Cashiers checks

[SharyC]

FYI - Last week I received a cashiers check from a recently matured CD from my bank in another state. I went to Citizens First Bank drive thru to deposit this check into my account. To my surprise, I was told that there would be a 2 business day hold on approximately 10% of the deposited check, however there would be a 7 business day hold on the remaining portion of balance of the funds. The bank had me sign a statement to acknowledge the time period. In all my years of banking with various institutions, I have never encountered this type of hold on a check.

[LuvtheVillages]

Cashier’s checks are easily forged and are used in many scams. The bank is just protecting itself and you.

[John41]

I had the same thing happen at Citizens but once told them I needed the funds immediately and they phoned the other bank and got it cleared.

[vintageogauge]

Sign of the times

[Jayhawk]

FYI - Last week I received a cashiers check from a recently matured CD from my bank in another state. I went to Citizens First Bank drive thru to deposit this check into my account. To my surprise, I was told that there would be a 2 business day hold on approximately 10% of the deposited check, however there would be a 7 business day hold on the remaining portion of balance of the funds. The bank had me sign a statement to acknowledge the time period. In all my years of banking with various institutions, I have never encountered this type of hold on a check.

Regulation CC permits banks to hold deposited funds for a “reasonable period of time,” which generally means:

Up to two business days for on-us checks (meaning checks drawn against an account at the same bank)

Up to five additional business days (totaling seven) for local checks

Longer hold periods, when the financial institution can prove a lengthier hold is reasonable

Funds Availability And Your Bank Account: What You Need To Know – Forbes Advisor (https://www.forbes.com/advisor/banking/funds-availability-and-your-bank-account/#:~:text=How%20Long%20Can%20a%20Bank,totaling%20se ven)%20for%20local%20checks)

[villagetinker]

This is normal for 'large' checks.

[Number 10 GI]

My granddaughter works at at bank. I was surprised at the number of bogus checks that the bank gets all the time from scammers. Some very good forgeries and other that look like a blind forger did the work. Some of these checks are for large amounts.

[OrangeBlossomBaby]

Sign of the times

If by "the times" you mean "ever since banks noticed that some people make fraudulent checks" then sure, it's a sign of the times.

Banks have learned to adapt to fraud as it occurs. Fraudulent cashiers' checks have existed for decades, and banks have had policies in place for that long. The only time I've ever been allowed to cash a cashier's check without a wait period, is if I brought it to the bank of origin. They'd check the account it was drawn from right on the spot.

If I brought it to any other bank (such as my own, if it wasn't the same as the bank it was drawn from), I'd have a hold period on a deposit - or the check would be cashed "against my account" until the check cleared. Once it's cleared, the amount against my account would be released.

[Chellybean]

FYI - Last week I received a cashiers check from a recently matured CD from my bank in another state. I went to Citizens First Bank drive thru to deposit this check into my account. To my surprise, I was told that there would be a 2 business day hold on approximately 10% of the deposited check, however there would be a 7 business day hold on the remaining portion of balance of the funds. The bank had me sign a statement to acknowledge the time period. In all my years of banking with various institutions, I have never encountered this type of hold on a check.

wire transfer is the best way, but that also can have fraud, but not likely

[Bjeanj]

About 40 years ago, I accepted a cashiers check, even checked their Id. It was bogus, and I never accepted another one, simply because I apparently don’t know what to look for to determine whether it’s forged or not.

[Neils]

Since 911 regulations, Banks must clear large checks thru the Fed authorities.

[graciegirl]

If by "the times" you mean "ever since banks noticed that some people make fraudulent checks" then sure, it's a sign of the times.

Banks have learned to adapt to fraud as it occurs. Fraudulent cashiers' checks have existed for decades, and banks have had policies in place for that long. The only time I've ever been allowed to cash a cashier's check without a wait period, is if I brought it to the bank of origin. They'd check the account it was drawn from right on the spot.

If I brought it to any other bank (such as my own, if it wasn't the same as the bank it was drawn from), I'd have a hold period on a deposit - or the check would be cashed "against my account" until the check cleared. Once it's cleared, the amount against my account would be released.

