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Old 09-07-2010, 10:10 AM
 
11,564 posts, read 17,501,153 times
Reputation: 17206

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Quote:
Originally Posted by marmac View Post
Neighbor........his son ( in his 20's) listed a 1 year old expensive,high powered snow mobile for sale.

Got a call from Idaho. The guy asked for more pictures to be posted . The guy then said he needed a week to think it over. ( since he got no other takers, he waited).
Neighbor's mistake was even answering an out of state inquiry. I've sold things on CL and you ALWAYS get the scam emails, ALWAYS. You learn to sort them out to delete. Easy to identify, easy to ignore. Sorry, your neighbor was an idiot for even answering the inquiry, I could have filled in the rest of your post after reading "got a call from (out of state)"...so predictable. The scam was so common that your neighbor didn't even have to bring it to the bank to validate it, making him a double idiot for even thinking that it might possibly be legit. It's scam 101.

CL is local for a reason - you only deal locally, in person, with cash.
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Old 09-07-2010, 01:31 PM
 
14,777 posts, read 34,498,385 times
Reputation: 14278
I've sold vehicles private party twice and both times I did it through a local dealer that I do business with. Arranged the buyer and the price. We both went to the dealer and for a $500 fee (we split the cost) they took care of everything. I walked out with a check from the dealer and the buyer walked out with the keys to the car and all the DMV stuff handled. Not every dealer does this, but some will, especially if you do business with them. The only extra step is signing releases that the dealer has no liability on the sale or implied warranties. One time the buyer came with his own financing, the other time, they arranged it through the dealer. The $500 they charged as a doc fee made them happy and it was worth the extra money for the piece of mind.
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Old 09-07-2010, 04:19 PM
 
10,139 posts, read 22,414,398 times
Reputation: 8239
Quote:
Originally Posted by WannaliveinGreenville View Post
Well some people think if a check clears ( or money order ) that everything is kosher ( The bank cashed it so it has to be good right ? , wrong ! ) .

It's best to wait two weeks after clearing ( because sometimes it takes that long to find out its a bad check /MO .

But you will NOT find me accepting any MO's from anyone on the internet and cashing it at my bank. Not going to happen....

And the bank will come after you for the funds it lost....

And you are out any over payments you sent ...

If scammers run out of this idea , next week they will have a NEW one to remove you from your money.

If I sell anything on CL I see the person face to face and he better have cash ...!!
I don't know what happened to the rule that a bank has until midnight on the second day after presentment to dishonor the check. Its in every state's UCC enactment but the banks seem to just plain disregard it and if a check comes back, no matter how long it has taken (and it can take more than two weeks), they charge the depositor's account.
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Old 09-07-2010, 05:09 PM
 
9,807 posts, read 12,903,124 times
Reputation: 8127
Quote:
Originally Posted by wilson1010 View Post
I don't know what happened to the rule that a bank has until midnight on the second day after presentment to dishonor the check. Its in every state's UCC enactment but the banks seem to just plain disregard it and if a check comes back, no matter how long it has taken (and it can take more than two weeks), they charge the depositor's account.
And why shouldn't they?

The guy who cashed it presented a fraudulent check.
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Old 09-07-2010, 05:17 PM
 
10,139 posts, read 22,414,398 times
Reputation: 8239
Are you asking for an ethical, moral reason? That would be because the banks have a role in the check cashing process too. That role, which only they can fulfill, if to promptly notify the payee when a dishonored instrument has been presented. It gives some certainty to the system.

If you are asking for the rule, it is found here in all states:

§ 4-214. RIGHT OF CHARGE-BACK OR REFUND; LIABILITY OF COLLECTING BANK; RETURN OF ITEM. (a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge back the amount of any credit given for the item to its customer's account, or obtain refund from its customer, whether or not it is able to return the item, if by its midnight deadline or within a longer reasonable time after it learns the facts it returns the item or sends notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline or a longer reasonable time after it learns the facts, the bank may revoke the settlement, charge back the credit, or obtain refund from its customer, but it is liable for any loss resulting from the delay. These rights to revoke, charge back, and obtain refund terminate if and when a settlement for the item received by the bank is or becomes final .
(b) A collecting bank returns an item when it is sent or delivered to the bank's customer or transferor or pursuant to its instructions.
(c) A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with the section governing return of an item received by a payor bank for credit on its books (Section 4-301).
(d) The right to charge back is not affected by:
(1) previous use of a credit given for the item; or
(2) failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable.
(e) A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party.
(f) If credit is given in dollars as the equivalent of the value of an item
payable in foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course.

A delayed rejection is reasonable when it is reasonable to the presenting bank. And, no case has held reasonableness for two weeks under any conditions. And, between transferee banks, they have the second business day rule.
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Old 09-07-2010, 05:22 PM
 
1,964 posts, read 4,428,209 times
Reputation: 1616
Wow. I always thought bank to bank electronic transfers were good as cash, but i guess Not! I've heard of fraudulent bank/cashier's checks but never of fake bank accounts that reverse payments.
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Old 09-07-2010, 05:26 PM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,148,778 times
Reputation: 8204
She couldn't legally sell it until she satisfied the lein (GMAC). That's her responsibility. Just walk off and expect the buyer to take care of it! Surprize. Next time a cashiers check
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Old 09-08-2010, 12:11 AM
 
Location: SF Bay Area
5,996 posts, read 13,286,780 times
Reputation: 4005
The correct thing to do would be to have them transfer the payment and hold the keys until several days have passed.
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Old 09-08-2010, 12:15 AM
 
Location: southern california
55,237 posts, read 72,415,357 times
Reputation: 47455
they tried it with me.
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Old 09-08-2010, 02:16 PM
 
Location: Indiana
1,306 posts, read 2,571,367 times
Reputation: 888
Three of my guidelines for Craigslist are:

1. If there out of state, no deal.

2. If they want to pay with check, money order or transfer money. No deal.

3. If they constantly refer to whatever your selling as "the item", no deal.

There are more such as I NEVER meet at someones residence including mine and I always bring a pistol (you never know these days). I always pick the location which is usually a crowded gas station right off the interstate. Better safe then sorry.

Of course I would never sell a $30,000 vehicle to an individual. I'll take the hit and sell it to a dealership.
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