whinecooler
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posted on February 26, 2001 04:10:41 PM new
I just got an NSF cashiers check that cleared the issuing bank on 02-08-01 for $122.00.
It's marked NSF and my bank charged me a $5.00 fee for a total of $127.00!!
How can a CASHIERS CHECK be NSF??
It's from a FEDERAL CREDIT UNION. Does that make a difference?
Nuturally being a cashiers check the item purchased was sent long ago.
I guess this is just one more thing for sellers to be aware of.
Does anybody know how this can happen?
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The more PEOPLE I meet.........
The more I like my DOG!!
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dman3
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posted on February 26, 2001 04:30:33 PM new
Might want to check in to that some credit unions checks dont have a routeing number on them and cant be deposited in the usual way.
There is no real way a cashiers check could bounce since the person pays cash up front for it and the money is garenteed with insurance to be paid.
But you never know I have accepted checks for over a year and a half no problem my frist and only bounced check was a check from a credit union the buyer had to send me a money order includeing the fees my bank charged me.
Some how there credit union made an error and bounced this buyers $5 check.
this buyer bid $3.50 for an item from me and in the end it cost them over $20 due to credit union error.
http://www.Dman-N-Company.com
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whinecooler
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posted on February 26, 2001 04:36:21 PM new
Thanks Dman. It must have something to do with the routing #s. That's why it spooked me. I thought the funds were already in a secured account when a cashiers check or MO was purchased.
I'll have to go to my bank and ask for an explaination.
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The more PEOPLE I meet.........
The more I like my DOG!!
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smw
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posted on February 26, 2001 04:49:08 PM new
Some Credit Unions issue "Cashiers Checks" that are not what we think of as Cashiers Checks. Meaning that the funds are not held against the check.
Would this Credit Union happen to be in the South?
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reddeer
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posted on February 26, 2001 04:58:11 PM new
Many cashiers checks, and money orders can have stop payments put on them.
I've seen it done. Hope that's not the case, but it's a reality.
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laum1
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posted on February 26, 2001 05:20:48 PM new
All financial instruments can be stolen and thus have stop payments on them. You can easily check by calling the financial institution and see what the problem is. If you need help finding a phone number, try one of the Internet Yellow Pages.
Also, are you sure your cashiers check is genuine? With fancy printers these days, it is possible to forge them.
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wbbell
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posted on February 26, 2001 08:20:24 PM new
laum1, it doesn't even take a fancy printer. See, for instance, http://www.checkman.com.
[ edited by wbbell on Feb 26, 2001 08:20 PM ]
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taz8057
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posted on February 26, 2001 08:55:57 PM new
Wow, I have never had that happen before. I didn't think a cashiers check could bounce...
-Trey
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"If your mind can concieve it, and you believe it, then you probably can achieve it."
http://www.CondomDeals.com
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whinecooler
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posted on February 27, 2001 02:23:30 PM new
UPDATE
It's a REAL CHECK.
The credit union said payment was stopped 9 days after it was sent.
The buyer had to claim the chech was lost or stolen.
I don't think 9 days is ample time but the bank says they just take the persons word for it.
This is scary.
I NEVER would have thought it SO EASY to stop a CASHIERS CHECK.
I think this is clearly a case of fraud.
I've contacted the bank and the police and I'm waiting on a detective to call me back.
Being out of state they don't seem too enthused. I've been on the phone for over 2 1/2 hours.
Any IDEAS????
What can, or will, EBAY do (ROTFLMAO) if
anything?
This guy waited 7 days after the auction to get the check.
I guess waiting 9 days to allow us to receive the check, deposit it, pack and ship the item and have it delivered to him was just TOO LONG.
To add insult to injury the guy left ME neg feedback!!!!!!! AND TWO DAYS AFTER he stopped payment!!
I'm done with EBAY sales.
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The more PEOPLE I meet.........
The more I like my DOG!!
