Cashing Checks (possibly OT?)

[Homer]

I figure since a lot of us are cashing out by check these days, this isn't too far OT.

I got two checks today. One was from SolidPay, which I heard is no longer available to U.S. customers (maybe that was for deposits only, not sure) and the other is a ghetto looking check from National Commercial Bank Jamaica Limited. They are both in USD and the Jamaican one also says Wachovia of Delaware on it in the corner. Is the bank going to give me dirty looks when I try to deposit these? Will they ask me what these checks are for? Will they be processed normally? Am I just a paranoid low-roller?

Again, I know this probably belongs in another forum, but I'd rather post it here if no one objects.

[New001]

I've been depositing paper checks from Poker Stars and Neteller at Chase for months with no problem.

[bekman]

I received an email from Referback.com warning about some banks possibly not accepting checks, especially as news continues to break. Most tellers don't know right now, and the vast majority of banks don't have policies written against it right now. Keep 'em coming until you here bad news, but be aware that it may come down in a hurry. Also, once you have worthless paper, it is just that. At least if an EFT is returned, the numbers add to some account.

BTW, least I could do for a brilliant help such as yourself Homer. Ur advice has payed dividends to traders everywhere. Thanks

[NoTalent]

What about going to some sort of check cashing place? Is that harder to do (I have no experience with them--that's why I'm asking)

[MyTurn2Raise]

paranoid IMO.
I've cashed checks that looked pretty ghetto before. I just did envelope deposit through the ATM machine and never heard a peep back.

[Performify]

Banks do not verify checks at all up front. You won't have any trouble cashing these for the given future.

UGIEA includes no regulatory requirement at this time affecting how banks cash checks, either.

its always possible that the OCC or FFIEC (banking regulatory groups) will issue regulations which do require it as a result of the legislation, but there is nothing on this now at all.

[Bishop22]

The check from the Jamaican Bank cannot possibly cause a problem. If it is from a legitimate foreign bank that has many customers the US cannot stop taking checks from the bank simply because a gambling company is one of their customers (well they probably could but I don't think they will). My friend who manages a bank also recommends using the envelope deposit at the ATM if you have a check that is anyway shady, it's easier for them to deposit it and make sure it clears than to send it back to you.

[Homer]

Can you explain why using the ATM window is better than just dropping it off with a drive-thru teller? Thanks.

[Performify]

ATM transactions actually have a lower error rate than those processed by a drive-up teller or a walk-up teller, because the person processing those is a specialist who is trained to process deposits and nothing else. I actually have some statistics on this (i used to work in InfoSec for a major financial institution and now do consulting work across numerous fields including Financial Services) and its pretty surprising.

But thats probably not what we was saying.

When you drop a check in an ATM deposit, its a little less likely that the rookie teller gives you the stink eye, i guess. But as I said, in today's world, banks won't care - you'll be the one to eat the fees if the check is bad, not them. As I said above, changing regulatory requirements in the face of the new legislation could change that - but I doubt it.

[Homer]

Thanks for the great info. I guess my next batch of checks will be dropped in the ATM (I'm embarassed to say I've never even noticed the drop off slot in them, but I imagine it can't be too tough to figure out).