Official CHECKS information thread
 

Many of you are treating the banking process and the handling of checks as if banking is fire and poker players are cavemen, so here ya go:

http://en.wikipedia.org/wiki/Cheque

"A cheque or check, is a negotiable instrument[1] instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker/depositor's name with that institution."

"An order check – the most common form in the United States – is payable only to the named payee or his or her endorsee, as it usually contains the language "Pay to the order of (name).""

"A payee that accepts a cheque will typically deposit it in an account at the payee's bank, and have the bank process the cheque. In some cases, the payee will take the cheque to a branch of the drawee bank, and cash the cheque there. If a cheque is refused at the drawee bank (or the drawee bank returns the cheque to the bank that it was deposited at) because there are insufficient funds for the cheque to clear, it is said that the cheque has bounced. Once a cheque is approved and all appropriate accounts involved have been credited, the cheque is stamped with some kind of cancellation mark, such as a "paid" stamp. The cheque is now a cancelled cheque. Cancelled cheques are placed in the account holder's file. The account holder can request a copy of a cancelled cheque as proof of a payment."



http://forumserver.twoplustwo.com/sh...age=0&vc=1

"HOW TO CASH A CHECK

a. If you have a bank account somewhere, take it there to cash it. You can go through the drive-thru or inside. Signing the back is called "endorsing", so endorse the check and give it to the teller along with your picture I.D.

b. If you don't have a bank account anywhere, you can take it to the bank that issued the check. Look on the check, you'll see the logo or name of the bank somewhere. They will also take it. Do the same procedure: endorse the back and give it to the teller with your I.D."


http://www.cdnpay.ca/faqs/cheques.asp#1

"How long does it take for a cheque to clear?

First, it is important to clarify the definition of "clearing": it is the process through which financial institutions (FIs) exchange cheques and other payment items that they have accepted.

In most cases, when a cheque is deposited at an FI, it is sent that evening to the nearest processing centre serving that FI. There, cheques are sorted according to the financial institution that holds the account of the cheque writer (i.e. the payor’s account). The cheques are then delivered to the processing centre serving the payor’s FI. This exchange, or "clearing", usually occurs the evening of the day the cheque was deposited. However, in some situations, such as deposits made late in the day, on the weekend or through an Automated Banking Machine, clearing may not occur until the evening of the next business day.

After clearing, the cheque must still be returned to the branch that holds the cheque writer’s account (or the unit of the FI that acts on behalf of the branch) to confirm that it can be honoured. Within Canada, this process generally takes from one to three business days. If the cheque cannot be honoured - for example, due to insufficient funds, a stop payment order or a forged signature - it will be returned to the branch that accepted it. The return voyage will also generally take from one to three days but could take longer in some circumstances. "


http://banking.about.com/od/checkingaccounts/a/hold.htm

"How Long are Holds?

Holding times will vary due to several factors. The main factor is the source of the check. For example, checks written by the US government might have a shorter hold – or none at all – because the bank assumes that the check will actually be paid. Personal checks and out-of-state checks can have longer hold periods.

Even though technology has given banks the ability to verify funds more easily, hold times still hover around 5-10 business days. "

Re: Official CHECKS information thread
 

http://answers.yahoo.com/question/in...BG7&show=7

"How long can you hold on to a cheque before any bank refuses to accept it?"

"In theory a cheque would stay valid until you presented it for payment. When a cheque is issued the person writing it is obliged to have the funds in their bank account to cover it and, therefore, if you do not cash the cheque the funds should still be there to cover it. In practice banks normally honour cheques up to 6 months old after which they may be rejected and stamped 'Refer to Drawer'. Moral? Pay in a cheque as soon as possible!"

Re: Official CHECKS information thread
 

Hillarious post! And so true!

Re: Official CHECKS information thread
 

"Why did the teller ask if my check was a payroll check?"

Banks will often waive any sort of a hold on a check if the depositor is a customer in good standing.

Re: Official CHECKS information thread
 

[ QUOTE ]
"Why did the teller ask if my check was a payroll check?"

Banks will often waive any sort of a hold on a check if the depositor is a customer in good standing.

