Page 1 2
Go | New | Find | Notify | Tools | Reply | |
| Member |
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? | ||
|
A Grateful American |
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. "the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב! | |||
|
| Non-Miscreant |
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 | |||
|
| Just because you can, doesn't mean you should |
A regular check will clear before a cashiers check nowadays. A wire transfer is the best way for quick funds availability. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
|
| Member |
Even then, a wire transfer now takes a day or sometimes 2 depending on where it's coming from (country). | |||
|
| Member |
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. | |||
|
| Member |
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. | |||
|
Member |
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 | |||
|
The Unmanned Writer |
My question to the OP, how much over your asking price was the cashier's check for?  Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. "If dogs don't go to Heaven, I want to go where they go" Will Rogers The definition of the words we used, carry a meaning of their own... | |||
|
| Member |
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. ********* "Some people are alive today because it's against the law to kill them". | |||
|
| Member |
Hahaha this actually made me laugh. | |||
|
| Member |
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 | |||
|
Member |
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 | |||
|
| Member |
??? I’m not sure what this question means. | |||
|
| Member |
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 | |||
|
| Member |
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. ********* "Some people are alive today because it's against the law to kill them". | |||
|
| Member |
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. | |||
|
Sigforum K9 handler |
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. | |||
|
| Perfection is impossible, Trying is not… |
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" | |||
|
| Non-Miscreant |
You need a new bank. And tell the old one why. Unhappy ammo seeker | |||
|
| Powered by Social Strata | Page 1 2 |
 | Please Wait. Your request is being processed... |
|
© SIGforum 2024