From: MV (MV@dc9.tzo.com)
Date: Tue Nov 08 2005 - 11:30:11 PST
Be careful with that "hold funds thing", they may take that a different
Done properly, I think a wire transfer can be made almost bullet proof.
Dave
Buzz wrote:
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".
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.
> 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
>
>
>
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