[cornflakes]

well im not really sure that's the thing. At first it sounded like scam all over it but this buyer hasn't hassled me or anything. The cheque appears legit with all names and addresses of both buyer and branch but for sure im holding onto the car before anything happens.

In fact, since i have missed the ford family pricing event, i've pretty much decided to keep my car (cuz i like it a lot....just wanted to try to upgrade to 07), so even if this is a good cheque, i might not sell the car anyway anymore.

I'll let you know what happens after i check it with the bank(s).

[meford4u]

You can go directly to the branch the cheque was issued from and ask them if the funds are available, and I believe for a small cost to you, ask the branch to certify the funds and the cheque for you.
I remember doing this years ago when i was in university and rented out my apartment for the summer and had issues with a renter. I went directly to his branch and they verified the funds were avaialble and certified the cheque for me and I believe it cost me $2.50 at the time.

[cornflakes]

aw lucky!! I called TD and they said it will cost me $15.00 to check the cheque. They said its $10 for TD clients and $15 for non-TD clients.

Yikes!


Is the next best thing simply to deposit the cheque in my bank account and see if it clears after 5 days?

My bank (RBC) told me if the cheque doesn't clear, it will cost me $7.00.
So that's cheaper.

[ZTWsquared]

Usually when you deposit a cheque to your account the bank will withhold funds on that amount for 10 or even more business days. Remember, even though a cheque may clear the clearing house, it can still be rejected (ie: stop payment) anytime up to the point when the cheque physically gets back to the other person's branch. And then the rejected cheque has to make its way back to your branch at which point your account will be debited. So 5 days isn't nearly enough.

cornflakes,Sep 20 2007, 07:28 PM Wrote:aw lucky!!  I called TD and they said it will cost me $15.00 to check the cheque.  hey said its $10 for TD clients and $15 for non-TD clients.

Yikes! 


Is the next best thing simply to deposit the cheque in my bank account and see if it clears after 5 days? 

My bank (RBC) told me if the cheque doesn't clear, it will cost me $7.00.
So that's cheaper.
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[hardk0re]

Cash the cheque and send him his change in monopoly money. The check will get rejected after a few weeks and both of you will have a good chuckle.

[cornflakes]

am i able to just go to my bank and try to cash this cheque in without first having it verified or will they need to first verifiy it and then cash the cheque?

[ZTWsquared]

Not sure what you mean by this ... but the answer is most probably "no" and these are questions you really should be asking the bank.

But anyway ... the only way you can "cash" the cheque is to go to his branch and ask for the cash. If you can, you should do this. Verification does nothing for you and offers you zero protection.

The only thing you can do at your branch is to deposit it to your account. They will not give you cash for it. Under normal circumstances they will hold funds (ie: you don't have access to the money) for a period of time (usually 10 days), but if you ask them to verify it, they might waive the withholding period.

BUT ... that does not protect you. If the cheque were to eventually bounce or more likely be subject to a stop payment - the bank has the right to get the money back from you and they will immediately debit your account, even if it means putting it into an overdraft position - and they will do this without notice to you.

The only 100% way you can be sure the cheque is any good is to get cash for it, and the only place you can make that happen is at his branch.

You should stop thinking about this now.

cornflakes,Sep 22 2007, 04:03 PM Wrote:am i able to just go to my bank and try to cash this cheque in without first having it verified or will they need to first verifiy it and then cash the cheque?
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[cornflakes]

thanks....i'm not going to bother to do anything with that cheque. I'm just going to keep it as a souvenir because I don't think i'll ever have another cheque that will say, "$16,000" on it. :)

[NikiterZTS]

do your signature on the back of that check and give it to me :):)

[Flofocus]

Quote:World-wide Fake Cheque Bust
Josh Pringle
Thursday, October 4, 2007

A Canadian is one of 77 people arrested in five countries after an eight-month investigation into counterfeit cheques.

Police in five countries seized about two billion dollars in counterfeit cheques in a sweeping crackdown.

Police say the schemes in the Netherlands, Nigeria, England and the US that aimed to defraud people by sending them fake cheques and asking for a portion of the money back.

39-year-old Henry Oshingbene of Brampton was charged with four counts of fraud over five-thousand dollars.

The RCMP has seized nearly five-thousand counterfeit financial documents in Canada since April.