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(CBS Boston)   If your bank gives you $1400 in counterfeit bills, don't bother complaining because they'll just refuse to pass the buck   (boston.cbslocal.com) divider line 123
    More: Asinine, Westborough, Sovereign Bank, United States Secret Service, WBZ-TV, Citizens Bank, refuses  
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13104 clicks; posted to Main » on 30 Jan 2013 at 10:20 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-30 08:35:29 AM  
I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs
 
2013-01-30 08:53:36 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


laughingsquid.com

I can

Oh, you mean "legitimate" reason?
 
2013-01-30 09:24:32 AM  
I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.

I've been telling him to get direct deposit for years but it is something he has been doing for years and years and years. We all know it is hard to teach an old dog new tricks...."
 
2013-01-30 09:25:42 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


I've done it before with checks larger than this.

My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.

The way I've gotten around this, is to bring it to the issuing bank; they will cash it immediately. Typically for a fee if you don't have an account with them. I then deposited the cash at my credit union.

Be cautious if the amount is over $10,000 since cashwithdrawal and deposits that large must be reported to the government by thefinancialinstitution.
 
2013-01-30 09:30:51 AM  

TNel: I see some people don't read the article or comments.


[welcometofark.jpg]

[ain'tnobodygottimeforthat.gif]
 
2013-01-30 09:31:07 AM  

Clent:
Be cautious if the amount is over $10,000 since cashwithdrawal and deposits that large must be reported to the government by thefinancialinstitution.


Also call ahead if it's larger than $10k since a lot of banks don't hold too much money and if you go to the bank they might not have enough readily available and you might have to wait for them to get all of it.
 
2013-01-30 09:46:36 AM  

TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.

I've been telling him to get direct deposit for years but it is something he has been doing for years and years and years. We all know it is hard to teach an old dog new tricks...."


And, many older people have this irrational fear of "e-money".... somehow having that "cash" he takes from one bank to another makes him probably feel like he's seen the money, so, it is all "good" then.
 
2013-01-30 10:09:56 AM  
The update to this article now says he got his money back, after it was determined that his "counterfeit" bills were actually just old pre-redesign bills. Which is a marginal improvement; means this is less of a story about bank dragging its heels and screwing a customer over, and more of a "$2 bill at Taco Bell" story.
 
2013-01-30 10:15:16 AM  

Lukeonia1: The update to this article now says he got his money back, after it was determined that his "counterfeit" bills were actually just old pre-redesign bills. Which is a marginal improvement; means this is less of a story about bank dragging its heels and screwing a customer over, and more of a "$2 bill at Taco Bell" story.


Also that's a pretty sad failure for an institution that handles money as it's only business.
 
2013-01-30 10:28:42 AM  

TNel: Clent:
Be cautious if the amount is over $10,000 since cashwithdrawal and deposits that large must be reported to the government by thefinancialinstitution.

Also call ahead if it's larger than $10k since a lot of banks don't hold too much money and if you go to the bank they might not have enough readily available and you might have to wait for them to get all of it.


Call the bank and tell them you plan on coming in later to cash a $100,000 check so they should make sure to have plenty of cash on hand. Also ask about their policy on wearing ski masks inside the building.
 
2013-01-30 10:28:48 AM  

Clent: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

I've done it before with checks larger than this.

My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.

The way I've gotten around this, is to bring it to the issuing bank; they will cash it immediately. Typically for a fee if you don't have an account with them. I then deposited the cash at my credit union.

Be cautious if the amount is over $10,000 since cashwithdrawal and deposits that large must be reported to the government by thefinancialinstitution.


The reason the bank holds the money is easy to explain.

FLOAT

While they're "verifying funds", they're earning overnight interest on it. Sure it sounds like not a lot, but multiply it by billions and it becomes real money.

They verify all funds overnight because if they don't they get hit with fees of their own.
 
2013-01-30 10:29:27 AM  

palladiate: Lukeonia1: The update to this article now says he got his money back, after it was determined that his "counterfeit" bills were actually just old pre-redesign bills. Which is a marginal improvement; means this is less of a story about bank dragging its heels and screwing a customer over, and more of a "$2 bill at Taco Bell" story.

Also that's a pretty sad failure for an institution that handles money as it's only business.


Probably a new employee and a lazy manager who didn't bother to check the bills after the employee flagged them as counterfeit. Businesses these days don't seem to think that they have any obligation to provide anything more than the barest minimum of training, if that.
 
