This "so called" Nigerian stuff

[ManyBeers]

[ QUOTE ]
This is pretty funny.

You fall for a low end scam, from a country known for this exact sort of thing. Luckily, you get bailed out by a bank teller, so you don't end up getting screwed.

Instead of thanking the bank teller, you post about this on OOT. All logical explainations are shot down. Even though your average ten year old has heard about these types of scams.. you somehow claim it's all some sort of fraud by the bank, despite the fact that someone at the bank protected you from your own naivety.

You are obviously a genius, and have seen through 2+2's obvious masking of the bank's fraudulent practices. [img]/images/graemlins/laugh.gif[/img]

[/ QUOTE ]

When was the last time you deposited a check in your bank, waited a week , your bank then tells you the check is good and you didn't BELIEVE them. You have never done this.

[ManyBeers]

[ QUOTE ]
This is pretty funny.

You fall for a low end scam, from a country known for this exact sort of thing. Luckily, you get bailed out by a bank teller, so you don't end up getting screwed.

Instead of thanking the bank teller, you post about this on OOT. All logical explainations are shot down. Even though your average ten year old has heard about these types of scams.. you somehow claim it's all some sort of fraud by the bank, despite the fact that someone at the bank protected you from your own naivety.

You are obviously a genius, and have seen through 2+2's obvious masking of the bank's fraudulent practices. [img]/images/graemlins/laugh.gif[/img]

[/ QUOTE ]

One more thing..falling for it would have been if I had sent the money Before I was told by my bank the check was valid. I did NOT do this. Nor would I have. The only way I would have sent any money was when I was assured by my own bank the check had successfully cleared. And you call me naive...for what not knowing every little backdoor that the banking industry has put in place for itself. Come on this is Bank of America and I trust them when they tell me the check's good guy. Who else are you gonna trust?

[Max Raker]

ManyBeers, I do understand what you are saying, when the bank tells you a check "clears" it is very resonable to think that the money is yours. I would assume the same thing. It turns out getting money from a check is more complicated than we thought, a few posters (who clearly have more knowledge than we do on the subject) have explained this very well. Your anger at your Bank is astounding. If you do send the check to the "Nigerians" (perhaps the most comical part of this entire thread was the debate on if the scammer/frauder was actually from Nigeria) your bank does not profit at ALL. That is why the bank is not scamming you. Your only argument is that your bank should do a better job of picking out bad checks. You do realize that the people who sent you the check are trying to steal from you. Infact, (this might be quite shocking to you) THEY DONT EVEN WANT YOUR GOCART!!!!!!!

(If you have been joking the whole time, kudos to you, this is one of the funniest threads I've ever read)

[ManyBeers]

[ QUOTE ]
ManyBeers, I do understand what you are saying, when the bank tells you a check "clears" it is very resonable to think that the money is yours. I would assume the same thing. It turns out getting money from a check is more complicated than we thought, a few posters (who clearly have more knowledge than we do on the subject) have explained this very well. Your anger at your Bank is astounding. If you do send the check to the "Nigerians" (perhaps the most comical part of this entire thread was the debate on if the scammer/frauder was actually from Nigeria) your bank does not profit at ALL. That is why the bank is not scamming you. Your only argument is that your bank should do a better job of picking out bad checks. You do realize that the people who sent you the check are trying to steal from you. Infact, (this might be quite shocking to you) THEY DONT EVEN WANT YOUR GOCART!!!!!!!

(If you have been joking the whole time, kudos to you, this is one of the funniest threads I've ever read)

[/ QUOTE ]

I'll ask you one simple question: How do you know a check is good when you take it to your bank to cash and all you want is the money deposited in your account?

[DavidC]

You do realize that cashing a NSF cheque screws up your credit rating, right?

--Dave.

[Max Raker]

[ QUOTE ]
[ QUOTE ]
ManyBeers, I do understand what you are saying, when the bank tells you a check "clears" it is very resonable to think that the money is yours. I would assume the same thing. It turns out getting money from a check is more complicated than we thought, a few posters (who clearly have more knowledge than we do on the subject) have explained this very well. Your anger at your Bank is astounding. If you do send the check to the "Nigerians" (perhaps the most comical part of this entire thread was the debate on if the scammer/frauder was actually from Nigeria) your bank does not profit at ALL. That is why the bank is not scamming you. Your only argument is that your bank should do a better job of picking out bad checks. You do realize that the people who sent you the check are trying to steal from you. Infact, (this might be quite shocking to you) THEY DONT EVEN WANT YOUR GOCART!!!!!!!

(If you have been joking the whole time, kudos to you, this is one of the funniest threads I've ever read)

[/ QUOTE ]

I'll ask you one simple question: How do you know a check is good when you take it to your bank to cash and all you want is the money deposited in your account?

[/ QUOTE ]


I realize this is not that simple. I just wanted you to admit that its not the bank that is scamming you.

[ekky]

After reading the thread, does no-one else think that he actually fell for this, and either he got jazzed, or the bank is now coming after him for the 4.5k?

that would explain his display of hostility.

[Lalit Khajuria]

I wast just couple of days ago wondering why the hell they still use checks in USA.
So 70s.

Can someone tell me why people just dont do bank transfers to each other? Dont you guys have internet banks via with you can transfer the moneys immidietly to other guy account? So once(immidietly after you make the transfer) the transfer comes to the receivers account it's all clear.

[zephed]

[ QUOTE ]
Lets first talk about how a check actually clears. First you deposit it into your local banks ATM, Branch, Night Deposit, et al. That check then goes to your banks check processing center, where it is sorted by which region the checks issuing bank is located. lets say you bank at Bank of California which is in Region 12 (I'm not sure, but for arguments sake this will work), lets say you deposit a check from your friend who banks with Bank of New York which is Region 1. That check goes to your bank processing center and then is physically transported to the other bank in New York. Unless these two banks share a similar clearing house (non-local banks tend to not unless they are nationwide, for arguments sake we will assume they do not clearing house at the same place) <font color="blue">they have to first go to the Federal Reserve, where each bank credits and debits eachother for the amount of each check.</font> In this case the Bank of California would recieve a credit for your check from Bank of New York, BEFORE THE NEW YORK BANK HAS EVEN SEEN THE CHECK! <font color="red">After the fed, the check are then physically shipped to the issuing banks so that the bank may debit the correct account. </font>

In other words both banks were simultaneously and electronically notified of the transaction , and my bank account was credited with 6,000.00 and the corresponding issuing bank account was debited 6.000.00, But since this account is empty the banks software would have sounded the alarm and a hold would have been put on the check Before the actual physical check had arrived. Amd they would immediately have notified my bank of the problem
and I would never have been told the check had cleared .

[/ QUOTE ]
<font color="blue">This does not mean that any account specific information was exchanged. It simply means that the CA bank gets 6000, and NY bank gives 6000.</font>

<font color="red">Once the check is sent to the NY bank, they can figure out which account to deduct from. This is the first time the Bank of NY knows which account the funds come out of. At this point, they will discover if the check is fraudulent. Also note that they have already sent the Bank of CA 6000 before being able to find out if the account has sufficient funds in it.</font>

Also, improve your reading comprehension. This was all pretty clear in this guy's explanation of the banking system.

[edfurlong]

I'm pretty much assuming that he got took.