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  #1  
Old 03-16-2006, 06:07 PM
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Banks suck

Seemingly, the only reason banks exist is to get our blood boiling. I've gotta rant here, as my local bank has done a marvelous job of getting me steamed this week. Here goes;

So I bought another car; went to the bank, got an official cashier's check which the teller had to type out. Sent check FedEx overnight to the seller of the car. He calls me to say that they have to hold the check for 12 (yes, TWELVE) days for the funds to clear!!! He's pissed (but understands how shady banks are), I'm pissed, he spent almost an hour on the phone trying to find out why an OFFICIAL check takes 12 days to clear, to which NOBODY can give him a straight answer. WTF??????

Isn't the reason that we have to go to the trouble of going to the bank in person, having a teller or the bank manager type up the check, etc...etc...so we DON'T have to wait almost two weeks for funds to clear?!?!?!?!?!? You'd think that with a phone call, everything should be verified, isn't that what all of these computers are for??????

So for all of the trouble I had to go through just to be told we have to wait twleve days for funds to clear, I might as well have written him a personal check and kept the $5.00 that they raped me of for the charge of the "official check".

It wouldn't bother me one bit to see every bank in the world go belly up tomorrow. They deserve it.

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  #2  
Old 03-16-2006, 06:11 PM
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Aaron,

I think this is a result of the numerous counterfeit cashier's check scam plaguing us in this day and age. I just went through this with my oldest son, co-signed on his shool loan, bank paid out in a cashiers check. Besides all of the hoops they made the two of us jump through just to desposit it, then they hit us with a 10-14 day hold.

Oh yea, I was P.O.'d
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  #3  
Old 03-16-2006, 06:19 PM
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A personal check must clear the fed system within three business days according to the rules. No such rules for cashiers checks. They are, unfortunately untouched by modern rules of commerce. Best option for moving large amounts of money is wire transfer. More costly, but once it's done, it's done.
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  #4  
Old 03-16-2006, 08:39 PM
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i think i'd go and pitch a b at the originating bank.
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  #5  
Old 03-16-2006, 09:08 PM
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Funny you mention bank checks. The risk with them is quite high.

I brought one down to Florida with me to pickup a Toyota Camry from a reputable e-bay seller. He advised that he would need to telephone the bank to ensure that the check was legit. I told him that would be fine.

I get down there and he finalizes the transaction. It's getting past 3:00 and I remind him to call the bank to verify that the funds were good.

He replied that he didn't need to do that. He had a sense that I was legitimate after our conversation and test drive.

The flip side, Aaron, ..........amazing.
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  #6  
Old 03-16-2006, 09:16 PM
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Bank checks have a long history of forgery problems. If I was a regular online trader, I wouldn't accept them. They are difficult to verify, especially nowadays with giant chain banks, and not really knowing who to call or at which branch. I don't know why they aren't regulated by fed check clearing rules, other than maybe they aren't used all that much anymore, since wire transfer is preferred and more reliable.
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  #7  
Old 03-16-2006, 09:50 PM
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  #8  
Old 03-16-2006, 10:12 PM
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So is a certified check better/faster than a cashiers check? I always thought it was the other way around.
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  #9  
Old 03-16-2006, 10:39 PM
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By chance, was the check over $10,000?
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  #10  
Old 03-17-2006, 12:04 AM
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If you trust the guy enough to FedEx a cashier's check, just wire the money from your account to his. The total cost is higher ($20/$25 for each of you vs. $5 + FedEx cost for only you) but you can usually get value in a target account on the same day.
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  #11  
Old 03-17-2006, 08:05 AM
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Not really. People suck. That is the problem. A while ago, I posted on a board about some parts for sale. Someone replied and accepted the consignment. Well, I got a sense they didn't know what they were talking about since those were performance parts. They didn't even haggle with me. Hmmmmm. The guy offered to buy the parts and pay for the shipping to Switzerland. OK. He also said he would get his partner to send me a check. It was larger than what he would owe so I was to cash it and Western Union him the difference. No problem. He overnighted the check from Nigeria via Fedex. I found the bank it was drawn on and faxed the check to them. My own bank also thought it was real but couldn't be absolutely sure. Well, the bank it was drawn on said it was a fake since they could check numbers and all that. So I emailed the guy and told him that the check was damaged in transit and my bank could not cash it. He promptly sent another one overnight via Fedex from Nigeria again. This time I told him that the bank it was drawn on said it was a fake. All this after wasting his 2 overnight Fedex charges.

If I had deposited them, the bank would have credited me the funds and when they were found to be fraudulant, I would be socked with the amount it was worth. It looked so good my own bank couldn't be sure it was a fake. I of course knew this was too good a deal to be true so I decided to waste the guy's money and time.
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  #12  
Old 03-17-2006, 09:17 AM
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Quote:
Originally Posted by aklim
I of course knew this was too good a deal to be true so I decided to waste the guy's money and time.
Ahh.......Mr. Lim......here is where you screwed up. You should have boxed up those performance parts in a decent box and told him that they were ready for shipment. Have him pick up that box and bring it all the way to Switzerland.

Then, after he has paid some significant freight charges, he opens the box to find a load of bricks.

Now you would have some serious satisfaction..............
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  #13  
Old 03-17-2006, 10:35 AM
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There is definitely something going on at the banks for the last few months. They are watching everything much closer all of a sudden and makes me think they've got their own little red alert flags up. Since 9/11 there are all kinds of anti money laundering screens in place and it's as if they've stopped the electronic clearing or something. In order to insure immediate credit on any check that is not made out to me in just the way my accounts read I now go into the teller instead of using the ATM. This seems all just in the last three months. I guess if there was the possibility of a attack to the electronic banking system in the works they'd not be able to say anything to avoid a run for cash, but it does make me wonder.
This is new, at least in my experience and as for a “Guaranteed Check” taking any time to clear just is bogus. Could all of the Ebay transactions be responsible?
The Fed wire seems unaffected so for anything like you're doing that's the way to go.
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  #14  
Old 03-17-2006, 11:06 AM
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We received a check from an insurance company in Canada, drawn on a Canadian bank. Our bank locally tried to get some info from the Canadian bank and could not get a peep out of them concerning the authenticity of the check. We just have to wait till it clears, and that can take 2 months or more. Yippee.

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