Money wire transfer

[jackiemac]

Good catch by the bank employee.

It was. She is a lovely lady so I was pleased at that result.

 

[Gary RV_Wizard]

Since the $10k is set as part of a financial crime & fraud prevention report database, the gov't has no incentive to eliminate the years of inflation creep. The more transactions that get reported, the more effective the tracking becomes.  Meaning of course that their net spreads wider and included more folks like us...

 

[nibroc]

3 to 4 days if you go thru paypal

 

[Tom]

[quote author=nibroc]3 to 4 days if you go thru paypal[/quote]

I've had PayPal transfers execute immediately, including overseas ones for Large $$$.

 

[Tom]

The amount of $10K is minimal, and doesn't even seem to fit the 'financial crime & fraud prevention' category.

One thing I see has changed is the ability to split larger $amounts into  <$10K individual transfers, a practice that banks previously encouraged; The new rules appear to have closed that loophole.

From someone who has wire transferred very large $$$$$ amounts in both directions, some voluntarily and some not.

 

[Arch Hoagland]

Just get a certified check.

A certified check isn't worth the paper it's written on.

I owned a business and saw a $10,000 certified check bounce. The writer had already left the country. 

 

[Gary RV_Wizard]

As Arch says, these days a certified check can be counterfeited without great difficulty, so it's no longer a 100% reliable payment.  If you ask, sometimes your bank will contact the issuing bank to get verification that such a check was issued and funded, but that level of service seems hard to find these days. Even then, your bank won't fully credit the funds until the Certified check clears through the transaction network.

 

[Tom]

A story about an attempt to buy an RV with a "rubber" cashier's check. This happened 11 years ago, but was a little close to home.

 

[Tom]

I still smile at this unintended bank transfer I received in 1980. A gal at the local bank in San Jose called me every month to say "I've got a transfer of $xxx for you, where should I put it?" One month she called and added "but it's a little more than usual; It's $250K." I realized that two account numbers got switched at the UK end, where our company had an account and initiated the transfer, intended for their account at the same branch in San Jose.

I explained the likely error to the gal, told her to deposit the $250K into the company account, and left for the holiday weekend. After the holiday our Controller came running up to my desk with a letter to sign, approving transfer of the money to the company account. I 'refused' to sign, saying it was staying in my account, and didn't tell him I'd already authorized the transfer with the bank. I (eventually) let him down gently at the end of the day.

I've received other unintended (large) transfers, one of which was a nightmare to resolve in order to return the money to its intended recipient. Bottom line, be sure the money is in your hands or credited to your account.

 

[ziplock]

As Arch says, these days a certified check can be counterfeited without great difficulty, so it's no longer a 100% reliable payment.  If you ask, sometimes your bank will contact the issuing bank to get verification that such a check was issued and funded, but that level of service seems hard to find these days. Even then, your bank won't fully credit the funds until the Certified check clears through the transaction network.

Gee, I guess I am dating myself.  Back  in the day, I thought this was the best way to go..................I am obviously getting  too old for this crap.

Well?  Did the Guy get his money or not?

And what the heck is this world coming to?  Yuck.............

 

[Arch Hoagland]

Gee, I guess I am dating myself.  Back  in the day, I thought this was the best way to go..................I am obviously getting  too old for this crap.

Well?  Did the Guy get his money or not?

And what the heck is this world coming to?  Yuck.............

And now the rest of the story...

Mr X came to the U.S. from the Philippines, bought five new dirt hauling 18 wheelers and opened a trucking company in Monterey CA.  He bought $10,000 worth of computers from me and paid another person $10,000 to install them along with all the software.

Mr X gave me a $10,000 certified check and gave another one to the software guy. I deposited mine right away, the software guy didn't deposit his for several weeks and it bounced. 

The certified checks had been written using a line of credit Mr X had in Colorado.  He wrote several check on it.  By the time everyone discovered what was going on Mr X was back in the Philippines.  The software guy got all the computers and resold them them helping a bit to recapture his loss. 

I was lucky. 

 

[Mr Bojangles]

One experience I had with "Certified Checks" that was disheartening is as follows:

I knew I wanted a "certified" check in exchange for my trailer. That's what I believed would be safe.
I pulled the small TT to the man's home (30 mile drive) , showed him the operation of all equipment and off we went to HIS bank to get my certified Check, and then off to the Notary to transfer title and get tags. The man had inspected the trailer twice at my home.
I waited outside the bank as he went in to get check, it was hours before bank closed at noon on a Saturday. My Bank would be closing also, and I wanted to deposit this check for $7,000.
When he came out with check, it was made out to him and not me. I protested, explaining it should be in my name. He was adamant that the teller said this would work.

At this point I should have marched back into the bank and got check made out to me! Instead we traveled to Notary and transferred title. This man knew the TT was a buy at this price and I was anxious to get TT deal completed, so I dropped my guard and went along with deal.

I got to my bank just before closing and people who knew me would not even DEPOSIT the check! Wow.....

On my way back to his home I called HIS Township police to be on site when I arrived. All kinds of thoughts were on my mind. I wanted to ensure I would not get "beat up" (even though he was smaller than me) or go to jail. 

Satisfied that he did live in home (where TT was dropped off) , and authorities knew he was responsible to pay up on Monday morning and I expressed my anger safely. He agreed to pay for my time and gas as well as a delivery Fee.
I got my $7000.00 in cash Monday morning and went home. (looking at everyone as a potential thief, ha ha).
It turned out that he was the one who Insisted that check was made out to him, and others convinced me he was not EVIL but just full of fear about trailer.
So their it is.... one of my experiences with CERTIFIED CHECKS!

 

[ziplock]

I think certified checks are over  your head.

Oh  my goodness!

Waving!

 

[Mr Bojangles]

Ziplock,

Ha ha..., yes.... for sure. That story happened about four years ago, and in July I'll be Eighty. So I think my cognizant abilities are changing.
As a matter of fact, I don't know what you mean (are trying to convey) with the word "WAVING".

Saying good-bye..., putting distance from me a (a dummy) or what?????

 

[Optimistic Paranoid]

There is a difference between a "certified" check and a "cashier's" check.

A certified check is signed by the bank customer.  The bank "certifies" that there are sufficient funds in the account to cover it, and that the customer's signature is genuine.  They may - or may not - set aside the funds.  Since the funds remain in his account until you deposit the check at your bank and they try to collect it, this is how some loopholes can allow funny business to happen.

A cashiers check on the other hand, is a check issued by the bank, signed by a bank officer, and the bank guarantees payment.

If you're actually present in the bank when it's issued - so you know it's not counterfeit - then it's absolutely as good as cash, short of the bank itself going bust.

 

[Arch Hoagland]

There is a difference between a "certified" check and a "cashier's" check.

A certified check is signed by the bank customer.  The bank "certifies" that there are sufficient funds in the account to cover it, and that the customer's signature is genuine.  They may - or may not - set aside the funds.  Since the funds remain in his account until you deposit the check at your bank and they try to collect it, this is how some loopholes can allow funny business to happen.

A cashiers check on the other hand, is a check issued by the bank, signed by a bank officer, and the bank guarantees payment.

If you're actually present in the bank when it's issued - so you know it's not counterfeit - then it's absolutely as good as cash, short of the bank itself going bust.

Thanks for the information. I didn't know that.