[/ QUOTE ]

When you hand a check to the bank, the first and about the only though in their mind is -- Will this check bounce?
Typically, Payroll Checks have a much lower percentage of being returned than other checks. So asking "What is this check for?" or "Is this for work?" is the teller's clumsy attempt to determine if it is a payroll check.

If it is an International Check (a check from a different country) it needs to be sent to [que scary music] "collections" [/que scary music]. This does not mean that Vinny and Vito are going to appear at your door to break your legs. International checks require special handling since only American banks participate in the Federal ACH system. So some extra steps are required for the bank to get it's money for an international check. As a result, a hold of longer duration is usually placed on an international check, unless the bank has a good history of these checks clearing with you.

Re: Official CHECKS information thread
 

BUMP

Re: Official CHECKS information thread
 

http://answers.yahoo.com/question/in...0121204AAq8JlW

How long does it take for a third-party check to clear at Bank of America?

"usually just a few days,,, at most about a week"

Re: Official CHECKS information thread
 

I've always used Neteller and such to cash out of online poker sites, so I was just wondering if checks from sites bear their logo or anything that may raise a problem with depositing them in a bank (in reference to the UIGE Act)? Thanks for the help in advance.

Re: Official CHECKS information thread
 

There is nothing in the UIGE Act that pertains to logos on checks. When you deposit a check in the bank, they care about if it will clear, if the check is good. They do not care if it has pictures of kittens on it, or a picture of Santa Claus.

Re: Official CHECKS information thread
 

Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

Re: Official CHECKS information thread
 

[ QUOTE ]
Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

[/ QUOTE ]
Okay, you did not like the correct answer. Here try this one:

OMG!!! Merely having a poker site check is a federal pound you in the ass prison offense. Do not let anyone know you have one of these. Immediately tear any such checks into at least one hundred small pieces. You might want to purchase a professional shredding machine to do this. Then, burn all the pieces. Grind the ashes into dust, and mix with baking soda. This mixing is best performed if you are wearing a tin foil hat. Then on a dark night with no moon, sneak into your backyard. MAKE SURE NO ONE IS WATCHING! Bury the baking soda and ash mixture into a hole that is at least 3 feet deep. You might want to dig the hole before, so the black helicopters do not detect you in the back yard. Carefully cover up the hole, and run around it three times. Then run back into your house quickly! Do not peek out any of the windows -- THEY ARE WATCHING!

There. Is this answer more to your liking?

Re: Official CHECKS information thread
 

[ QUOTE ]
[ QUOTE ]
Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

[/ QUOTE ]
Okay, you did not like the correct answer. Here try this one:

OMG!!! Merely having a poker site check is a federal pound you in the ass prison offense. Do not let anyone know you have one of these. Immediately tear any such checks into at least one hundred small pieces. You might want to purchase a professional shredding machine to do this. Then, burn all the pieces. Grind the ashes into dust, and mix with baking soda. This mixing is best performed if you are wearing a tin foil hat. Then on a dark night with no moon, sneak into your backyard. MAKE SURE NO ONE IS WATCHING! Bury the baking soda and ash mixture into a hole that is at least 3 feet deep. You might want to dig the hole before, so the black helicopters do not detect you in the back yard. Carefully cover up the hole, and run around it three times. Then run back into your house quickly! Do not peek out any of the windows -- THEY ARE WATCHING!

There. Is this answer more to your liking?

[/ QUOTE ]

i lol'd hard

Re: Official CHECKS information thread
 

[ QUOTE ]
[ QUOTE ]
Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

[/ QUOTE ]
Okay, you did not like the correct answer. Here try this one:

OMG!!! Merely having a poker site check is a federal pound you in the ass prison offense. Do not let anyone know you have one of these. Immediately tear any such checks into at least one hundred small pieces. You might want to purchase a professional shredding machine to do this. Then, burn all the pieces. Grind the ashes into dust, and mix with baking soda. This mixing is best performed if you are wearing a tin foil hat. Then on a dark night with no moon, sneak into your backyard. MAKE SURE NO ONE IS WATCHING! Bury the baking soda and ash mixture into a hole that is at least 3 feet deep. You might want to dig the hole before, so the black helicopters do not detect you in the back yard. Carefully cover up the hole, and run around it three times. Then run back into your house quickly! Do not peek out any of the windows -- THEY ARE WATCHING!

