[DML] Re: selling a D overseas

["tuxr" <tuxdarby@xxxxxxx>]

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
>




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