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We have some Roth IRA's - we always make our contribution for the previous year before tax deadline of April 15th - never had a problem, send them to financial guy who "oversees" the account.
This year I sent them to him on April 3rd. He then sent them out to investment firm that we have the Roth IRA's thru.
Today I get a call from him saying that "investment firm didn't get your checks I sent them", they must be lost in the mail. Of course I'm irritated to say the least.
Called my bank,to date no one has cashed the checks & they are telling me that no one can cash the checks except the company they are made out to.
Because of all the scammy things that go on in this world, I asked what would happen if someone found a check cashing place or some other way to get the checks cashed what would happen...Was told money is "insured" & if by chance that happened it would be fraud & I would open a fraud case with the bank to get my $$$ back.
Other option is to pay 30.00 for each check to put a stop payment on them (highway robbery!! ugh) if it would make me feel better about the situation...
Anyone ever had something like this happen to them? Can I rest assured no one can cash those checks besides the company they are made out to? Winnable case for fraud if they do get cashed???
No, you need to stop payment on them. There are not fraud protections on checks like there are for credit cards. It will be harder to get your money back.
I have to ask, why in the heck are you sending checks in this day and age? Also, why are you sending them to a middle man who just forwards them on?
Actually, the financial adviser works for a well known reputable company & we just were following his direction on how to correctly make the deposits. Unfortunately now this happened & I am re-assessing the process moving forward from this point on. Obviously his way of doing it was not the best...Shame on me I guess...
If you stop payment on them, you lose your opportunity to make a contribution for 2018. If they are truly lost in the mail but eventually show up at the trustee/custodian with a postmark prior to or on April 15, I would think they would still have to honor them as 2018 contributions whether it be a week from now or a month. I would probably let it ride for awhile.
if they don't show up though there is no proof there were ever checks cut in that case. even stopping the checks is no proof ...anyone can not ever mail checks out and fictitiously stop the check numbers making it lok like they attempted to pay something...missing is missing..
we do all our contributions on line ... i don't trust mail for a second today . mail box fishing has become so bad the police told the neighborhood not to mail checks anymore in local mail boxes .
bad guys are beaching the checks and changing the info on them ...they can take a long time to be reimbursed too . there are no protection laws and these checks are signed by you ..... so it has been a problem .
Last edited by mathjak107; 04-19-2019 at 06:27 AM..
Actually, the financial adviser works for a well known reputable company & we just were following his direction on how to correctly make the deposits. Unfortunately now this happened & I am re-assessing the process moving forward from this point on. Obviously his way of doing it was not the best...Shame on me I guess...
What reputable company does he work for that he needed to send the funds to another company to deport? Did you also not follow up and check your accounts in the two weeks time to see if it was done before the 4/15 deadline
if they don't show up though there is no proof there were ever checks cut in that case. even stopping the checks is no proof ...anyone can not ever mail checks out and fictitiously stop the check numbers making it lok like they attempted to pay something...missing is missing..
we do all our contributions on line ... i don't trust mail for a second today . mail box fishing has become so bad the police told the neighborhood not to mail checks anymore in local mail boxes .
bad guys are beaching the checks and changing the info on them ...they can take a long time to be reimbursed too . there are no protection laws and these checks are signed by you ..... so it has been a problem .
There is proof they were written. The broker dealers rep would have blottered them in his office when he received them. My next steps....depending upon who he was sending them to...independent mutual fund company or brokers own clearing firm...see if they will accept a letter of indemnity from the broker dealer explaining the situation and new checks for 2018 contributions. Your rep should in goodwill offer to reimburse your stop payment fees. Your rep should be able to handle all this for you.
Which means nothing. I could write a check today dated 04/03
I am going to assume you know NOTHING about the regulations concerning the back office operations of a broker dealer and/or representative offices. And leave it at that. The fact that they rep acknowledged receipt of it makes your statement useless.
I am going to assume you know NOTHING about the regulations concerning the back office operations of a broker dealer and/or representative offices. And leave it at that. The fact that they rep acknowledged receipt of it makes your statement useless.
Well you couldn’t be more incorrect #1 as I’ve worked my entire career in the industry. Secondly you don’t know if this guy works for a broker dealer or is registered rep for that matter. Our advisors aren’t allowed to be in the process flow of handling checks at any point but that point aside we also aren’t taking in checks and then sending them to another company to be deposited either. Lastly you said there is proof the checks were written but in fact there’s no way for you to actually know this.
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