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Non-Miscreant
posted Hide Post
quote:
Originally posted by lakeray:
I once deposited a check from thE TREASURY DEPAMENT (A REFUND CHECK ON TAXES) AND THE BANK PUT IT ON A 15 DAY HOLD...


You need a new bank. And tell the old one why.


Unhappy ammo seeker
 
Posts: 17557 | Location: Kentucky, USA | Registered: February 25, 2001Reply With QuoteReport This Post
Member
Picture of SR
posted Hide Post
quote:
Originally posted by mcrimm:
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.


CPA with 40+ years in and I've never heard of an intercepted wire transfer. I know of one client that gave the wrong routing number to a bank and was never able to recover the funds. Otherwise, I've never heard of a problem.


When I purchased real estate I received an instruction sheet from the title company that showed the routing info. I passed that sheet to my bank. If the bank screws up the input the bank is responsible. (The point - I'm not taking a chance of getting routing info over the phone and transposing numbers on what I send to my bank. I make someone give me the info.)

When I sold my property from my parents estate, I got something from the bank that showed the routing numbers and passed that to the escrow agent.




Speak softly and carry a big stick loaded Sig
 
Posts: 4555 | Location: Raleigh, North Carolina | Registered: September 27, 2004Reply With QuoteReport This Post
Member
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The scam is that people receive an email that looks just like the one from the title or escrow company. This is a phishing email. It states the account and routing numbers have changed please use these new ones.

So the person passing the new number to the bank who then correctly wires the money to the scammers account. They go into closing and the title company says where's the money?

Money is long gone and it is not the banks fault. They used the numbers you gave.
 
Posts: 106 | Location: The Lovely State of Illinois | Registered: November 24, 2008Reply With QuoteReport This Post
Thank you
Very little
Picture of HRK
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quote:
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.


This happened to my wifes boss, buying a vacation home, received an official looking email had all the loan information company logo, he went through it, checked the numbers, the amounts were even correct.

This looked so legit he wired close to a million dollars to pay for the house, only it was a fake email so he was shocked when the closing company said they didn't get the money.

Lucky he followed up with them on the money after the transfer or it would have been gone.

It got through the servers at his work, through the safe guards, all the spam filters etc to his desk.

Short end of the story using every connection he had and the top bosses through the FBI they got all the money back less $30k took a bit of time but he was made whole...

So yes, that scam is very real, and very sophisticated, you have to be quite sure before clicking transfer...



 
Posts: 16440 | Location: FL | Registered: November 07, 2008Reply With QuoteReport This Post
Member
Picture of smlsig
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Reading about some of the hold times posted here led me to look up the law regarding what a bank can and can’t do.
It appears that the max it can hold your check is 9 business days..

https://banks.org/how-long-can...hold-a-check-by-law/


------------------
Eddie

Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina
 
Posts: 4949 | Location: SML & OBX | Registered: February 19, 2013Reply With QuoteReport This Post
I Deal In Lead
Picture of Flash-LB
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.


I tried that once and they also wanted to hold it. I ended up going to the exact branch of the bank that issued it and got it cashed while I waited.
 
Posts: 5574 | Location: Gilbert Arizona | Registered: March 21, 2013Reply With QuoteReport This Post
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