[ edited by whinecooler on Feb 27, 2001 02:27 PM ]
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whinecooler
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posted on February 27, 2001 04:00:43 PM new
Does Ebay have insurance for SELLERS??
***********************************
The more PEOPLE I meet.........
The more I like my DOG!!
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gc2
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posted on February 27, 2001 04:13:58 PM new
I'm confused.
Was the check marked "NSF" or "Payment Stopped"?
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whinecooler
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posted on February 27, 2001 04:27:02 PM new
It was stamped "NSF" but the bank said payment was "stopped" by the buyer.
I'm wondering if the bank can be held accountable.
They allowed payment to be stopped 9 days after cutting the check.
The bank said they don't question their customers. "If he said it was lost they just take his word" is what they said.
I asked if he came in and tried to withdraw $5,000 would they check his account first to make sure he had $5,000. She said yes. So I responded, "then you DON'T take their word when it's YOUR money", she didn't know what to say.
I don't think a cashiers check should be able to be stopped so quickly. They could put a flag on it to make sure the redeemer was the person it was written to but to just take somebodies word 9 days after the check was issued seems negligent.
Isn't there a waiting period or ANYTHING???
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The more PEOPLE I meet.........
The more I like my DOG!!
[ edited by whinecooler on Feb 27, 2001 04:28 PM ]
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whinecooler
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posted on February 27, 2001 04:31:18 PM new
Are there any bank tellers out there that can help answer this?
It effects us ALL.
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The more PEOPLE I meet.........
The more I like my DOG!!
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dman3
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posted on February 27, 2001 06:19:57 PM new
Most garenteed Checks are good for up to one year of the date it was made out.
What I Want to know is this When You go get a cashiers check they ask who the check is for the bank put the pay to the order name on the check them selfs the person getting the check dont do that.
the bank has a copy of this check with your name on it you cash it with your signature on the back deposit at your bank in an accouint with your name on it.
What I want to know is if the people at this credit union are stupid they made this chack out to you them selves you signed it the you deposited it into a bank account with your account number and SS# yet they still believe the person who said stop the check its lost.
Give me a break the named person just deposited the check how can it be lost I think the bank is responcable to you for your return check fees and your auction payment its up to them to contact the person who stopped the check and get there money.
The bank is at fault here they made the check out to you not your buyer they know the right person cashed the check they can Identify you through your bank.
http://www.Dman-N-Company.com
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whinecooler
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posted on February 27, 2001 08:42:07 PM new
I tried to tell them they were too quick on the trigger but they say they were not.
They didn't even try to contact us to see if we got it.
There should be some waiting period.
If not, why bother even getting a cashiers check??
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The more PEOPLE I meet.........
The more I like my DOG!!
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mzalez
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posted on February 27, 2001 08:50:29 PM new
I just received an 'unable to locate account' credit union cashier check. The cashier check was returned to me and has that stamped on the front. What does that mean? It's a credit union from Florida.
I already shipped the guy's stuff.
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reddeer
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posted on February 27, 2001 09:22:10 PM new
Last year I sold an item for just under $2,500. I specified in my auction, and in my EOA email that I would *only* accept a Postal Money order, period, end of story.
The high bidder sent me a Money Order by the Integrated Banking Systems [or something close to that]
On the face of the MO it had a 1-800 #, so I called it. They voice mail then told me to enter the MO # code, the next thing I heard was "To Put A Stop Payment On This Money Order, press #2 on your phone".
Needless to say the high bidder had to wait an additional 7 days before I shipped his item, which was only *after* the funds had been withdrawn from his account, and placed into mine.
That's why I always chuckle when I see auctions that state "Money Orders & Cashier's Checks Only"
The only true safe Money Order, is a Postal Money Order, and then only after you've checked the USPS web site to make sure it hasn't been stolen.
They are extremely hard to fake/copy, and the only way you can put a Stop Payment on them is if you return to the PO with the MO & your receipt in hand. Which is kinda hard to do if it's already been mailed to the seller.
