My credentials are 20 years in banking, partly dealing specifically with this issue. I am not "assuming" anything. Just because it doesn't seem right doesn't mean it's not true. P.S.: Ryan, I'd like to buy your Delorean, I'll wire you the money, or send a cashiers check if you prefer. --- In dmcnews@xxxxxxxxxxxxxxx, "Ryan Wright" <ryanpwright@...> wrote: > > On 1/24/07, tuxr <tuxdarby@...> 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/