SIGforum.com    Main Page  Hop To Forum Categories  What's Your Deal!    Deposit Holds on Cashiers Checks
Page 1 2 
Go
New
Find
Notify
Tools
Reply
  
Deposit Holds on Cashiers Checks Login/Join 
Member
posted
Went to deposit a cashier’s check from a major nationwide bank into my credit union checking account. They put a 8 day hold on releasing the funds. WTF? It’s a cashiers check from a bank, which means that it’s drawn on the bank’s account, not a personal account. It’s for a large amount, but I always thought that a cashiers check was like cash. What’s the point of cashiers checks if they are going to be treated the same as a personal check?
 
Posts: 2317 | Location: South FL | Registered: February 09, 2007Reply With QuoteReport This Post
A Grateful American
Picture of sigmonkey
posted Hide Post
Fraud.

Cashier and Bank check fraud is a big deal, because many people will accept a bank/cashier check on big ticket items, and crook and stuff disappear before the check clears, and the acceptor is stuck with the trouble.

Yes, a call could be made to verify the checks, but it is acceptable practice to "clear paper checks" via mail/courier, so that is often the standard practice for some banking companies and credit unions.


We


"the meaning of life, is to give life meaning" I could explain it to you, but I can't understand it for you. FANGS OUT
 
Posts: 41309 | Location: fl | Registered: December 20, 2008Reply With QuoteReport This Post
Member
posted Hide Post
The best way I've found if you want the funds immediately on a cashier's check is to go directly to a branch of the bank that issued it. Not always convenient though.
 
Posts: 5484 | Location: CO | Registered: October 11, 2005Reply With QuoteReport This Post
Non-Miscreant
posted Hide Post
There is another way. Its called a universal gift card. Or cards. They're also called $100 bills. I know cash money is scary to some folks. First, you've got to have the funds to begin with. Of course we're not talking house purchase amounts, but you can carry car purchase amounts with you. If you finance, its a non-issue.

'


Unhappy ammo seeker
 
Posts: 17542 | Location: Kentucky, USA | Registered: February 25, 2001Reply With QuoteReport This Post
Just because you can,
doesn't mean you should
posted Hide Post
A regular check will clear before a cashiers check nowadays.
A wire transfer is the best way for quick funds availability.
 
Posts: 6502 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by 220-9er:
A regular check will clear before a cashiers check nowadays.
A wire transfer is the best way for quick funds availability.


Even then, a wire transfer now takes a day or sometimes 2 depending on where it's coming from (country).
 
Posts: 20554 | Registered: June 12, 2005Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by bigeinkcmo:
The best way I've found if you want the funds immediately on a cashier's check is to go directly to a branch of the bank that issued it. Not always convenient though.


Unfortunately, that’s not an option in this instance. If I simply went to a different branch of the same bank, I assume that I could have just transferred the funds since they would be accounts of the same bank.

And, we are talking a house sale type amount here, although it wasn’t from a house sale. It’s just disappointing that cashiers checks are treated the same as, or worse than, personal checks. There seems little point in cashiers checks, then. I should have just gotten cash.
 
Posts: 2317 | Location: South FL | Registered: February 09, 2007Reply With QuoteReport This Post
Member
posted Hide Post
Cashier's check fraud is extremely rampant. It's unfortunate that it's coming to the point that it's keeping legitimate transactions from being processed but it doesn't surprise me.

Direct wires are the way to go when other electronic payments are not an option and the funds must be sent quickly and reliably.
 
Posts: 3856 | Location: Iowa | Registered: February 24, 2011Reply With QuoteReport This Post
Member
Picture of mcrimm
posted Hide Post
Wire transfers are fast.



I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown
...................................
When you have no future, you live in the past. " Sycamore Row" by John Grisham
...................................
Liberalism is a failure to find pathways to intelligence in your brain. - David Lawrence
 
Posts: 2958 | Location: Kalispell Montana & Florida’s Emerald Coast for the Winter | Registered: December 24, 2013Reply With QuoteReport This Post
The Unmanned Writer
Picture of LS1 GTO
posted Hide Post
My question to the OP, how much over your asking price was the cashier's check for? Big Grin









Only in an insane world are the sane considered insane.


 
Posts: 12251 | Location: It was Lat: 33.xxxx Lon: 44.xxxx now it's CA :( | Registered: March 22, 2008Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by mcrimm:
Wire transfers are fast.


But, again be careful. Wire transfers have been sent or intercepted to the wrong accounts, never to be seen again.

Advice given to me by my Escrow agent.


*********
Q - How can you tell a Politician is lying?

A - Lips are moving.
 
Posts: 7591 | Location: Arizona | Registered: August 17, 2008Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by LS1 GTO:
My question to the OP, how much over your asking price was the cashier's check for? Big Grin


Hahaha this actually made me laugh.
 
Posts: 1048 | Location: Arizona | Registered: January 31, 2014Reply With QuoteReport This Post
Member
Picture of mcrimm
posted Hide Post
quote:
Originally posted by GWbiker:
quote:
Originally posted by mcrimm:
Wire transfers are fast.


But, again be careful. Wire transfers have been sent or intercepted to the wrong accounts, never to be seen again.

Advice given to me by my Escrow agent.


In 40+ years of banking and wife's 20+ years in escrow, I never heard of this happening.



