This "so called" Nigerian stuff

[Hopey]

You have the patience of Job, I have to hand it to you.

[ManyBeers]

"Why am I responsible?"
::: When you endorse the back of the check, you take responsibility for the items funds. you've basically said "yup, I know this check is good and take responsibility for it if it bounces or is uncollectable."

So you say,whoever you are. I think my signature verify's that I am in fact the person that the check is made out to. But that is beside the point.

[ManyBeers]

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Hopefully I can clear up some confusion.

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Good luck [img]/images/graemlins/smile.gif[/img]

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LOL

[Al P]

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You really aren't getting what everyone is saying. The bank is required to release that money into your account after a certain amount of time.

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I would say 90+% of the population thinks when a check clears the money is theirs.

[soweak.]

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"Why am I responsible?"
::: When you endorse the back of the check, you take responsibility for the items funds. you've basically said "yup, I know this check is good and take responsibility for it if it bounces or is uncollectable."

So you say,whoever you are. I think my signature verify's that I am in fact the person that the check is made out to. But that is beside the point.

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It's not a question of indentification validity. When you endorse a check, you become the owner of it. When it comes back bad, the bank goes to the "owner" to reclaim the funds it had let you access. If no funds had been spent, then everyone ends up fine. When the funds are gone is when problems can occour.

[siccjay]

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So you say,whoever you are. I think my signature verify's that I am in fact the person that the check is made out to. But that is beside the point.

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You think wrong, which is fairly obvious.

[tolbiny]

Its not fraud because it will be in the terms of the aggreement that you signed with the bank when you set up your account.

[ManyBeers]

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Up until a few months ago I was a Fraud Investigator for a major financial institution (which shall remain nameless). Hopefully I can clear up some confusion.

::: It is called a "Nigerian Scam" based on the fact that most scams of this type agenerally come from Nigeria. They also can come from Canada, the UK, Phillipines, or other countries. The underlying theme is that they are always foreign sources.

::: The scammer most likely got ahold of your ad via the online version of the LVRJ. Almost all newspapers put thier want ads online.

"Why am I responsible?"
::: When you endorse the back of the check, you take responsibility for the items funds. you've basically said "yup, I know this check is good and take responsibility for it if it bounces or is uncollectable." It's not drawn off a nigerian bank because foreign funds take MONTHS to collect. It is by most likely a counterfeit drawn off a bank in the United States (usually in a remote region such as New York or LA). They can also be counterfeit Cashiers Checks that look very real, as well a United States Postal Money Orders.

According to banking regulations, financial institutions must release funds in draft (read: checking) accounts according to a release schedule based on location of the issuing bank as well as the ammount of the check. Checks can legally take 10 BUISNESS days to be sucessfully credited to your account. If you've ever had a hold of varying length this is what you experience. For customer service reasons, many banks will give you access to these funds in good faith, knowing that most items do clear well before the maximum length the issuing bank has to return it. If you're a good customer you will not notice the float between the time you are actually "Credited" with the funds and the time you have to access them. If you've ever bounced a check, you know what happens when the check is returns.

Checks can be returned up to 1 year after thier original deposit. Normally, counterfeits have a 24 hour return time once they are notices, but most banks will accept late returns of these items.

The bank will return this on your account because you endorsed it, that is almost all the reason they need to do this. The fact that you were unable to verify funds before deposit on this item is not the banks fault.

You are ucky that didn't lost out your 4500.00 most of tyhe time when money is wester unioned outside the country it is unrecoverable. Next time you sell an item to someone youdo not know, call the issuing bank to make sure the item is legitimate.

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All of this is rather intersesting because just recently I went to cash a USbank check that I received for work and the teller refused to cash the check because of insufficient funds. After calling the issuer of the check and him completing a wire transaction she cashed the check. Why did she refuse to cash the check originally since I had endorsed it.

[soweak.]

95% of the time people will never have to experience the float between banks and the fed.

Also, there are many ways for banks to hold your money for indefinite periods of time. Read you account agreement sometime, and check it out for yourself.

[soweak.]

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All of this is rather intersesting because just recently I went to cash a USbank check that I received for work and the teller refused to cash the check because of insufficient funds. After calling the issuer of the check and him completing a wire transaction she cashed the check. Why did she refuse to cash the check originally since I had endorsed it.

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If this was attempted to be cashed at USBank, the teller may have verified whether the money was actually in the account the check is drawn off of (which is SOP). She cannot give you money that doesn't exist.

If this was at BofA, your check was most likely run through a system called PPS which is an early warning system for returned items and other bad check measurements (like checks drawn off closed accounts). If the check scanned as NSF the teller can refuse to give you cash, but CAN ACCEPT IT FOR DEPOSIT.

Remember, we are talking about DEPOSIT ENDORSEMENTS. In this casem had you just deposited the check, and it returned NSF, the amount of the check would have been deducted from your account.