There. Is this answer more to your liking?

[/ QUOTE ]

LMAO that was an instant classic.....

Re: Official CHECKS information thread
 

So I make one inquiry into your answer, because I wanted to know not if banks care but if they are supposed to care according to the Act (I know you say they aren't, so I don't need another tirade), and it's immediately into sarcastic attack mode eh? Thanks for being helpful.

Re: Official CHECKS information thread
 

[ QUOTE ]
So I make one inquiry into your answer, because I wanted to know not if banks care but if they are supposed to care according to the Act (I know you say they aren't, so I don't need another tirade), and it's immediately into sarcastic attack mode eh? Thanks for being helpful.

[/ QUOTE ]

Here is your first question:
[ QUOTE ]
so I was just wondering if checks from sites bear their logo or anything that may raise a problem with depositing them in a bank (in reference to the UIGE Act)?


[/ QUOTE ]

Given an answer, here is your almost exact second question:
[ QUOTE ]
Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

[/ QUOTE ]

I still sense that you are not satisfied with either answer. Maybe if you ask the same thing again, you might get some answer that is satisfactory to you, or just make up your own, that way you can be assured of getting what you feel is a "correct" answer.

OR, you could realize that thousands of people get checks everyday from the sites and cash them without a problem every day. Of course, this is just a trap, they are waiting for YOU!

Reminds me of going to eat at a friend's house and her mother.

Mother: I made some liver, do you want some?
Me: No thank you, I don't like liver.
Mother: You don't want any liver?
Me: No, I don't like it.
Mother: You don't like liver?
Me: No
Mother: Here, I will put a little on your plate.
Me: Thanks.

#1: Checks from poker sites are usually not identifed as such.
#2 The regulations are aimed at stopping money from flowing TO the sites, not FROM them.

Re: Official CHECKS information thread
 

Cardcounter0,
your posts never fail to impress me.

Barrin

Re: Official CHECKS information thread
 

Fine. I understand, just felt the sarcasm was a little harsh. Maybe I just don't have a good sense of humor.

Re: Official CHECKS information thread
 

i am going on 4 weeks now waiting for my check to clear at PNC. from wpex (Canadian National Bank of Commerence or something like that) is this the norm? i called the other day and they told me to give it another week or so, or i could file a claim to have the check returned to me..

Re: Official CHECKS information thread
 

I've been waiting over a month for checks from Cake and Absolute. UB, Stars and WPEX checks have arrived in less then 2 weeks.

Re: Official CHECKS information thread
 

[ QUOTE ]
I've been waiting over a month for checks from Cake and Absolute. UB, Stars and WPEX checks have arrived in less then 2 weeks.

[/ QUOTE ]


i think he was talking about having them cleared at his ridiculous bank AFTER he's deposited it to them, not time it took for sites to ship it.

Re: Official CHECKS information thread
 

Not that it matters much, but I have been the recipient of a raised eyebrow or two when cashing a couple Pokerstars checks. They were those "CHEXX" checks issued by Pokerstars. Because I'm impatient, rather than depositing it into my bank account, I went to the bank listed on the check (First Bank). The supervisor attempted to interrogate me by asking me questions such as "Is this check an internet check?" Furthermore, I spent five or ten minutes a couple times as the bank tried to ascertain the validity of the check. Apparently, these checks looked suspicious as though they might be fraudulent. At least that's what the teller claimed.

Ultimately, it never mattered as I got my money minus the banks ten dollar check cashing fee. Admittedly, I did have a few anxious moments as I wondered if they'd cash my check. I wasn't willing to give the bank employees any information they didn't need. It's not like I said, "I confess! I'm a no-good piece of crap online gambler and this check is from an illegal offshore poker website!"

Jeffrey

Re: Official CHECKS information thread
 

yes that was the question.

just wondering what the normal waiting period was?

Re: Official CHECKS information thread
 

[ QUOTE ]
It's not like I said, "I confess! I'm a no-good piece of crap online gambler and this check is from an illegal offshore poker website!"


