Has anyone received any mail where you are offered money to cash checks for a foreign company? Has anyone tried this and is it really true or is it just a scam?
2007-12-04 04:35:13 · 8 answers · asked by ?cgc2006 2 in Business & Finance ➔ Corporations
Its all over the news and also banks have it posted as a scam.
2007-12-04 04:39:32 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The short answer is most of the time they don't. A check cashing business is essentially making very high risk short term loans. It may not seem like much but if you charge someone 2.5% to cash a check, some charge more, and the check clears in two days that's an effective yearly rate of over 8000%. They can afford some losses. In the case you mentioned I believe if the lady recieved her cash from the check cashing place and then the check was denied she owes the check cashing place, especially if she also cashed the second check. The person presenting the check is ultimately responsable for the checks value. She would have a case against the insurance company for any fees she had to pay for the returned check but she owes the check cashing place for the money they didn't receive. They will go to court and they will get a judgement. and if someone decides that she knew the check was going to have a stop payment on it she could go to jail.
2016-04-07 08:01:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Imagined what you would do if someone came up to you and said. Hey give me your bank account information, wait right here and I will go into the bank and use your information to put money into your account. It just doesn't make sense. This is a scam known as social engineering that is real popular from foreign countries. Don't fall for it because it can cause you a lot of trouble.
2007-12-04 04:42:57 · answer #3 · answered by scott n 2 · 1⤊ 0⤋
If it sounds too good to be true it is a scam- I've heard about this before where you cash it and then they come after you for owing them money
2007-12-04 04:39:13 · answer #4 · answered by Anne 3 · 1⤊ 0⤋
It sounds like a scam to me.
2007-12-04 04:45:46 · answer #5 · answered by Feeling Mutual 7 · 1⤊ 0⤋
It is a scam, infact I believe there is an article about this in Yahoo finance section. They may have removed it already though.
I wouldnt do it.
2007-12-04 04:40:23 · answer #6 · answered by d2poolplaya 3 · 1⤊ 0⤋
smells like a scam
2007-12-04 04:37:25 · answer #7 · answered by ratherbski 2 · 1⤊ 0⤋
scam
2007-12-04 04:37:23 · answer #8 · answered by Sufi 7 · 2⤊ 0⤋