...

Seriously...if I was doing that ....think I would own a Mac.

When I was selling my Bayliner , and advertised it nationally . I was constantly getting these so called Brokerages that would sell the boat for me , for an upfront fee of a few hundred Dollars .

Everyone of them guaranteed they would sell the boat for the amount I wanted and within a certain time for the upfront fee or money back .

I checked a few of them out , and there was nothing but complaints against every one I checked .
They didn't sell anybodys boat , nor did they return the persons money .

They would call up and act like they were interested in buying the boat , then they would gradually introduce thier scam.
They would also call over and over again .

I finally started telling them , my credit and word was good . If they sold the boat , I would pay double their fee , ,, after the sale. Didn't get any takers and they quit calling .