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laum1
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posted on February 27, 2001 10:30:55 PM new
reddeer is giving out proper advice. U.S. postal money orders are fairly safe. Not sure if anyone will take the trouble to pay you with a stolen one. Also, postal fraud is a very serious offense.
All other financial instruments can have stop payment. The fact that someone sends you a M.O. or Cashiers Check does not mean the funds is available when the item is presented to the issuing institution. It just means that the person have cash to buy the instrument. So you are protected from NSF but not stop payments.
If one is going to do ecommerce, one should take the time to talk to your local bank officer and understand the risks of accepting different methods of payments.
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whinecooler
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posted on February 28, 2001 12:37:28 PM new
Well this blows chunks!!
I just assumed any cashiers check or money order was good.
I see now they aren't.
Live and learn.
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The more PEOPLE I meet.........
The more I like my DOG!!
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lovepotions
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posted on February 28, 2001 01:01:34 PM new
any kind of odd check if you aren't sure about it........
Don't simply deposit to an atm and walk away.
Walk into the bank and cash it.
If it isn't good you will know right then and there and you don't get charged fees for anything.
Nor do you find out after you have shipped something that is is a bad check and you are out your merchandise.
http://www.lovepotions.net
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whinecooler
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posted on February 28, 2001 01:08:23 PM new
There was no reason to suspect this check was not good.
We've NEVER had a problem with a cashiers check or money order.
I guess this is just one more thing to worry about selling online.
How much time is a person supposed to put into one sale? Certainly taking each check to a teller would be time prohibitive to many sellers.
There is an IMPLIED TRUST with a cashiers check.
I guess that trust is ill founded.
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The more PEOPLE I meet.........
The more I like my DOG!!
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lovepotions
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posted on February 28, 2001 02:06:19 PM new
I know hun but you don't know these people who send you these types of payments.
I'm not saying take each check individually but as many sellers have a 7-10 day wait on personal checks you have a window of time to take a small bundle of them together at once. It might save you time from calling in to inquire on the clearance of each one. You are going to the bank anyways and you would have your batch of checks in a stack and know whether or not they all are good.
http://www.lovepotions.net
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whinecooler
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posted on February 28, 2001 05:32:42 PM new
Selling online has just become too expensive and time consuming.
Deadbeat bidders, Ebays non enforcement of their own policy, a FVC that takes 20 days at best, Ebay fees rising fees, Paypals percentage, Shipping rates going up up up ETC. ETC. ETC. now we have to worry about bad CASHIERS CHECKS.
All of these things are going to drive prices at auctions up to near RETAIL and auction buyers just won't pay retail for most things.
I'm going to have a HUGE garage sale and get rid of all of my inventory.
No more of this for me. We sellers are being pushed out of the market.
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The more PEOPLE I meet.........
The more I like my DOG!!
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whinecooler
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posted on February 28, 2001 05:54:38 PM new
I would have mentioned the new AW fees proposed but I thought our "fair" "moderators" would lock the thread.
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The more PEOPLE I meet.........
The more I like my DOG!!
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mikeselis
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posted on February 28, 2001 10:52:52 PM new
Honestly for someone to got to that length is just looking to get arrested for fraud. They probably had to pay a fee to get the cashiers check stop payment. I take money orders or paypal for all of my auctions and the only reason I don't take checks is because I want first or second day availability of the funds. But I don't mind paying for my auctions with a personal check if I need to. But when I do, I try to do it only to sellers that live in the same state as me or in a state that the my bank has a branch. That way the checks are considered local and they can take the check to a bank branch to verify it will be paid. In fact, I suggest that you have your attorney deal with this matter as it is what he will call "unjust enrichment".
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whinecooler
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posted on March 1, 2001 10:09:23 AM new
Well I talked the bank and the police.
The bank says they did nothing wrong.
The police took some nudging but they called the guy and he SAYS he's going to send the item back to me.
That is some consolation I guess but I'm out shipping and fees and several hours of long distance.
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The more PEOPLE I meet.........
The more I like my DOG!!
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