Basically I got scammed for $2600. I sold a car and was given a cashiers check. I took that check to the bank where they verified and then deposited most of that check. I waited almost two weeks before using the money to pay off some bills. 3 days after that the bank notified me that the check was a fraud and they wanted their money back asap. I have direct deposit so everything that went into the account was taken until we could go in and make payment arrangements with them. We were told at the bank by several of the management team that it was our fault and that there was nothing they could do. They pretty much pressured us into getting a high interest loan to pay off the amount we owed. Is this right? Was this our fault? No one has been very helpful with this. The bank simply wants their money back. Can anyone help?
2007-12-02 17:08:20 · 7 answers · asked by sillygamma 1 in Business & Finance ➔ Personal Finance
Yes it is right for them to do this. It isn't fair to the consumer, but the bank is a business, and they were doing you a favor by allowing you to cash another institution's check at your bank. (make sense?)
In the future, if you are given a check by someone, CASH the check at the bank that it is written from. Then carry the money to your own bank for deposit.
2007-12-02 17:17:59 · answer #1 · answered by lifesnotfair 2 · 1⤊ 1⤋
Yes, you are required to pay it back. The interest rate on this loan may have been figured using your credit score. It isn't your fault that you were scammed ... there have been many, many people who have been preyed upon this way. And probably the reason the check took so long to come back is because many scam artists take a check that looks legitimate and usually use a U.S. bank address, but they use the routing number of a Canadian bank, so it takes longer to process ... usually longer than two weeks. Cashier checks and money orders from the post office are no longer safe to accept unless you know the person you are dealing with. There is a great deal of fraud with these types of instruments.
2007-12-03 06:30:43 · answer #2 · answered by Patti 3 · 1⤊ 1⤋
The bank is well within its rights to demand repayment on a fraudulent check of any type, even if it is a money order or cashier's check. It's not possible for a bank to verify that each and every check is valid, much as they make an attempt. In days past, a cashier's check was a pretty safe gamble. Not any more, with the easy ability to print up and forge such documents on a simple personal computer.
Another expensive lesson learned in the world of fraud banking. Your only recourse now is to sue the person to whom you gave the car and signed title for fraud. I hope you know where they are.
2007-12-03 04:09:10 · answer #3 · answered by acermill 7 · 1⤊ 1⤋
Of course you need to pay it back. The bank only deposits it and allows you to draw on it until it clears. You are saying this when you endorse the check.
Yes it is your fault. You should always know the person you are taking a check from. You should always call the bank the check is written on prior to closing the deal.
I would suggest going to the civil claims court to recoup your money. You may also want to visit your local sheriffs office.
Sorry.
2007-12-03 01:16:53 · answer #4 · answered by Why ask me? 4 · 2⤊ 1⤋
That is awful. Why not look for a better bank with a better personality? If you cannot get a loan for a lesser price, apply for a credit card and transfer the loan. Get another bank. There are really good ones. You do have to pay it back. Can't you find those who wrote the bad check? FILE A POLICE REPORT. Anything over $500 they are supposed to investigate. File charges against the person who ripped you off even if it was a family member. Check with a lawyer also. Oh, was the check from another country? if so, it takes a month to get the transactions through. Banks do not tell you that but should. Yep, I got ripped off too.
2007-12-03 01:27:50 · answer #5 · answered by grannywinkie 6 · 1⤊ 3⤋
This is a huge scam that is happening right now. If you used the money you have to pay it back. Not the answer you want. ABC7 has featured this in their news casts & it is available online. snopes.com is good for finding info. It is fraud & you should report it to the police if you want any recourse or reinbursement in the future. Sorry to hear of your troubles. Contact your State's Attorney's Office for info. Your State Website might have a victims resource center for you to learn more & get help as well. Good luck to you.
2007-12-03 01:19:52 · answer #6 · answered by Nice one 5 · 0⤊ 0⤋
Although you did nothing wrong and are the victim, you are responsible for the funds deposited in your account if a check is not valid or "bounces". You wouldn't think it could happen with cashier's checks, but apparently it's becoming more frequent as this article discusses: http://www.gcglaw.com/resources/financial/cashiers.html
2007-12-03 01:18:50 · answer #7 · answered by Anonymous · 1⤊ 1⤋