On 1/24/07, tuxr <tuxdarby@xxxxxxx> wrote: > > NO NO NO!!! This response is entirely incorrect. No it's not. I said, several times, that you need to wait for the funds to clear. The only thing "incorrect", if you can call it that, was the time frame. I did say "wait an extra week" - but note the rest of the sentence - "for the funds to clear." That doesn't mean "Wait until your local bank releases the money to you", it means "Wait until the check is known good." In other words, it "clears" - it's been processed by the bank that issued it and they have moved the funds over. By definition, a check is "cleared" when its amount is debited or deducted from the payer's account and credited or added to the payee's account. So regardless of any time frame I may have mentioned - it was just an estimate thrown out there - the core of my post is still perfectly valid: You wait for the check to clear. If banks can fully clear checks, then come back a month and a half later and say, "Oh, sorry. That check was fake. We shouldn't have cleared it", then the whole scamming business is worse than I thought. I'd be surprised of this is the case; can they really clear a check in full, then come back and say, "Oops, that was a good forgery. Give us the money back?" If they can do that, then what are the 6 weeks for - to give the account owner time to figure out money was stolen from them and inform the bank? Honestly, I can't see how a stolen or fraudulent certified bank check could clear at all. No bank in it's right mind would clear a check they had no record of issuing, or that had been modified to show a different recipient. I know for a fact my bank keeps track of every certified check they issue. If you (as the seller) are accepting bank checks that don't have your name or the proper amount on them, you deserve what you get, but if the check is physically appropriate AND the issuing bank clears it, it has to be golden. > For example, even > though a cashiers check clears after a week, and the funds are > supposedly good, it can take WEEKS for a fake cashiers check to make > its way though the system and come back to the bank as a fake (fake > cashiers checks take longer to come back than a regular bad check). I don't see how that's accurate. What bank would clear a fake cashier's check first, then process it ("make it's way through the system") later? The issuing bank is the one that clears it. They're the bank that will tell your bank, "Hey, that check was fake", whereupon your bank would remove the funds from your account. But this all happens before the check "clears". They (the issuing bank) are not going to transfer funds first ("clear" the check), then process the check later. -Ryan To address comments privately to the moderating team, please address: moderators@xxxxxxxxxxx For more info on the list, tech articles, cars for sale see www.dmcnews.com To search the archives or view files, log in at http://groups.yahoo.com/group/dmcnews Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/dmcnews/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/dmcnews/join (Yahoo! ID required) <*> To change settings via email: mailto:dmcnews-digest@xxxxxxxxxxxxxxx mailto:dmcnews-fullfeatured@xxxxxxxxxxxxxxx <*> To unsubscribe from this group, send an email to: dmcnews-unsubscribe@xxxxxxxxxxxxxxx <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/