reminder about scams, a little further detail

[mike]

Not the case in the UK (and I suspect EU) any more. 

Here, unless there is evidence of fraud by the account holder, any cheques banked are final and un-recoverable after 6 working days. This included stolen, forgeries etc etc, the only exception is deliberate fraud by the account holder.

Do tend to agree with you about keeping under the mattress though



--- On Mon, 15/6/09, Mike Arman <Armanmik at earthlink.net> wrote:

> From: Mike Arman <Armanmik at earthlink.net>
> Subject: reminder about scams, a little further detail
> To: quattro at audifans.com
> Date: Monday, 15 June, 2009, 8:56 PM
> > reminder about scams
> 
> Problem is that the bank will tell you it HAS cleared and
> then three weeks later inform you that it 
> was subsequently not honored by the issuing bank (if there
> even is one).
> 
> The scammers are playing the float between the time you
> deposit the check and the time it bounces.
> 
> 
> Note carefully - ALL BANK CREDITS TO YOUR ACCOUNT ARE
> CONDITIONAL - just because the bank "tells" 
> you the check has cleared, it can still blow up in your
> face later. Even "irrevocable" wire 
> transfers can be reversed - BofA does this automatically,
> on request of the sending bank, with NO 
> notice or appeal, the only way you find out is "you're
> $$$$$$$$$$$$ overdrawn, we charge you XXXX." 
> Some other banks will at least let you know there's a
> problem, a very few of them will ask if you 
> want to send the money back or not.
> 
> 
> Now you have to reimburse the bank, or if you have an
> offset agreement (you likely do, read the very 
> small print on your account agreement) they can take it out
> of any or all of your other accounts at 
> that bank or at other branches of it to remedy the
> overdraft - the fact that you can't make your 
> car/phone/electric/mortgage/credit card payment because all
> your accounts are at zero or below isn't 
> their problem.
> 
> 
> For this reason, I always encourage my clients to have
> another bank account in a different bank (not 
> different branch of the same bank, a totally different
> bank) and have some money in it at all times. 
> It doesn't even have to be a very active account - but it
> may save your financial hide if you have 
> the bad fortune to get scammed by this or any number of
> other assaults on your bank accounts, both 
> from inside or outside the bank itself.
> 
> For example, a lost debit card could clean out your
> accounts (Remember the offset agreement! You 
> signed it . . . ) and it is a lot more stressful to fix
> this if you have NO money available to run 
> your life than if you have some money in an emergency stash
> at a different bank.
> 
> "Mr. Sutton, why do you rob banks?"
> 
> "Because that's where the money is."
> 
> Nowadays only total beginners and rank amateurs use guns
> for this. If the bank robber is in a 
> different country or on a different continent, he may never
> even get caught. Banks tend to hush this 
> up because if we discovered and realized how unsafe OUR
> money is "safe in the bank", we'd probably 
> go back to keeping it in a mattress.
> 
> This is 25 years of experience in banking, finance,
> international business and internet speaking, I 
> don't know if it is important to you now, but it might be
> ;-)
> 
> Best Regards,
> 
> Mike Arman
> 90V8Q
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