When I read "sign of the times" I thought of how different general morality is now from what it was thirty years ago and more. We never locked our doors and trusted people we knew because the trust was warranted. Now it seems that first smart people to take from someone is the winner. I read that there are those who think it is just fine to steal from retailers, they are greedy, I read. Also fine to put one over on big business if you can, they don't need all that money. I cannot, CANNOT imagine what law enforcement people have to deal with and now be barraged with criticism for expecting people to follow orders when they are arrested. I know. I know. Some LEO's aren't good people, but I think that we are going to Hell in a Handbasket as a society. I do not think...that people are as moral and ethical as they once were. I blame two things; Children don't get to stay home with a parent for three to five years like they used to and Catholic schools don't teach the way they used to, the ones that still are there and neither do public schools. It was not above any of my primary school teachers to give a heated ethics lesson to a kid who stole something, back then. Things have changed. It is a sign of the times.

Now I feel better and know I have not changed your mind one iota.

[Jima64]

Wondering how long they would hold a large lottery winning and how would they prove it was real.

[OrangeBlossomBaby]

When I read "sign of the times" I thought of how different general morality is now from what it was thirty years ago and more. We never locked our doors and trusted people we knew because the trust was warranted. Now it seems that first smart people to take from someone is the winner. I read that there are those who think it is just fine to steal from retailers, they are greedy, I read. Also fine to put one over on big business if you can, they don't need all that money. I cannot, CANNOT imagine what law enforcement people have to deal with and now be barraged with criticism for expecting people to follow orders when they are arrested. I know. I know. Some LEO's aren't good people, but I think that we are going to Hell in a Handbasket as a society. I do not think...that people are as moral and ethical as they once were. I blame two things; Children don't get to stay home with a parent for three to five years like they used to and Catholic schools don't teach the way they used to, the ones that still are there and neither do public schools. It was not above any of my primary school teachers to give a heated ethics lesson to a kid who stole something, back then. Things have changed. It is a sign of the times.

Now I feel better and know I have not changed your mind one iota.

Gracie you won't change my mind because you're just flat out wrong. Incorrect. In error. Mistaken.

There are areas in the country where people still don't lock their doors and don't have to. There are communities where kids can play on the streets or in shared back yards without having to worry about being shot or kidnapped. There are lots of towns in this country where families can hang out in a park and not have to worry about drive-by shootings, drugs being pushed on them, or someone robbing their house while they're not home.

You have spent most of your life isolated in some kind of Ohioan nirvana, judging from your numerous descriptions of how you lived pre-Villages.

You assume that your idyllic upbringing is no longer possible anywhere else in the country, and you are - wrong.

It's not only possible, but it's actually true, presently. As Simon and Garfunkel sang: "a man hears what he wants to hear but disregards the rest."

The rest of the world beyond your hometown and the Villages exists, and it is filled with a myriad of cultures, communities, diversity, neighborhoods, of all kinds. From the worst rat-infested criminal-laden slums to the poshest exclusive gated supermansions, and everything inbetween.

[karostay]

Sop

[John41]

Gracie you won't change my mind because

The rest of the world beyond your hometown and the Villages exists, and it is filled with a myriad of cultures, communities, diversity, neighborhoods, of all kinds. From the worst rat-infested criminal-laden slums to the poshest exclusive gated supermansions, and everything inbetween.

One of the few times I agree with Gracie. There are issues in schools today that didn’t exist when my wife and I went to school: drugs, lack of respect for teachers, violence, many one parent families to name a few. And yes my wife said the nuns would not give a social promotion. And you can experience a myriad of cultures right here in The Villages: the Italian Club, the Asian Club, the German club and many more. Why don’t you tell us about the idyllic places today where we don’t have to lock our doors.

[OrangeBlossomBaby]

Meanwhile, fake cashiers checks are as old as cashiers checks. There's nothing new about this, but technology progresses, the checks are harder to counterfeit, but then the counterfeiters catch up with the technology and get ahead of the banks, who then catch up with the counterfeiters, and it goes on and on and on.

Again, it's nothing new, it's not a rare phenomenon. Just because you never heard about it when you lived somewhere else, before the internet shoved information up our noses 24/7, doesn't mean these things never happened, or - never happened in your neighborhood. You really don't KNOW what went on back then, because - no internet. No cable TV. It didn't exist. There were no cell phones, there was no twitter, there was no CSI or reality TV.

Check fraud is OLD news. Banks are being more cautious, because there are more vulnerable people than ever who are targets waiting to be defrauded.