Posted on 08/04/2005 3:51:33 AM PDT by Jet Jaguar
I agree. Much smarter to get the cashier's check.
It's not suspicious. He sold a trailer, and the check that was given was drawn on a different bank. He went to that bank to cash it, so that he would be able to find out immediately if the check was good. He then took the cash to his personal bank to deposit.
I have done this exact same thing on several occasions when selling vehicles.
Even cashier's checks initiated by one financial institution and deposited or cashed at another can have a hold put on them, with the money not being available. Additionlly, it's a whole lot easier just to cash the check than to go through the paperwork to get a cashier's check. It was 15 minutes prior to closing, and getting the cashier's check written and signed could have taken 10 minutes of that.
Further, $4,700 is not "bundles" of cash. It's only 47 100-dollar bills, or 46 plus the one that was split up to pay the $5 check cashing fee.
I'm surprised the bank could charge a fee for cashing a check drawn on itself, but I haven't had to do that recently.
That does not surprise me . Banks have fees for everything!
The exact same question came to me too. Stupid to carry around that much cash IMHO.
How about a cashiers check?
Do you know anybody who just walks out of a bank with nearly $5000 cash?
You walk out of the bank with $5000 cash on you all the time?
How about a cashier's check?
It does sound suspicious, and I'm not familiar with the procedures inside the bank, but how does Key Bank know that one of their employees (maybe weeks prior to this), didn't slip the $100 bill in the stack? Sometimes they count the money very fast and if it's coming from their own safe, then they may only be focused on the counting part, assuming that it's all legit already.
Before I quit working to persue a Masters Degree, I worked for my cities utilities department. The main duty of my position was to investigate bounced and fraud checks, stolen credit cards, theft of services etc. This position also included handling any counterfeit bills that came into our office.
One of our long time customers, an elderly widow, came in each month to pay her electric and water bill in person. Each month she would go to her bank, withdraw the money in cash, come into our office and make payment. After one particulary hot month, her bill was much higher than usual. After she made her withdraw, she had a little over $40.00 to last her a week until her next SSI check would be deposited.
After giving the money to one of our cashiers, the cashier discovered one of the $20.00 bills she presented was a fake. I was called to handle the problem. Our policy was to confiscate the bill and contact our local police department. The customer however was out the money. We neither gave them credit for the amount or returned to them the bill. The cities policy on bill payment was simple, pay your bill in full, every month, or you were shut off. As you can imagine she was very upset and scared her power and water would be disconnected.
After showing us the balance in her checking account and begging my manager to not turn her off for the conterfeit bill (he refused saying policy was policy) she became pretty upset and begged him to give her one week to bring in the $20.00 when her SSI check came in. My manager, being the wonderful, kind-hearted man he was (sarcasm alert) still refused.
I'm a sucker for animals, children and the elderly. Especially elderly folks who have a very tight, fixed income budget they try to live on month to month. I told her to calm down and that I would pay the $20 out of my own pocket, at first she refused but I eventually convinced her saying I would not let her have her power turned off for something that was not her fault.
That very morning, I had gone to the same bank our customer had gone to and withdrew $40 from theie ATM. I grabbed my wallet and gave the cashier one of the $20's. We had scanning machines that each bill was passed over to detect counterfeit bills. As soon as she put my $20 through the scanner it popped up counterfeit. Two bills, both $20's from the same bank, and both no-good. Luckily the second $20 I had was good and we put it on her account.
To make a long story short, the police came in, and we handed them the bills. Both of us were given police reports with copies of the bunk money. Both of us went over to the Bank to speak to the manager. Our customer could easily prove the money had come from them since every month she came in, gave the teller her utility bill and had the exact amount of the bill taken from her account in cash. The teller clearly remembered giving it to her. I had the ATM receipt from my transaction as proof. However the manager of the bank; a national bank who's initials are BA, refused to replace the bills, even though she admitted they probably came from her branch. Their policy was once the customer left, it was no longer the banks responsibility.
The lesson to this long story is simply this, check your money before leaving the bank, regardless of the "security measures" most banks claim to have to detect counterfeits. they can and do get through.
Secondly, if you can not tell the bill is bunk, as the teller to scan the bill to assure it is authentic. I have been presented with counterfeit bills that had the security marks, felt perfectly normal and to the trained eye and hand, were undetectable as fakes. If they refuse, ask to cash the bill into a smaller amount.
The third and final is this. I received on average 2 bad bills a week and by far, the most common demonination was $20 followed closely by $50. Pay particular attention to these bills. If you live in an area where counterfeit bills are common, go into an office supply store and purchase a "counterfeit bill detector pen". They are under $5 and turn color (usually black) when touched to a counterfeit bill. I carry one in my purse and check every $20 I get in change, from an ATM or at a bank. Better safe than sorry.
I would make myself a sign saying" this bank cashes checkes with counterfeit money and walk around in front of their building whenever I had nothing else to do. This guy wouldnt stir this much crap if he hadnt take a screwing. If the bank charges $5 to cash one of their own checks they should guarantee they give you real money. Some folks think just because its a bank this plac is right. I dont, I have seen banks before who had crooks working there.
But what is the difference when a "person" presents the check? Are they not discounting it to him, even though it is drawn on them by their own customer?
Nobody is going to bring a lawsuit over a $5 fee, so they get away with it.
Where is the ACLLU when poor people are being ripped off everyday and a couple of high profile lawsuits would end it......you guessed it....fighting religious symbols.
Fascinating account. You have a good heart.
Some banks not only charge non-customers a fee to cash checks, they also refuse to issue cashiers checks to them. Ran into that exact problem when I sold an older Chevy Cavalier a few years back.
I didn't want to walk around with $2,500 in cash after making sure the check was good but the bank would only cash the check in cash. This after paying a $10 fee to cash it. Ended up getting the cash and hightailing it to my bank for deposit.
Not sure why he didn't deposit check at credit union.......
Not sure??? Read the story and you'll find out why.
The bank found a way to rid themselves of their problem.
"There's no reason why he couldn't take his check straight to his credit union. "
If he didn't know the buyer, or maybe if he did even, he certainly wanted to verify there were funds for the check.
I do all mine on a tractor fed, dot matrix...
Maybe so, but why didn't he just get a cashiers check. Why would anyone want to carry that amount of cash just to redeposit it.
See my post #21. I would've gotten a cashier's check.
That said, the bank charged him $5 just to cash a check perhaps there was another fee for issuing a cashier's check, perhaps there wasn't time as it was 15 minutes to closing time and he wanted to make a deposit in his credit union which might also have been closing, perhaps he didn't even want the delay it would take for the cashier's check funds to be deposited in his account, perhaps he doesn't view $4,700 as "bundles of money" as some here do.
Just some possibilities. Can't really speak for the man.
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