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The issuing bank was Bank of South Carolina (Charleston SC) and my bank is BBT (Columia SC). They simply could have gotten off their bankers's a$$ and called, which they ended up doing after I had to threaten them.
Also in this electronic day and age they only seem slow on ones deposits (and you know why if a banker and it is not bad checks), not their debits. I have seen BBT delay deposits with regularity.
Can you imagine if the people had a domino effect going as in need the money for another transaction or more how the bank could be the blockage for no reason other then getting off their a$$ and making it happen.
It also is reality. I told you quite seriously that I carried well over $100,000 across the street because two banks less than 440 yards apart would not or could not cooperate with each other. And the worst of the pair was BofA where I had been a regular customer for over 25 years. The result in the state of Nevada is that certified checks are no longer acceptable for a timely close. And it is not clear how long the delay will be...that is a case by case decision depending on which bank where.
No if you really want a cause how about we go after the wiring fee? What does it really cost to wire $1000. How about $.0.50 or $1.00? That would be reasonable...except we get charged $35.00.
The issuing bank was Bank of South Carolina (Charleston SC) and my bank is BBT (Columia SC). They simply could have gotten off their bankers's a$$ and called, which they ended up doing after I had to threaten them.
Also in this electronic day and age they only seem slow on ones deposits (and you know why if a banker and it is not bad checks), not their debits. I have seen BBT delay deposits with regularity.
Can you imagine if the people had a domino effect going as in need the money for another transaction or more how the bank could be the blockage for no reason other then getting off their a$$ and making it happen.
Do you really think it matters that the banks are in the same state, as long as they can be reached via phone? Superfluous information, but telling when it comes to your grasp on banking principles - which is why you're just not getting it.
No one is DELAYING your deposits - they are waiting for paper instruments to CLEAR. Paper instruments like checks go thru a proof department, where they are scanned. This happens at the close of business each day. Occasionally you will run into a weekend or holiday situation, which can delay the clearing of a check as well. Anyway, then the check the bank was written on has X number of days (dictated by federal law, not the banks' discretion by the way) to either clear or dispute the check. So the receiving bank is not safe till that federally mandated time period is actually up.
Electronic withdrawals, and deposits, are verified at the time of the electronic transfer, so of course they are handled differently from checks.
Sorry if I overstepped your attention span with my answers.
By the way, the vast majority of banks do not put holds on checks from title companies which are involved in a real estate transaction. These are easy to verify. But just person to person cashier's checks for large amounts that are out of the ordinary for the customer, and far exceed available funds? A short hold of a few days is normal.
An interesting side light to this discussion. I have been using wired funds exclusively for EMD from out of state buyers. Suddenly getting a kick back where some agents are requiring that a copy of a check be submitted rather than a wire statement.
Wonder what is causing that.
It is probably because that is what they are used to and their broker hasn't told them that wired funds are good funds as opposed to a personal check.
One of the recent scams I've heard about is when someone gets a legitimate check from the bank and then makes multiple copies. A recipient of the check could call the bank and get verification that the check number & amount is good...but, of course, when multiple checks eventually get submitted they can't all be honored. Luckily, the targets usually aren't real estate transactions but people need to be wary.
I'm not in the real estate industry, but am wondering how you all decide which payment methods are secure/guaranteed against fraud. From what I understand, wire transfers are irreversible after 3 business days, which makes it pretty much guaranteed to be reversed. However, I've read others say that certified funds and direct deposit (ACH) can be disputed with the bank 60-90 days after the transaction! Have any of you had this problem before where a buyer provides a certified check and ends up reversing it many days after closing?
I'm trying to find guaranteed methods to receive up to $5000 transactions. Are there any other forms of secure payments?
Thank you all for your responses! It seems that the bulk of the discussions here are ensuring that the checks are legitimate upon receiving them. In my situation, I have no problem depositing them and waiting for them to clear. Is it safe to assume that neither of these methods, whether cashier's checks or certified checks, are reversible after successful clearing, even after a week? Due to the lack of discussion on this topic, I'm assuming most realtors here have never had problems with the buyers going to their banks requesting a reversal.
Maybe I'm being dense here, but do people really use fake checks to buy a house? Isn't that kind of a stupid thing to do? It's not like you buying a boat or a car and can disappear with the product as soon as the deal is done. It's a non-moveable asset, it's not going anywhere. Wouldn't the house itself be collateral for the check?
Maybe I'm being dense here, but do people really use fake checks to buy a house? Isn't that kind of a stupid thing to do? It's not like you buying a boat or a car and can disappear with the product as soon as the deal is done. It's a non-moveable asset, it's not going anywhere. Wouldn't the house itself be collateral for the check?
It may create a very difficult situation to unwind. Say a down payment is made by a bad cashiers check. The money is then paid to the seller who uses it to buy another house. How do you unwind it? Basically then the Title Co. ends up having to sue the buyer and may well end up with an ugly scenario where they end up eating the loss.
It may create a very difficult situation to unwind. Say a down payment is made by a bad cashiers check. The money is then paid to the seller who uses it to buy another house. How do you unwind it? Basically then the Title Co. ends up having to sue the buyer and may well end up with an ugly scenario where they end up eating the loss.
I don't doubt that. I was looking at it more from the buyers point of view. Why would someone do such a thing? It's not like you're going to get away with it. They know where you live, they can take back the house. It just seemed like an odd thing to do. I'm curious if it has ever happened on a home sale.
Easiest way to avoid getting scammed with cashier's check is to have person print out their lastest online bank transactions.
If numbers match (withdrawl to cashier's check), there is no faking it in front of you in the office.
Anyways, the chances of anyone actually scamming a cashier's check at closing is pretty close to none cause they have to produce driver's license as identity and other identifying information. Only idiots would risk jail time for bank fraud this way. There are much easily ways to do bank fraud than fake cashier's checks for real estate transactions.
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