FRAUD

[tony]

RECENTLY I HAVE BEEN CONTACTED BY SOMEONE NAMED FRANK SANTIONIO FROM CANADA. HE SENT ME A MONEY ORDER TO PAY FOR SOME PARTS THE MONEY ORDER WAS A FAKE. JUST WANTED YOU ALL TO KNOW.

[beaconlight]

That is why many businesses don't send till the check clears.

Bill

[Clem]

I agree, if you are not a cub forum member, I do not send the parts until the check clears.

[magnumpi]

Unfortunately, in today's world, it's a sound business practice to let checks clear - cub forum member or not. The world is not our parents' world !!

[Mag Man]

My bank will not cash anything unless its a postal money order and they check them really good. all other money orders hold the same as a check. People get mad at me on ebay when I do not ship right away when they send westeren union or bank money orders but it not my fault my bank holds them and I usally specifie postal money order and I will usally give a $5.00 discount on a postal just becuase I can cash it right away.
JON

[Ida Red]

In Canada we have our share of crooks too?
Some times is takes several weeks for a cheque to really clear and the responsibility is out of your account if it goes bad. As well now we can only cash an international money order in Canada. Banks here will not cash a US money order. Banks are very helpful as long as they are in onthe take!Red

[Into Tractors]

Sorry to hear about the bad check. Personnaly I have normally found that tractor nuts are some of the most honest people out there. There is the "Occasional" person who wants to make a million $$$$ by trying to scam people with items that you later find was too good to be true, but I'd like to think that most of us are honest folk.

[Paul B]

There are fake Postal Money Orders out there also, and the main post office here even called the issueing office before cashing three of them for me last week, and that was after running it through their little scanning/detecting machine, and I am not a stranger to that office, I both buy and cash MO's there quiet often. I only accept Postal Money Orders when I sell something on eBay, and that is becoming enough of a hassle that it's almost not worth it. The post office will no longer issue International Money Order's (the "pink" ones) to a lot of countries, including Australia. If the country in not on "the list", they won't sell it, and there are only 29 on the current list.

[Mag Man]

WELL THIS SHOULD CHANGE EBAY.
I walked into my bank yesterday and there was a sign on every tellers window as of 11/15/06 all money order checks including postal will hold for 9 days.
JON

[Merlin]

WELL THIS SHOULD CHANGE EBAY.
I walked into my bank yesterday and there was a sign on every tellers window as of 11/15/06 all money order checks including postal will hold for 9 days.
JON

Did they change the law again recently? It wasn't too long ago that when you walked into a bank there were signs hanging everywhere about the new Federal law that said banks weren't allowed to hold anything longer that 72 hours. That included out of state checks when it was common practice to hold them 7 days. Those signs in your bank may be isolated to just your bank also. (?)

[Mag Man]

Oh I am sure they are isolated to my bank actually I have a credit union and all checks and money orders usually take about 7 days to clear they will hold anything over $80.00 or $100.00 I cant remember but I always tell them it does not matter I do not want $80.00 of it because if its no good I do not want to spend it and have to come up with it.
I have never heard of the 72 hour deal I know they can do it faster than 7 to 10 working days especially with the computer's these days. Maybe I need to change banks for my stuff like that.
JON

[Merlin]

It looks like different kinds of banks has different kinds of rules. But one rule that stays the same by federal law is, if you deposit a money order, the funds has to be available the next business day.

http://www.msmoney.com/mm/banking/artic ... dcheck.htm
http://www.bankrate.com/brm/news/drdon/20011211a.asp

[Jim Becker]

I thought the banks agreed to the 72 hour rule in order to get out of the business of returning canceled checks. The basic argument was: if you are going to be so efficient and fast by being electronic and not having to move physical checks around, you should be able to clear checks a lot faster. (Personally, I don't see any reason that a domestic check can't be cleared overnight.)

[Mag Man]

WELL it looks like I will be taking a trip to the bank in the morning and telling them that that is eligal. They will probly find some way to take it out on me though.
JON

[Dale51]

WELL it looks like I will be taking a trip to the bank in the morning and telling them that that is eligal. They will probly find some way to take it out on me though.
JON

Mag Man,

A credit union in the state of NY is not bound by the rules of a FDIC
bank.
In fact you want to check to see if your money is even insured they can be FDIC but don't have to be.
Found this out the hard way (don't ask ).