Hey smarty pants, the problem is that YOUR BANK WILL accept the phony check, money order, cashiers check, etc., and WILL ADD THE MONEY TO YOUR ACCOUNT in a day or two, so you have the appearance that the bank has VERIFIED the funds, as they had been made available in your account… THEN, sometimes 3 WEEKS to a MONTH later, the bank will AUTOMATICALLY DEBIT your account for the entire amount of the phony instrument, if your account balance will suffice. If not, the bank will debit what you have, reducing your account to ZERO, FREEZE your account, with the exception of ACH DEPOSITS,(money coming IN is OK) BOUNCE YOUR OUTSTANDING CHECKS and BLACK BALL YOU from obtaining another checking account with competing bank until you pay any outstanding balance remaining from the fake instrument.
Of course, if you can’t pay the balance off immediately, they will send you to collection and DESTROY YOUR CREDIT.
No, it didn’t happen to me, I appreciate your concern; unfortunately it was a “FRIEND” of mine.
SOLUTION:
Or at least an attempt at solution…
Since the general public is incapable of determining a counterfeit instrument, AND… since the BANKING INDUSTRY is, at its core, AN INDUSTRY OF PROFESSIONAL MONEY CHANGERS, the BANKING INDUSTRY should POLICE ITSELF and STEP UP TO THE PLATE and coordinate an effort with all of the “money changing companies”, ie: Travelers Checks, Money Orders, Postal Money Orders, etc and CREATE A COMMON CLEARINGHOUSE OF ACCOUNT INFORMATION TO INSTANTANIOUSLY VERIFY THE AUTHENTICITY OF THE INSTRUMENTS ACCOUNT NUMBER.
The banking industry, should no longer turn its head away from the BILLION DOLLAR PROBLEM, that their own lack of concern, ALLOWS TO FOSTER.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
If people are that dumb that they don’t know enough to wait until the buyer’s check clears before they wire their own money, they deserve to lose it.
Hey smarty pants, the problem is that YOUR BANK WILL accept the phony check, money order, cashiers check, etc., and WILL ADD THE MONEY TO YOUR ACCOUNT in a day or two, so you have the appearance that the bank has VERIFIED the funds, as they had been made available in your account… THEN, sometimes 3 WEEKS to a MONTH later, the bank will AUTOMATICALLY DEBIT your account for the entire amount of the phony instrument, if your account balance will suffice. If not, the bank will debit what you have, reducing your account to ZERO, FREEZE your account, with the exception of ACH DEPOSITS,(money coming IN is OK) BOUNCE YOUR OUTSTANDING CHECKS and BLACK BALL YOU from obtaining another checking account with competing bank until you pay any outstanding balance remaining from the fake instrument.
Of course, if you can’t pay the balance off immediately, they will send you to collection and DESTROY YOUR CREDIT.
No, it didn’t happen to me, I appreciate your concern; unfortunately it was a “FRIEND” of mine.
SOLUTION:
Or at least an attempt at solution…
Since the general public is incapable of determining a counterfeit instrument, AND… since the BANKING INDUSTRY is, at its core, AN INDUSTRY OF PROFESSIONAL MONEY CHANGERS, the BANKING INDUSTRY should POLICE ITSELF and STEP UP TO THE PLATE and coordinate an effort with all of the “money changing companies”, ie: Travelers Checks, Money Orders, Postal Money Orders, etc and CREATE A COMMON CLEARINGHOUSE OF ACCOUNT INFORMATION TO INSTANTANIOUSLY VERIFY THE AUTHENTICITY OF THE INSTRUMENTS ACCOUNT NUMBER.
The banking industry, should no longer turn its head away from the BILLION DOLLAR PROBLEM, that their own lack of concern, ALLOWS TO FOSTER.
APPAULING!