Is it just my bank?

[5of7]

I sold a revolver to a guy in Mo. and he sent me a bank check for the agreed upon amount written on a local bank in Mo..... I live in Mi.

When I went to my bank to deposit it, the branch manager told me that pursuant to a new bank policy, the only way they would deposit it was if I assured her that I would not withdraw the money before the check cleared.

Soooooo, I asked about money orders....including postal MOs. She said that all money orders and any checks that were not locally generated would be subject to the same procedure. She told me that the bank has had a number of fake MOs and checks of late and that is the new policy.

What it comes down to, I guess, is that one might just as well send a personal check and wait for it to clear. Have any of you guys had this come up in your dealings? :shock:

 

[chris_]

I have but this with postal MO or a cashier's check drawn on a major bank there is always a phone number on there where it can be verified. When my bank tried to pull this nonsense on me,(they tried it with a cashier's check from the SAME bank) I threatened to remove my accounts.

I like POMO's because you can walk into any PO and cash them right away.

 

[J Miller]

Yes our bank does something similar. We deposited a $300.00 personal check a couple weeks ago. The bank said we could have or use only $100.00 of it then, the rest when it cleared.

The reason I prefer USPS MOs when I sell my cylinder bags is I can bypass the bank. I take the package to the PO with the MO, they cash it, give me the money less the postage. No muss, no fuss.

Joe

 

[hittman]

Have any of you guys had this come up in your dealings?

Not since I established a relationship with a locally owned bank.

 

[powder smoke]

Conterfit checks are common place nowdays the bank does not want to hold the bag in a way I don't blame them. I just sold a 66 mustang convertable had the same thing happen. Wait!! PO MO's are good, go to the post office and cash them don't go to early in the day as they may not have enough funds. ps

 

[DGW1949]

My bank treats bank-checks and money-orders the same as personal checks.....meaning that they hold them untill they clear. Bank-drafts and instruments that are drawn on entities other than another bank are held even longer. It takes me close to a month to convert a Fidelity retirement "check" into FRNs because those are written on Fidelity's own paper-pool, not on a bank.

Anyone find it odd that even the banksters don't trust each other's paper? I don't. Fact is, I don't trust it neither, none of it. Fact is, the Fidelity-paper that I mentioned converting to FRNs in my first paragraph gets re-converted into Constitutional money about as fast as I can.....which takes me a lot less time than it does to convert one bank's paper to another bank's paper.

Walmart will cash their own M/O's immediately....as will most US Post Offices. My local PO usualy won't though because they are a small operation and usualy aint got much currency on hand. Still though, if one is seeking a faster method of swaping paper, both of those sure beats the hassle of messing-around with bank-paper.

DGW

 

[roylt]

You want to hear something that will pizz you off.

I took a check that was drawn from a local bank to the bank that it was drawn from and they wouldn't cash it unless I paid a fee! because I wasn't a member there!?!?

I took it to my bank and cashed it no problem.

I know you are thinking why didn't I just go to my bank first. I wanted to get the cash from the bank it was drawn against to be sure it wouldn't bounce.

Deal seemed shaky at first but worked out in the end.

 

[Pinecone]

My bank has the same policy. The exception is if you have enough money in your account to cover it, they will cash it before it clears, and if there are problems with it, they will deduct the money from your account. They have to protect their interests because of all the fraud rampart today!.........................Dick :wink:

 

[Terry T]

I've been hearing horror stories of fake money orders, certified checks and even PO money orders. One can't really tell by looking at them. I wouldn't ship until the paper cleared, no matter what the paper (unless it was someone I personally knew (and even some of them!)). Even cash is suspect these days. Even heard of personal checks being cancelled after the funds cleared. Banks just roll the loss back down the line to your account. Best to know the folks you're dealing with. It's all a very sad comment on the times.

On the other hand, folks have been very trusting of my transactions and for that, I'm grateful. :shock:
Terry T

 

[5of7]

So, it appears that it is not just the bank I am using. I was thinking of changing banks, but now I guess I'll stay with them.

What I will have to do is tell all purchasers that I will have to wait for checks or MOs to clear before I can ship the gun.

 

[Curley Red]

I am with a credit union and I can withdrawl as much as I want as soon as I deposit a check in the ATM or over the counter. Whether or not I had money in my account already.

 

[Olsherm]

I had a fellow send me a USPO money order for a gun a few months ago and I was dismayed when the local PO said they did not have enough cash to cash it. Said I would have to return another day.I took it to my local bank where I bank and they cashed it but they called somewhere and verified it first. Next time I asked for a regular money not USPO. My daughter and niece both work in the local banks and they said that was a special number they had to call for verification on money orders. Only takes aminute or two.

 

[pvtschultz]

My credit union follows regulation CC (I believe that's the one). Basically they have to allow $100 to be available right away, the balance for local checks (banks with branches in the area) the next day, and the rest available on the third business day (does not include Saturdays).

 

[jpickar]

Not to sound like a smart a$$ but DUHHHHHH. Where you been? It is standard procedure. I have never had it any other way. Even in our rural town.

John

 

[tulsamal]

Walmart will cash their own M/O's immediately

Now that's interesting. I've never gotten a MO from WM but that would seem like a good way to make it speedy. Unless one of the parties lives in a part of the country that doesn't have WM! (I assume there are still such places.)

Gregg

 

[SamV]

This is all pretty standard for years now. There is a lot of fraud. I have several accounts. Not all branches treat me the same. One branch is very trusting of me and my family. Another bank that I have used for decades and am even a stockholder would not take a cashiers check from MY brokerage account in MY name to deposit in MY checking account.without a two week hold. And I had to sign a form that explained the process and agree to not write a check untill then. What?
Went to my other bank, actually a CU. No problem. $100 today, the rest in three days. SOP

 

[w5lx]

.... the only way they would deposit it was if I assured her that I would not withdraw the money before the check cleared. Soooooo, I asked about money orders....including postal MOs. She said that all money orders and any checks that were not locally generated would be subject to the same procedure. She told me that the bank has had a number of fake MOs and checks of late and that is the new policy.

My Bank of America has the same procedure. The good news is with computerized banking the check or money order usually clears overnight. You no longer need to wait 2 or 3 days for a check to clear.

 

[EarlFH]

I always demand USPS money orders. My bank treats then just like cash. I don't even have to deposit them. They just cash them out.

EarlFH

 

[off road]

$100 available immediately, and the balance within 24 hours if it is deposited on a business day.

 

[Bear Paw Jack]

Walmart will cash their own M/O's immediately

Now that's interesting. I've never gotten a MO from WM but that would seem like a good way to make it speedy. Unless one of the parties lives in a part of the country that doesn't have WM! (I assume there are still such places.)

Gregg

I had a guy send me one from Walmart. My Credit Union wouldn't even take it. I called Walmart. They wouldn't cash it either. I have no use for Walmart. I sent the Walmart MO back to the guy who sent it to me, he had trouble getting his money back. Word to the wise.