2013-01-30 10:30:05 AM  

Clent: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

I've done it before with checks larger than this.

My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.


wow, your credit union pretty much hits the legal maximum on a hold (i think 11 days is the max for checks from a foreign routing (means, it goes to a different fed) over a certain amount).

but, yeah, many people go to the issuing bank to cash the check, then go deposit the cash in their bank. it makes the money instantly available, and it's a nice way to expedite payment if you don't trust the check writer.  it also saves you the trouble of depositing an NSF check and getting fined.

/ but, throw a fit if the issuing bank charges you a fee.  that's BS.  say, your customer is using your checks to pay me.  you are doing your customer a disservice, increasing his costs because you're lazy.  bla bla bla.  a lot of times someone will drop the charges.  (also mention you were thinking about opening an account, but not anymore, or something).
// back in my days of banking, we really frowned on the banks that charged fees for cashing checks.  at the time, BoA was one of the few that started the practice.
 
2013-01-30 10:30:31 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.
 
2013-01-30 10:31:30 AM  
I gotta follow this guy after he leaves the first bank.

/not really
 
2013-01-30 10:31:34 AM  
Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.
 
2013-01-30 10:31:39 AM  

dletter: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.

I've been telling him to get direct deposit for years but it is something he has been doing for years and years and years. We all know it is hard to teach an old dog new tricks...."

And, many older people have this irrational fear of "e-money".... somehow having that "cash" he takes from one bank to another makes him probably feel like he's seen the money, so, it is all "good" then.


You'll see how irrational that fear is the first time your broke employer jerks around your paycheck. Cash is king.
 
2013-01-30 10:32:38 AM  
Unfortunately, that guy is totally screwed. Once you step away from the teller the bills are yours, good or bad.
 
2013-01-30 10:34:00 AM  

TheGreatGazoo: Unfortunately, that guy is totally screwed. Once you step away from the teller the bills are yours, good or bad.


They weren't fake, they were just old so he's ok.
 
2013-01-30 10:34:38 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


Worked in a bank. Happened all the time with people cashing paychecks drawn on the bank but not being an account holder. Usually their employer didn't offer direct deposit or they were just stupidly old school and needed to have the cash in hand.

It wasn't common to find counterfeit 100s. Counterfeit 20s and 50s on the other hand were quite frequent. Also had older people coming in asking for $500 bills from time to time. That was fun explaining to them that those aren't circulated anymore (and hadn't been for decades).
 
2013-01-30 10:35:03 AM  

Clent: My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.


Basically, as far as I understand it, the bank uses that 10-day window to collect interest on your money. It isn't a lot, but it can certainly add up over time. Payroll companies do something similar, payroll taxes are due monthly, so if you use a payroll company to pay your employees weekly they collect interest on the with-holdings until taxes are ACTUALLY due.
 
2013-01-30 10:35:08 AM  

palladiate:

Also that's a pretty sad failure for an institution that handles money as it's only business.


I know, right?

mediamemo.allthingsd.com
 
2013-01-30 10:35:09 AM  
I remember something like this happening a few years ago in the UK.
A social club went to withdraw their saving for their annual bash and were given counterfeit spondulicks.

They notified the bank and requested replacement.
Initially the bank refused to replace them until they were reminded that the social club was in fact the local police force.

The currency was replaced pretty quickly.
 
2013-01-30 10:35:43 AM  

flsprtsgod: And, many older people have this irrational fear of "e-money".... somehow having that "cash" he takes from one bank to another makes him probably feel like he's seen the money, so, it is all "good" then.

You'll see how irrational that fear is the first time your broke employer jerks around your paycheck. Cash is king.


lots of people seem to only have worked in the safety of the large corporation.  work in small business and you start to realize you're not paid until you've gotten the money in your account.  that check is not much more than an IOU until it's properly negotiated.
 
2013-01-30 10:36:25 AM  
I got a fake bill from an ATM once, so I went inside the branch to tell them and get a real bill. They took it from me and threatened to call the police.
 
2013-01-30 10:36:40 AM  
I was given a fake $50 from my local bank while getting a gifty fifty for nephew. Smooth and off color, from my bank. So yea, it happens.