[/ QUOTE ]

Actually, they probably wouldn't know what you were talking about if you said that.

The question "Is this an internet check?" is because the old CHEXX checks looked similar to the phoney checks that Idi the Nigerian sends, or the ones they send for the "You won the lottery that you never entered, shhhh!" scams.

I think I could overrun this entire country in a few days. All I have to do is raise my eyebrows and say Boo! It seems a large majority of the population will pee their pants and run to mommy.

I wonder how many times a day banks have to deal with goobers trying to cash their phoney sweepstakes checks? The Nigerians are still running all their scams, if they were not still finding suckers, they would have given up. Amazing what a stupid country we have become.

Re: Official CHECKS information thread
 

What if my check is lost in the mail?

http://ca.answers.yahoo.com/question/ind...14152723AA0cOPX

Call the pokersite, ask them to put a stop payment on the check and issue a new one.

Bank\'s Liability for Paying Stale Dated Check
 

Question: Stale Dated Check. Our bank was presented with a $700.00 check that we paid one month ago, that was over 6 months old at the time of payment. Can this item be returned or, as I suspect, is it considered a "late return" at this time?

The second half of the question is, what liability does the bank of first deposit have for accepting this item and are we, as the paying bank, responsible, in any way, for having paid a stale dated item?


Answer by Ken Golliher:
Obviously, a physical inspection of the item would have made it apparent to your bank that it was post dated. You had until midnight of the banking day following the banking day of presentment to return the item. After then, it is finally paid and would definitely be a "late return" in the time frame you mention.

The paying bank's only risk in accepting a stale dated item for deposit is if the paying bank returns the item in a timely fashion.

Finally, under the current version of the UCC (check your state's version) the paying bank may pay or return a stale dated check; i.e. it is your option and paying the item imposes no automatic liability on your bank. For the iscussion to go further, your customer would have to have been damaged in some way by the payment and be able to make some allegation that your institution had some demonstrable responsibility to reject the item due to the stale date.

SOURCE: Bankersonline.com

Re: Official CHECKS information thread
 

[ QUOTE ]
[ QUOTE ]
Well the logo would indicate it is from a poker site, which banks are forbidden from processing transactions for according to the Act. I was wondering if us depositing these checks would fall under the jurisdiction of the Act.

[/ QUOTE ]
Okay, you did not like the correct answer. Here try this one:

OMG!!! Merely having a poker site check is a federal pound you in the ass prison offense. Do not let anyone know you have one of these. Immediately tear any such checks into at least one hundred small pieces. You might want to purchase a professional shredding machine to do this. Then, burn all the pieces. Grind the ashes into dust, and mix with baking soda. This mixing is best performed if you are wearing a tin foil hat. Then on a dark night with no moon, sneak into your backyard. MAKE SURE NO ONE IS WATCHING! Bury the baking soda and ash mixture into a hole that is at least 3 feet deep. You might want to dig the hole before, so the black helicopters do not detect you in the back yard. Carefully cover up the hole, and run around it three times. Then run back into your house quickly! Do not peek out any of the windows -- THEY ARE WATCHING!

There. Is this answer more to your liking?

[/ QUOTE ]

I like you

Re: Official CHECKS information thread
 

Is a Check Written on a Paper Napkin Negotiable?
Question: A customer wrote a check using a paper napkin and we don't know whether to pay it or not - what's required to make a check legal?

Answer by John Burnett:
Many banks now have provisions in their deposit contracts allowing the bank to set standards on the form of documents used for the account (this generally refers to deposit tickets and checks). But if the bank has no such provision, or hasn't set the standard for customers, all that is required is that the check be payable to order or bearer, on demand, in an amount that can be determined from the face of the check, that it be signed by the drawer and that the check identify the account from which it is to be paid. In theory, it could be scrawled on the side of a watermelon.

That works if the check is presented directly to the paying bank for payment. The paper napkin or watermelon would not be acceptable for clearing between banks.

SOURCE: Bankersonline.com

Re: Official CHECKS information thread
 

[ QUOTE ]
So I make one inquiry into your answer, because I wanted to know not if banks care but if they are supposed to care according to the Act (I know you say they aren't, so I don't need another tirade), and it's immediately into sarcastic attack mode eh? Thanks for being helpful.