I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown
...................................
When you have no future, you live in the past. " Sycamore Row" by John Grisham
...................................
Liberalism is a failure to find pathways to intelligence in your brain. - David Lawrence
 
Posts: 2958 | Location: Kalispell Montana & Florida’s Emerald Coast for the Winter | Registered: December 24, 2013Reply With QuoteReport This Post
Member
Picture of sigcrazy7
posted Hide Post
quote:
Originally posted by mcrimm:
quote:
Originally posted by GWbiker:
But, again be careful. Wire transfers have been sent or intercepted to the wrong accounts, never to be seen again.

Advice given to me by my Escrow agent.


In 40+ years of banking and wife's 20+ years in escrow, I never heard of this happening.


Apparently it’s a new scam. Scammers find out you are closing a property, and they send you an email posing as the title company, with wire instructions. You wire the funds, and *poof*, your money is gone forever, wired overseas.

I bought three houses in 2019. The bank clerk asked me every time, “Where did you get these instructions?” She was satisfied after I told her that the title company had printed them out, and I had hand carried them to the bank. Be careful out there. Loosing a couple hundred thousand because you had scam wire instructions would be devastating to most people.



Demand not that events should happen as you wish; but wish them to happen as they do happen, and you will go on well. -Epictetus
 
Posts: 6749 | Location: Utah | Registered: December 18, 2008Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by LS1 GTO:
My question to the OP, how much over your asking price was the cashier's check for? Big Grin


??? I’m not sure what this question means.
 
Posts: 2317 | Location: South FL | Registered: February 09, 2007Reply With QuoteReport This Post
Member
Picture of sigcrazy7
posted Hide Post
quote:
Originally posted by Dwill104:
quote:
Originally posted by LS1 GTO:
My question to the OP, how much over your asking price was the cashier's check for? Big Grin


??? I’m not sure what this question means.


It's a joke, playing off the common over-payment scam.

A common scam is to contact people who are selling something, say a vehicle, and then send a cashier's check for the sale price plus some more, like the shipping. They then ask you to deposit the check and send them the difference, which they'll supposedly give to the shipper. A week later you find out the check was a fake, and you're out the difference.

They do it with my rentals as well. "I'd like your apartment. My granny will send you a check for the deposit plus some extra for me to move. Deposit the check and send me the extra and then I'll move in."



Demand not that events should happen as you wish; but wish them to happen as they do happen, and you will go on well. -Epictetus
 
Posts: 6749 | Location: Utah | Registered: December 18, 2008Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by sigcrazy7:
quote:
Originally posted by mcrimm:
quote:
Originally posted by GWbiker:
But, again be careful. Wire transfers have been sent or intercepted to the wrong accounts, never to be seen again.

Advice given to me by my Escrow agent.


In 40+ years of banking and wife's 20+ years in escrow, I never heard of this happening.


Apparently it’s a new scam. Scammers find out you are closing a property, and they send you an email posing as the title company, with wire instructions. You wire the funds, and *poof*, your money is gone forever, wired overseas.

I bought three houses in 2019. The bank clerk asked me every time, “Where did you get these instructions?” She was satisfied after I told her that the title company had printed them out, and I had hand carried them to the bank. Be careful out there. Loosing a couple hundred thousand because you had scam wire instructions would be devastating to most people.


Fellow down here lost $800,000 to that scam a couple of years ago.

When I wired $150K from Pennsylvania to title/escrow company in Arizona, I had to provide a ton of personal information to my CU in Pa before they would wire the cash.

Instruction on wire transfer given me in Tucson were in a sealed document on day of transfer.

It's a new scam, I'm told.


*********
Q - How can you tell a Politician is lying?

A - Lips are moving.
 
Posts: 7591 | Location: Arizona | Registered: August 17, 2008Reply With QuoteReport This Post
Member
posted Hide Post
Zelle is a fast instant bank to bank transfer that is better than cashiers checks for a seller. However, if you send it over and regret the purchase, you won't get it back like a CC purchase that can be disputed.
 
Posts: 1647 | Registered: August 01, 2012Reply With QuoteReport This Post
Sigforum K9 handler
Picture of jljones
posted Hide Post
Yep. You can thank all the people that make their money through fraud for this. My local bank usually releases funds within about 48 hours to me from a cashier's check. But, I have the money to cover it in accounts always.

I used to pay child support by cashier's check. My ex would take the check to the same bank that the check was issued from. They wouldn't show her the available money until the following day.




www.opspectraining.com

"It's a bold strategy, Cotton. Let's see if it works out for them"



 
Posts: 34899 | Location: Logical | Registered: September 12, 2004Reply With QuoteReport This Post
Perfection is impossible,
Trying is not…
posted Hide Post
I once deposited a check from thE TREASURY DEPAMENT (A REFUND CHECK ON TAXES) AND THE BANK PUT IT ON A 15 DAY HOLD...



"Isn't it weird that in AMERICA, our flag & our culture offend so many people - but our benefits do not"
 
Posts: 488 | Location: OKC | Registered: October 04, 2004Reply With QuoteReport This Post
  Powered by Social Strata Page 1 2  
 

SIGforum.com    Main Page  Hop To Forum Categories  What's Your Deal!    Deposit Holds on Cashiers Checks

© SIGforum 2021