/handed it back and said you gotta be joking, give me a real money.
//they were not pleased that I noticed
///I know anecdotal evidence is worthless
 
2013-01-30 10:37:51 AM  
When I was a teller at Chase we were taught to rub the suspect bill on a piece of paper. If no ink came off it was suspect. The head teller had a 10x loop.

You are allowed to take a tax deduction for confiscated bills.

The Secret Service would have done an immediate inspection of every bill at Sovereign Bank if an accusation was made to them.

Only had one once in a large cash deposit of a local merchant. Since there was no one else in line I leaned over to him and told him why he shouldn't try to deposit the bill. Yes, I know he passed the problem onto someone else - such is life.
 
2013-01-30 10:38:08 AM  
I worked at a company that was failing and bouncing checks left and right. On payday, you'd get your check and race to Bank of America (Their bank) and cross your fingers that the guy in front of you didn't take the last of the funds out of the Company account.
If you deposited it, chances were it would bounce. They refused to continue DD because the financial situation.
 
2013-01-30 10:38:14 AM  

TheGreatGazoo: Unfortunately, that guy is totally screwed. Once you step away from the teller the bills are yours, good or bad.


Actually, you can sue them in civil court for defrauding you of $1400, just the same as any criminal who hands you fake bills in exchange for real money.
 
2013-01-30 10:39:47 AM  
TFA: It shakes all of their faith in the banks, he says. "It's an establishment that you trust and to have counterfeit money in your hands when you leave the bank, it's just, it's frightening."

Well there's his mistake.
 
2013-01-30 10:40:54 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


The check is drawn on the back where he cashed it. Went there to make sure he doesn't get hit with any NSF bullshiat. Goes to deposit it in his own account in another bank.
 
2013-01-30 10:41:14 AM  

pute kisses like a man: My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.

wow, your credit union pretty much hits the legal maximum on a hold (i think 11 days is the max for checks from a foreign routing (means, it goes to a different fed) over a certain amount).


whoops, just looked at this online, and apparently the maximum holds were changed in 2010.  10 days is pushing it nowadays.  plus, all banks are local now (there's only one check processing center for the purpose of locality).
 
2013-01-30 10:41:24 AM  
CSB time: similar thing on a much smaller scale.. cashed a check and went golfing. Upon paying they noticed a few of the bills were bad. The guy called out to Joe over at the bar who came over to inspect. Joe just happened to be the county sheriff and I showed him the balance paper I got when cashing the check. He calls for a deputy, gets my cell number and says go ahead and golf. Right about the 5th tee I get a call and the deputy comes out in a cart to get my statement the repeats the visit a bit later to hand me a copy of the paperwork and the bills back. The bank didn't want to replace the bills at first but with the report and the fact they admitted they don't even check bills under $50 got my money back.

/csb
 
2013-01-30 10:41:35 AM  

pute kisses like a man: / but, throw a fit if the issuing bank charges you a fee. that's BS. say, your customer is using your checks to pay me. you are doing your customer a disservice, increasing his costs because you're lazy. bla bla bla. a lot of times someone will drop the charges. (also mention you were thinking about opening an account, but not anymore, or something).
// back in my days of banking, we really frowned on the banks that charged fees for cashing checks. at the time, BoA was one of the few that started the practice.


Yep, though last time I did this I was too chickenshiat to hold that much cash in my hands. So I asked for a cashiers check to take to my bank, this cost me a few dollars but was well worth it.
 
2013-01-30 10:42:07 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


You apparently have a very poor imagination.
Lets say you have a check for $3000. You deposit $1,200 at the first bank, get the rest in cash, and walk over to the other bank and deposit the rest.

The article says "he took his paycheck to Sovereign Bank in Westborough this Saturday and cashed it. He walked away with $1,800 in cash.
It does not say the $1800 was the entirety of his paycheck.
 
2013-01-30 10:44:02 AM  
If the guy held $1400 in ancient money, the bills are probably worth more to collectors.

I'm sure he didn't receive the exact bills back because some teller along the line figured that out.
 
2013-01-30 10:47:32 AM  
The follow-up: A Sovereign spokesperson told WBZ Tuesday the situation has been resolved and that "the investigation showed that the currency given to Mr. Rivas was in fact legal tender, not counterfeit."

But first he had to fall for the famous "I'm sorry this money is counterfeit. We have to keep it" trick.
 
2013-01-30 10:48:03 AM  
I got a $10 fake bill as change buying a bottle of vodka one day from my liquor store. Guess who got that bill back for another bottle the next week?
 