[/ QUOTE ]

Some people can't just answer a simple question. They have to do it in an insulting way. Guess, it makes them feel superior. Some people find heavy sarcasm funny. Bleh. Would have liked to hear him say that in front of your face.

By the way, there are some threads on 2+2 about Citizens Bank not being a good place to try gambling checks.

Re: Official CHECKS information thread
 

[ QUOTE ]
There is nothing in the UIGE Act that pertains to logos on checks. When you deposit a check in the bank, they care about if it will clear, if the check is good. They do not care if it has pictures of kittens on it, or a picture of Santa Claus.

[/ QUOTE ]

Whoops, I was wrong. Checked earlier in the thread. He answered your question already, but you kept asking the same question again. Now, I get why he was being sarcastic.

Re: Official CHECKS information thread
 

"What do I do if I don't want to use a teller because I'm nervous to meet real-life people, and my bank doesn't have ATM deposit?"

Simple. Fill out your deposit forms, endorse your check "FOR DEPOSIT ONLY" with your signature and drop both the form and the check into an envelope. Label the envelope as "Deposit" and place the envelope into your bank's Night Drop Box. The Night Drop Box is normally located near one of the entrance doors on the outer wall of your bank. Pull down the lever that allows access to the night drop chute and drop the envelope into the chute.

Re: Official CHECKS information thread
 

*sigh*
I can't believe the inept overall behavior displayed by you people when it comes to checks and banking. For as much as you all make fun of old people that are completely baffled by new technology, you all are equally as brain damaged when it comes to dealing with six hundred year old processes.

If you fear talking to the big bad tellers, if you are afraid of answering questions from the mean old branch managers, if you are afraid of depositing into the ATM -- every bank branch has a night deposit drop to allow businesses to drop their nightly take. The slot isn't limited to business transactions as the tellers will process whatever is in the overnights. It's a slot built into the side of the building with a metal covering on it. The metal covering has a handle. Pull that handle and drop your deposit into the overnight slot. The tellers will process it the next morning.

Before you mental midgets run off and just randomly throw checks into the slot: prepare your night deposit by filling out your deposit slips properly with the correct account numbers, check numbers, and other figures; endorse the back of the check properly so as not to create confusion or generate a phone call from the scary head teller the next morning; place both the endorsed check and the deposit form into an envelope and seal the envelope. For those of you that are afraid of dropping an endorsed check into a mysterious new-fangled dropbox, endorse the check as follows:

"FOR DEPOSIT INTO ACCOUNT # xxx-xxx-xxxx ONLY" (where xxx-xxx-xxxx is YOUR account number) above your signature on the endorsement line.

That way, if the check is stolen, any cashier or check-cashing place will immediately alerted to the problem.

To further expedite the deposit process for the tellers in the morning, label your envelope "DEPOSIT ONLY PLEASE" so that the tellers know immediately that your envelope contains a deposit and not a car loan payment, mortgage payment or some other type of loan payment.

The next morning, you should only have to wait for about forty-five minutes to an hour before you can retreat to the happiness of your lonely internet existence, login to your online banking account and see that the check has been deposited. The check may have a hold on it after deposit. For more information on holds, please see here:

The Checks information thread

Re: Official CHECKS information thread
 

LOL. Some of you guys should invest in

http://www.simonsays.com/assets/isbn...067162248X.jpg

Re: Official CHECKS information thread
 

And for people who are afraid to use the NIGHT DEPOSIT DROP SLOTS at the bank, you can utilize the same process of endorsement and enclose your check deposits in an envelope and MAIL it via regular U.S. Postal Mail to your bank. If you ASK your bank, they will even give you prepaid bank-addressed envelopes to use for this purpose. You can even call them up and ask them to MAIL these envelopes to you. You never have to leave your house or interact face-to-face with anyone to do any of this! The bank even mails you a deposit receipt back to indicate that the deposits have been been processed!

Re: Official CHECKS information thread
 

I do alot of contract work in Canada. I just received a check here for 3k CAD. My local bank won't cash it (bb&t. I wondered if you guys had any good suggestions as of where I could get this cashed.