From: Rick v100 (rickv100@yahoo.com)
Date: Mon May 23 2005 - 07:57:40 PDT
All banks have to comply to the availability of funds
standards. This is listed in your account information
under "when will my money be availble heading" based
on the ABA routing number the money for local drawn
checks is next day, national drawn banks is 2nd day
and international 3rd day.
The advent of electronics in banking has speeded up
the clearing of funds but the check must still be
presented and processed. This is done by banks sending
the checks through the local Federal Reserve bank and
then presented at the bank it is drawn on. A bank can
present a check up to 3 times for payment. On the
third time the check will have a hole punched in the
routing or account number so I can not be presented
for payment again.
Due to the time period between presentation and
cashing there is the problem of the availability of
funds against the money coming from the bank its drawn
on.
This is the reason why they have the right to go back
into your account and debit your account.
This is a manpower intensive process and one reason
why banks prefer that people use electronic payment
either by debit cards or other wise.
Rick
--- Larry Tighe <larryradio@worldnet.att.net> wrote:
> Steve,
>
> Not to drag this out....checks have to "clear",
> Bank Cheque or otherwise.
> And, those can be cancelled like any other....your
> risk is in accepting it.
> Banks routinely warn you that until a check CLEARS,
> the monies ain't yours
> to be had....and if you don't have enough money in
> the acct. to cover it
> till it clears, you cannot draw against it.
>
> Escrow is the only protection for both
> parties...anything else is at the
> buyer's risk. If a bank or PayPal were to assume
> responsibility for a
> failed/fradulent transactions, who'd care what or
> from whom they
> purchased....and the banks (or other intermediaries)
> would be out of
> business!
>
> It's your risk and your loss or gain when you
> entered into a transaction.
> Let's not fall into the ever popular trap of "who
> can I blame for my
> misfortune (anyone but me)" mentality.
>
> To repeat myself...ESCROW..or risk...end of story.
>
> Lar
> www.antiquetelephone.com
>
>
> ----- Original Message -----
> From: "Stephen Grammont" <islander@midmaine.com>
> To: "Military Vehicles Mailing List"
> <mil-veh@mil-veh.org>
> Sent: Monday, May 23, 2005 10:27 AM
> Subject: Re: [MV] [FDept] frauds on eBay (cont)
>
>
> > Larry,
> >
> >> So Steve, are you saying "Buyer Beware" is
> cancelled now and the bank
> >> should eat the buyer's mistake?
> >
> > So, when a bank accepts a Bank Check as cash,
> deposits it into your
> > account, makes the funds available, then a month
> later realizes that the
> > check is a fake, withdraws the money out of your
> account after you've
> > spent it... that's the buyer's mistake? Isn't it
> the bank's
> > responsibility to make sure that check is good
> before giving you the
> > money? Or at the very least making sure the
> customer is VERY aware that a
> > bank check is really no better than a personal
> check?
> >
> >> The buyer is responsible for two issues: Due
> Diligence and Inherent
> >> Risk. Ain't the bank's problem.
> >
> > True, but those responsibilities ALSO apply to the
> institutions which are
> > set up to provide a service. Or when you drive a
> car and the engine
> > explodes due to a manufacturing defect the first
> time you drive it the
> > driver's fault because he didn't do "Due
> Diligence" and is assumed to be
> > taking "Inherent Risk" with a product?
> >
> > "Inherent Risk" should apply to the bank as
> well... but if there is one
> > thing banks DON'T like is risk. If they don't
> like the risk then they
> > should figure out a way to mitigate it. Just like
> the whole "smart chip"
> > issue with credit cards. Since the card companies
> pass the problems along
> > to the innocent party, they don't have an
> incentive to figure out a way to
> > mitigate the fraud problem itself. For example, I
> take credit cards,
> > someone uses a stolen credit card (how am I
> supposed to know the
> > difference? Due Diligence is impossible), I
> deliver the goods, a week
> > later I get a notice that the funds have been
> deducted from my account.
> > The credit card company assumes no Due Diligence
> nor any Risk. They nail
> > me. And yet there isn't a damned thing I can do
> about credit card fraud
> > that I am not already doing.... on the other hand
> there ARE things the
> > credit card companies can do.
> >
> > steve
> >
> >
> > ===Mil-Veh is a member-supported mailing list===
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> > To switch to the DIGEST mode, send e-mail to
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> > To reach a human, contact <ack@mil-veh.org>
>
>
> ===Mil-Veh is a member-supported mailing list===
> To unsubscribe, send e-mail to:
> <mil-veh-off@mil-veh.org>
> To switch to the DIGEST mode, send e-mail to
> <mil-veh-digest@mil-veh.org>
> To reach a human, contact <ack@mil-veh.org>
>
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This archive was generated by hypermail 2.1.4 : Fri Oct 28 2005 - 22:42:54 PDT