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Subject: Re US Banks and Cheques - Urgent Urgent !!
From: "Michael Moore" <[EMAIL PROTECTED]>
Date: Thu, 5 Oct 2000 13:11:36 +1000
X-Message-Number: 24
Hi Can anyone tell me if the following is true.
US banks by law can recind cheques once cleared within 7 years and =
there is no come back on the bank.
In other words if you cash a cheque the originating bank of that cheque =
can during the time up to 7 years reverse that cheque and demand the =
funds back?
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I have talked to bankers here in Costa Rica in the past, and such types of
behavior are one of their problems witht he US banking system. It is a very
corrupt system. This is what I know:
1. Money orders are very dangerous to cahs and banks here no longer take
them because of the level of fraud involved. As far as I know they can be
reversed almost any time. I don't know the time limit, but the reversals
were bad enought hat no bank in Costa Rica will take a money order anymore.
Customers can send you a money order, and then a long time later claim it
was lost or stolen and the funds are reversed.
2. I used to think that a cahsier's checkswas "as good as gold," but that
is not the case either. They can also be reversed. I had heard the
reversal period was something like three years, but that is bad enough.
Fraud is apparantly not as big a problem in this area, but it is still a
problem. A friend of ours who is also in the offshore business had a
customer Fedex her a $115,000.00 cashier's check. several months later, the
asshole climed it was stolen. She walked intot he bank here and was
arrested, and told she would not be released until she refunded the money to
the bank. Fortunately, she kept a photocopy of the check that proved it
wasnt' stolen, as well as the original FEDEX envelope that proved this guy
had sent it to her. She got out of jail in 24 hours, but as far as I know,
the bnak may still be out the money while this is wrangled out on an
internaitonal basis.
I do not know if personal or business checks can be reversed like this. I
think that once THEY clear you have the money, but I am still not sure.
We had an incident where a customer did this with a couple of money orders
they sent us. We had sent it to Omnipay for processing. We assumed the
funds were clear and issued the guy a debit card. fortunately for us, we
heard about the reversal form Omnipay before the card went in the mail, or
we would have been out the money. As is, we still had losses for card
issuance and other fees, but at least we did not loose the bulk of the
money. Omnipay told us at that time that they had enough problems like this
that they were considering not accepting checks or money orders anymore, and
now that has happened.
The whle matter is bad enough that we don't want to receive large checks.
we prefer a wire transfer for larger amounts of money.
Hope this helps.
John
>>>>>>>>>>>>>>>>
I need to know as soon as someone can be kind enough to let me know.
Much thanks in advance.
Kind regards,
Michael Moore
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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