Re: [DML] Re: selling a D overseas

["Ryan Wright" <ryanpwright@xxxxxxxxx>]

On 1/24/07, tuxr <tuxdarby@xxxxxxx> 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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