Thread: posible scam

Originally Posted by bacicat2000

find a new bank - they are using YOUR money for their own gain.

G'day Gav,

That sounds like standard banking principles!

Or is that a new "possible scam" thread waiting to happen!?!

Dave

Originally Posted by bacicat2000

I know of a person who went to buy a car with a bank cheque, the sale fell through and he ripped the cheque up and threw it in the bin. He did his doe, as the bank would not refund the money

As all cheques become stale after a set period (6 months IIRC) he should have been able to get his money back after the time had elapsed and the cheque not presented.

Peter,
Insist on bank cheque or cash.
I even accept personal cheques but I insist the vehicle not be removed (or receopt issued) until funds have been cleared.

Originally Posted by bacicat2000

If your bank withholds the funds waiting for 'clearance' then they are only doing so to make a few bucks off it themselves before they give it to you. Most banks will clear a bank cheque immediately, and if you have one that doesn't, I would find a new bank - they are using YOUR money for their own gain.

I wrote a personal cheque and posted it. Realising I had insufficient funds in my account, I went into a branch of my bank and deposited cash into my account. After the transaction, I asked for an account balance. When I queried why the cash deposit did not appear, the teller told me cash takes three days to clear. That same teller also refused my request to speak to the manager. That bank (Which bank?) is now my former bank after a series of disagreements.
Gav, you're right about the bank cheques but people in the banking industry don't know this.

Originally Posted by Graeme

As all cheques become stale after a set period (6 months IIRC) he should have been able to get his money back after the time had elapsed and the cheque not presented.

Unfortunately it doesn't work like that. Bank cheques don't work anything like personal cheques. Banks being banks, they refuse all liability once they have cut the cheque - check out the terms and conditions on the bank cheque that you sign when they give it to you... The money on the cheque would sit in limbo for an amount of time before someone (the bank presumably) take the funds back - not really sure? In my mates case, it was $2000, so although a lot to loose, it wasn't like a $30 or $40K cheque to buy a new car, etc.

Originally Posted by Mick_Marsh

When I queried why the cash deposit did not appear, the teller told me cash takes three days to clear. That same teller also refused my request to speak to the manager. That bank (Which bank?) is now my former bank after a series of disagreements.

Yep, that bank are the biggest thieves when it comes to these sort of things. Imagine how much money they make using customers funds like this before finally getting around to putting it into your account...

Originally Posted by bacicat2000

Unfortunately it doesn't work like that. Bank cheques don't work anything like personal cheques. Banks being banks, they refuse all liability once they have cut the cheque - check out the terms and conditions on the bank cheque that you sign when they give it to you... The money on the cheque would sit in limbo for an amount of time before someone (the bank presumably) take the funds back - not really sure? In my mates case, it was $2000, so although a lot to loose, it wasn't like a $30 or $40K cheque to buy a new car, etc.

It wasn't always like that, not for all banks at least, as my son returned a bank cheque after almost 12 months of carrying it around and was told it would have been cancelled and returned to his a/c soon anyway, with 12 months almost elapsed.