2013-01-30 10:49:02 AM  

PawisBetlog: Clent: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

I've done it before with checks larger than this.

My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.

The way I've gotten around this, is to bring it to the issuing bank; they will cash it immediately. Typically for a fee if you don't have an account with them. I then deposited the cash at my credit union.

Be cautious if the amount is over $10,000 since cashwithdrawal and deposits that large must be reported to the government by thefinancialinstitution.

The reason the bank holds the money is easy to explain.

FLOAT

While they're "verifying funds", they're earning overnight interest on it. Sure it sounds like not a lot, but multiply it by billions and it becomes real money.

They verify all funds overnight because if they don't they get hit with fees of their own.


In the past it was a physical limitation since they had to sort and send the physical checks to the other bank. This changed in 2004 and is WAY faster now since it's all digital, so there should be no reason for a 10 day hold.
 
2013-01-30 10:50:01 AM  

RookStar: TFA: It shakes all of their faith in the banks, he says. "It's an establishment that you trust and to have counterfeit money in your hands when you leave the bank, it's just, it's frightening."

Well there's his mistake.


No, the mistake was that the cashier had apparently never seen an older $100 bill before and assumed it was fake. According to the second linked article, the bills were real and the cashier is a moron.
 
2013-01-30 10:52:01 AM  

Galloping Galoshes: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.


If the money comes the same time every month, what difference does it make? If my money becomes available on the 30th instead of the 27th each month, there is no difference at all unless those very first 3 days before your first check are like some kind of really trying time for you or something.

It's not like the 3 days you have to wait each month are additive so that you're only being paid 30 days for 33.
 
2013-01-30 10:52:13 AM  

Omnivorous: The follow-up: A Sovereign spokesperson told WBZ Tuesday the situation has been resolved and that "the investigation showed that the currency given to Mr. Rivas was in fact legal tender, not counterfeit."

But first he had to fall for the famous "I'm sorry this money is counterfeit. We have to keep it" trick.


Not a trick, it's federal law.
 
2013-01-30 10:52:31 AM  
Reason #1634 why I almost never use cash.
 
2013-01-30 10:52:45 AM  

TNel: I see some people don't read the article or comments.


farkers can read?!?

AMERICA reading is for ..
 
2013-01-30 10:52:56 AM  
The followup says that the bills weren't counterfeit, just old. Small head $100s. The teller at his bank must have been some high-school grad that never saw one before.

Pelvic Splanchnic Ganglion: the cashier is a moron.


This
 
2013-01-30 10:53:04 AM  

SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.


As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.
 
2013-01-30 10:54:01 AM  

Clent: I've done it before with checks larger than this.

My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.



Their "reason" is that the funds clear instantly, and they have your money (that you can't access) to "play with" for the 10 days of the "float".

/Banksters
 
2013-01-30 10:54:15 AM  

Donnchadha: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs



I can

Oh, you mean "legitimate" reason?


This is actually a common and "legitimate" practice, especially by those who don't keep a lot of money in their checking accounts or live paycheck to paycheck.

Odds are the bank he has his checking account at either won't cash his check or won't make it immediately available to use for debit card transactions. So he goes to the bank his paycheck is drawn off of, cashes it, then deposits cash in his checking account, which is immediately available.
 
2013-01-30 10:55:02 AM  
I can see why it's easier or better to spend the money and time to drive to one bank, pay a fee, and get cash, then drive to another bank and deposit the cash. Oh wait, no I can't.

Next time, pony up the money to get a cashier's check.
 
ZAZ [TotalFark]
2013-01-30 11:01:16 AM  
Beta Tested

When payroll taxes accumulate to $100,000 the business is required to pay the IRS by the next business day.
 
2013-01-30 11:01:18 AM  

SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.


Don't you have to be a douchebag in 26 minutes.

Wait, I did that wrong...
 
2013-01-30 11:03:29 AM  

Glancing Blow: When I was a teller at Chase we were taught to rub the suspect bill on a piece of paper. If no ink came off it was suspect. The head teller had a 10x loop.

You are allowed to take a tax deduction for confiscated bills.

The Secret Service would have done an immediate inspection of every bill at Sovereign Bank if an accusation was made to them.

