Did that check clear

[dolluper]

It's quite funny how we assume when a bank tells us the check is cleared that in fact it hasn't cleared...This little fact has been withheld away from us...Depending on your State ,country...or others laws you may be responsible for any check you have cashed up to a statue of limitations....like up to seven years.....meaning if it's cashed and found out to be bad 3 years later your on the hook and the crook is free......What do you guys ,gals think about that eh......I personally DO NOT accept checks esp on Eboy

 

[tashasdaddy]

Re: Did that check clear

i only use paypal on ebay buying or selling, and store all correspondence. i have been lucky and won all paypal disputes. it pays to keep the correspondence.

 

[patrickray]

Re: Did that check clear

How about this, When you hand write a check at the grocery store and they run it through their little machine. The funds come out of your account instantly. But when you take a printed company check to the bank, they tell you its going to take 3-7 days to clear? Just a gripe of mine.

I try my best not to use checks anymore. Seems to be to much of a problem these days. Bank card, paypal, and old faithful Cash...

 

[Mike722]

Re: Did that check clear

We just looked into the check machines that you are talking about patrickray. My understanding is that the bank is taking over the risk of the bad check from the grocery store.

Our bank has three levels. One we run the check through the machine and you don't have to take the check to the bank. It is treated the same as going to the bank but you don't have to go.

Level two will "Ping" the checks bank account and tell you if the account is open and has enough money in the account to cover the check. Again the check must clear normally and no guarantee that the money will still be there when the check comes through.

Level three the money is instantly put in our account and the bank takes over the risk if the check is no good.

Of coarse the cost of the machines and transactions goes up at the higher levels.

 

[dolluper]

Re: Did that check clear

Level three the money is instantly put in our account and the bank takes over the risk if the check is no good.
This is where you are wrong ....the bank takes NO risk for the bad check they are in fact just loaning you the money that's why you pay the cost of the check plus service charges....check{no pun}with your bank you will be surprized that you are wrong about them taking any risk on checks....credit cards are a different story