@@wesbryieso then what's even the point of cheques, I mean I have no knowledge about banking, nor do I have an account.. so maybe you could give me some info
@@gamingplayz2674 absolutely. Make both parties show ID before it is cashed. Confirm the person who wrote the check actually wrote it and when it bounces, the person who wrote the check is standing right there. But I will never get that far because they are pieces of shit
Yes sir, cashier check won't help as well, as for frausters it's easy to make a counterfeit check. You can minimize risk by accepting cashier check but cashier check is not risk free. Always accept check Payments from legit sources.
When i sell stuff locally, i allow check under two criteria. a) i will need your id to write on it (drivers license no.) b) you will not receive the product until the check clears. I've sold multiple cars with a check, just said they could pick it up in three days when the check clears.
In our country, we take the check but hold the goods till it's cleared. Also in check deposits our bank doesn't show any transactions till the check is cleared. This showing the money as pending is just stupid.
American standardized school systems usually do this is a very old scam and if you take some sort of class that deals with checks and balances in any way in around 7th grade you should be taught this if the teacher is doing their job.
Checks are not common at all where I live. I have only gotten a check once, when my former landlord returned my deposit. The check could only be cashed at a specific bank and if you were a customer so I had to ask my parents to cash the check. Such a hassle.
In canada, only a certain amount of money is released from cheques until they verify it. But you can cash a cheque at a cheque cashing place for a fee.
My uncle gave 7620 dollars worth of stuff in check like this in my fathers shop. Bcz he didnt know check worked. Worst part is it happened in parts. One guy scammed him then many others did same and my uncle thought ohh so much sales but it turns out he got stabbed in back.
In Morocco if you give a cheque and you don't have enough money in the account, you're going straight to jail, sometimes you can be given less than a month's time to pay up, otherwise you'll be in jail.
Have you never heard of a dated check? It’s literally the only reason people still use checks today. It’s when a poor person doesn’t have money so they go to the grocery store or wherever and date the check for when their paycheck will come in. Usually just a few days since paychecks are weekly where I’m from. The stores would take down the persons info and possibly id. This was much more common a decade ago and was not something major chains or retailers accepted.
@@ya8158in Morocco there's no such thing as dated checks, you can write the date but it's completely useless and it can still be deposited at any moment, so if you don't have the funds ready, you're getting jail time
@@ya8158 Even dated cheques bounced because of insufficient balance. This law is not for honest people but scammers who take advantage of others like the person in this video.
It really takes 7 business days for the check to be fully clear. The bank will, in good faith, give you the money in advance. While in the background, they are trying to verify the check. If you always have a high balance the bank will automatically assume the check is real. Therefore the give you the money faster becauae even if the check bound they can still take the money from your account to cover for the bad check.
If I was to be selling something expensive like a laptop or something, I want physical cash, and if I’m selling something expensive on eBay, you get nothing until I actually see that money in my bank account
Is it the same for grocery retail? Cause I work grocery retail and people are constantly buying carts of stuff but pay with checks. What if the check bounces? I don’t know how that works
Most banks have phased out checks and don't sell checkbooks anymore. They might still take checks but eventually the only checks and checkbooks left will probably be in people's collections or something like that.
Because American banking systems are weird like they’re still from 1800. They don’t have a IBAN you can transfer money to someone else directly from your banking app. They have to rely on other apps like PayPal or cashapp to send each other money
It does effect you negatively, if you're a legit customer. But fraudsters usually create accounts on someone else name(you can read about application fraud) or use someone else account to do this fraud. So they easily evade the punitive action coming their way in case of a bounced check.
Nah , if the check bounces you can sue him which leads to 1year prison and deposit of the amount written on the check ( idk about America but it is a law in my country atleast)