Only had one once in a large cash deposit of a local merchant. Since there was no one else in line I leaned over to him and told him why he shouldn't try to deposit the bill. Yes, I know he passed the problem onto someone else - such is life.


The Secret Service does not do an immediate inspection on every bill in a bank EVAR! Yes, I did actually work in a bank and have spotted counterfeit bills. They are submitted to the Secret Service, but the SS does not come to the bank.
 
2013-01-30 11:04:46 AM  

Clent: Typically for a fee if you don't have an account with them.


If you present a check to the issuing bank, there's very rarely a fee -- largely because this would seem to constitute grounds for people to refuse to accept a check on accounts there as payment in full, which tends to result in customers moving their accounts.
 
2013-01-30 11:05:00 AM  
TFA comments are a riot.
 
2013-01-30 11:08:04 AM  
His son, who studies accounting in college, told WBZ-TV his dad has been given "the run around."

Why does that make me L O L so much?
 
2013-01-30 11:08:31 AM  

Clent: The way I've gotten around this, is to bring it to the issuing bank; they will cash it immediately. Typically for a fee if you don't have an account with them. I then deposited the cash at my credit union.


Although the treasury department allows banks to charge fees for cashing checks that they issue, in some states, like Oregon, you could demand that your payroll be issued as a check from a different bank, a money order, or cash. That's because Oregon requires that the instrument the payroll comes as must be presentable for cash on demand during weekday business hours.
 
2013-01-30 11:13:38 AM  

Galloping Galoshes: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.


Really? Because I smell somebody who manages his money well and doesn't live from paycheck to paycheck and can therefore stand to wait a day or so for a check to clear without having his home repossessed.
 
2013-01-30 11:18:12 AM  

pute kisses like a man: lots of people seem to only have worked in the safety of the large corporation. work in small business and you start to realize you're not paid until you've gotten the money in your account. that check is not much more than an IOU until it's properly negotiated.


Many years ago I managed a micro brewery. We had a cooperative agreement with another local micro to share costs for bulk supplies, deliveries, etc. which was all in preparation for a merger. Each company paid their proportionate share of any such costs, and one day they ended up owing me for a half-hour of work. They cut me a cheque for $8, which promptly bounced. Rather than go after them for the $8 I framed it and kept it on my wall. Whenever the owner of the other company had to come over to discuss business the first thing he saw was the bounced cheque.
 
2013-01-30 11:18:49 AM  
Update

"A Sovereign spokesperson told WBZ Tuesday the situation has been resolved and that "the investigation showed that the currency given to Mr. Rivas was in fact legal tender, not counterfeit."

Westboro police also confirmed the settlement saying the Citizens Bank teller made a mistake and that the cash turned out to be older money that they had not seen in a while."

So the Taco Bell Worker is now a bank teller... That's just great!
 
2013-01-30 11:20:00 AM  

Brett.M: I worked at a company that was failing and bouncing checks left and right. On payday, you'd get your check and race to Bank of America (Their bank) and cross your fingers that the guy in front of you didn't take the last of the funds out of the Company account.
If you deposited it, chances were it would bounce. They refused to continue DD because the financial situation.


Back in the before time, a friend of mine had a job like that. People would pray they weren't scheduled to work on payday, and they'd loiter around the business, waiting for the paychecks to get handed out. Then it was The Great Race to the issuing bank to cash them.
 
2013-01-30 11:23:20 AM  

abb3w: Clent: Typically for a fee if you don't have an account with them.

If you present a check to the issuing bank, there's very rarely a fee -- largely because this would seem to constitute grounds for people to refuse to accept a check on accounts there as payment in full, which tends to result in customers moving their accounts.


Citizens charged me $7 the other day. I took it as yet another Poor Tax.

Galloping Galoshes: The followup says that the bills weren't counterfeit, just old. Small head $100s. The teller at his bank must have been some high-school grad that never saw one before.

Pelvic Splanchnic Ganglion: the cashier is a moron.

This


Maybe there should be a review by the manger before implicating a customer (or anybody) for committing a federal offense.
 
2013-01-30 11:27:51 AM  

skankboy: Update

"A Sovereign spokesperson told WBZ Tuesday the situation has been resolved and that "the investigation showed that the currency given to Mr. Rivas was in fact legal tender, not counterfeit."

Westboro police also confirmed the settlement saying the Citizens Bank teller made a mistake and that the cash turned out to be older money that they had not seen in a while."

