This "so called" Nigerian stuff

[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.