FW: Protecting Yourself from Counterfit Checks

From: G Shaw (milspectruck@verizon.net)
Date: Tue Nov 08 2005 - 17:07:29 PST


-----Original Message-----
From: G Shaw [mailto:milspectruck@verizon.net]
Sent: Tuesday, November 08, 2005 7:57 PM
To: 'Rick v100'
Subject: RE: [MV] Protecting Yourself from Counterfit Checks

Be careful with that one as the law has been changed which allows in the
case of a problem with a bad draft in one of your accounts for the bank to
recover their money immediately from ANY other account that your name is on
instantly. Once again they are looking out for #1. If you decide to go the
route of a separate account for these transaction make sure it is in an
entirely different bank. That way the methjod suggested by Rick will
insulate the two accounts.

Glenn

-----Original Message-----
From: Military Vehicles Mailing List [mailto:mil-veh@mil-veh.org] On Behalf
Of Rick v100
Sent: Tuesday, November 08, 2005 2:47 PM
To: Military Vehicles Mailing List
Subject: Re: [MV] Protecting Yourself from Counterfit Checks

Other option is to open a second bank account that is
nothing more then a clearing account for a wire.

That way it does not hit your funds.

Rick

--- MV <MV@dc9.tzo.com> wrote:

> Be careful with that "hold funds thing", they may
> take that a different
> way than what you mean. When I first started my
> business, when I
> deposited a large check, and then took out money,
> they oftentimes put a
> hold on my account for the amount of the check so
> that if the check
> bounced that I would have to retain that much money
> in the account as a
> minimum. In one case I deposited a $10,000 check
> and took out $2000 or
> so and they totally locked down my account. No more
> withdrawals for
> about a week. It was totally unexpected and was a
> great inconvenience.
> After being in business for almost 3 years now,
> they no longer do
> that. But they are just trying to protect number 1,
> "the bank".
>
> Done properly, I think a wire transfer can be made
> almost bullet proof.
> But you need to talk to your bank upfront. Don't
> give out routing
> codes to the customer. The bank can give out
> special routing codes that
> don't connect with your account directly. Sort of a
> firewall for
> routing codes.
>
> Dave
>
> Buzz wrote:
> > Mark
> > On cashier's checks, my bank calls a 800 number to
> get the issuing bank's phone
> > number then uses an automated system to verify the
> check.
> > On personal checks, In the past I have called the
> issuing bank and asked to
> > verify funds available and "hold" funds until the
> check clears.
> > I don't know if they'll still do that.
> >
> > Buzz
> >
> >
> >
> > On Tue, 8 Nov 2005 07:19:16 -0800 (PST), you
> wrote:
> >
> >>I'm in the process of selling a truck and would
> like
> >>to know how to protect myself from fake cashier's
> >>checks or money orders, etc. What I'm dealing
> with is
> >>in the $7000 range. In the past I usually insist
> on
> >>cash, but I always run in the question of checks.
> Is
> >>there a way to protect yourself? Can a bank
> determine
> >>up front if the check is valid. I had once heard
> that
> >>even if it is a cashier check, the bank I deposit
> it,
> >>still wants a few days to see if it clears.
> >>
> >>Thanks
> >>Mark
> >
> >
> >
> > Mil-Veh is a member-supported mailing list
> >
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> http://www.mil-veh.org/archives/
> >
>
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