So the Taco Bell Worker is now a bank teller... That's just great!


How long was he denied his funds, and how much interest was he paid?

Sounds like the way to be safe is to demand denominations no larger that $10, carry one of those pens, and take 5 minutes to inspect each bill and record the serial number while occupying the teller window. And then demand that they sign the list of serial numbers acknowledging that they were the source.
 
2013-01-30 11:51:47 AM  

TNel: We all know it is hard to teach an old dog new tricks....


I guess this qualifies as a shock collar, then..
 
2013-01-30 11:53:35 AM  

Lets talk frankly about internal cleanliness: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.


The fact that you have 4 acres, and abundant farm animals, indicates you either have a secondary income access, or you live in BFE nowhere, where the cost of living is nothing.

Living in DFW or NYC or any 'big' town, 40k annual is vastly below poverty, and means you don't have insurance, retirement, or likely anything but bare bones requirements.
 
2013-01-30 12:01:34 PM  

TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."

.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.
 
2013-01-30 12:02:44 PM  

MycroftHolmes: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

Don't you have to be a douchebag in 26 minutes.

Wait, I did that wrong...


I'm pretty sure you have to call him Jim first. Not sure because I suck at memes. Either way, he's a dick.
 
2013-01-30 12:07:48 PM  

david_gaithersburg: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."
.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.


FYI - Its against federal law for a bank to put a hold on in-state payroll checks. I take back about calling the guy a counterfeiter, but him and his employer are still tax cheating scum of the earth.
 
2013-01-30 12:21:45 PM  

david_gaithersburg: david_gaithersburg: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."
.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.

FYI - Its against federal law for a bank to put a hold on in-state payroll checks. I take back about calling the guy a counterfeiter, but him and his employer are still tax cheating scum of the earth.


Did you even go and read the rest of the comment? You jump into thinking he's cheating taxes because he's hispanic. HE PAYS TAXES!!!!!! You can see I left .... for a reason unless you wanted me to post the entire message. Bigot.
 
2013-01-30 12:27:21 PM  

PsychoDBoy: I got a $10 fake bill as change buying a bottle of vodka one day from my liquor store. Guess who got that bill back for another bottle the next week?


I was at a local convenience store and paying with a $10 bill... he looked at it and said it was fake and he couldn't accept it. The thing is, I go to that store everyday and it's the only place I use cash. I said, "Well, I got it in change from you yesterday!"... He took the money.
 
2013-01-30 12:30:52 PM  

TNel: david_gaithersburg: david_gaithersburg: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."
.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.

FYI - Its against federal law for a bank to put a hold on in-state payroll checks. I take back about calling the guy a counterfeiter, but him and his employer are still tax cheating scum of the earth.

Did you even go and read the rest of the comment? You jump into thinking he's cheating taxes because he's hispanic. HE PAYS TAXES!!!!!! You can see I left .... for a reason unless you wanted me to post the entire message. Bigot.


No. He's AND his employer are cheating on taxes by the check being made out to cash. But continue with the name calling if it makes you feel better
 
2013-01-30 12:34:28 PM  

david_gaithersburg:
No. He's AND his employer are cheating on taxes by the check being made out to cash. But continue with the name calling if it makes you feel better


Again go and read. You are going to be on the ignore list for willfully not reading and sticking your head into the sand screaming LA LA LA LA LA I can't hear you. Fox news on your favorites list on your TV?
 
2013-01-30 12:34:32 PM  

david_gaithersburg: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."
.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.


A bank will NEVER cash a check made out to that bank. That check would have to be voided. A bank will not cash a check made to a corporation.

Also, you seem quite racist.
 
2013-01-30 12:35:34 PM  

TNel: david_gaithersburg: david_gaithersburg: TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.."
.
Nice! So he is an illegal alien and both he and his employer are avoiding paying taxes. This guy can DIAFF for all I care. No sympathy here. And btw, banks scan all of their bills at the main facility, so this guy is a criminal counterfeiter too. Surprise, surprise, surprise.

FYI - Its against federal law for a bank to put a hold on in-state payroll checks. I take back about calling the guy a counterfeiter, but him and his employer are still tax cheating scum of the earth.

Did you even go and read the rest of the comment? You jump into thinking he's cheating taxes because he's hispanic. HE PAYS TAXES!!!!!! You can see I left .... for a reason unless you wanted me to post the entire message. Bigot.


.
Also when you automatically determine that a person is innocent, regardless of facts, just because they have a Hispanic sounding name. Yeah, and you're calling me racist?
 
2013-01-30 12:37:30 PM  

david_gaithersburg:
.
Also when you automatically determine that a person is innocent, regardless of facts, just because they have a Hispanic sounding name. Yeah, and you're calling me racist?


No it's because I can READ

"For those of you saying he did not pay taxes on the money, I am sickened. Just because my father has an accent does not mean he is an illegal, or working on some illegal scheme. In fact he is a United States Citizen and has been in this country for more than 20 years.

The amount wasn't exactly $1800, that's just the amount the reporters estimated the actual amount was $1889.75

My father has no criminal background. He has never been convicted of anything. He is an honest, hard-working family man who pays his taxes for your kids to go to school!"

Fark off and go beat off to the fox news "reporters".
 
2013-01-30 12:42:02 PM  

Lets talk frankly about internal cleanliness: As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?


Being filthy-dirty poor.
 
2013-01-30 12:44:22 PM  

abb3w: Clent: Typically for a fee if you don't have an account with them.

If you present a check to the issuing bank, there's very rarely a fee -- largely because this would seem to constitute grounds for people to refuse to accept a check on accounts there as payment in full, which tends to result in customers moving their accounts.


PNC, Wachovia, Wells Fargo...
 
2013-01-30 12:46:52 PM  

pute kisses like a man: flsprtsgod: And, many older people have this irrational fear of "e-money".... somehow having that "cash" he takes from one bank to another makes him probably feel like he's seen the money, so, it is all "good" then.

You'll see how irrational that fear is the first time your broke employer jerks around your paycheck. Cash is king.

lots of people seem to only have worked in the safety of the large corporation.  work in small business and you start to realize you're not paid until you've gotten the money in your account.  that check is not much more than an IOU until it's properly negotiated.


Actually after college , I've always worked in companies that have under 100 employees, so, certainly not your "large corporations" (but, they all had double digit employees, never worked for some guy with 3 employees or anything like that).    I guess I've just gotten lucky that none of them had any of these issues.... actually really lucky considering the one company I worked for, "GeneralSearch.com", which I found out after the fact was run by this guy.
 
2013-01-30 12:52:35 PM  

kroonermanblack: Lets talk frankly about internal cleanliness: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.

The fact that you have 4 acres, and abundant farm animals, indicates you either have a secondary income access, or you live in BFE nowhere, where the cost of living is nothing.

Living in DFW or NYC or any 'big' town, 40k annual is vastly below poverty, and means you don't have insurance, retirement, or likely anything but bare bones requirements.


OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.
 
2013-01-30 12:56:32 PM  

Galloping Galoshes: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.


Or someone with a real job that doesn't pay in cheques.

Cheques and cash is for people who don't have a bankaccount.
 
2013-01-30 12:57:26 PM  
I was given a counterfeit 100 bill by TD bank. Noticed it looked funny and took it right back in. End result...I was out 100. They wouldn't replace it nor look at videos showing I didn't do anything while outside for 15 seconds. Just no.

FU*K THE BANKS!
 
2013-01-30 12:59:55 PM  

MycroftHolmes:
OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.


So let's assume it not being in some hell hole for $60k mortgage and put it at the more reasonable $150k range.

House 1200
Utilities (gas electric) 250 is a better number btw unless you live down south with no winter
Grociers 450 I'm sorry there is no way you are spending 200 a month in groceries
That alone is almost $2k and that's not even in adding in car insurance and god forbid you have a car payment or two. They would be living paycheck to paycheck for sure.
 
2013-01-30 01:00:17 PM  

Lets talk frankly about internal cleanliness: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.



This
 
2013-01-30 01:02:46 PM  

TNel: david_gaithersburg:
.
Also when you automatically determine that a person is innocent, regardless of facts, just because they have a Hispanic sounding name. Yeah, and you're calling me racist?

No it's because I can READ

"For those of you saying he did not pay taxes on the money, I am sickened. Just because my father has an accent does not mean he is an illegal, or working on some illegal scheme. In fact he is a United States Citizen and has been in this country for more than 20 years.

The amount wasn't exactly $1800, that's just the amount the reporters estimated the actual amount was $1889.75

My father has no criminal background. He has never been convicted of anything. He is an honest, hard-working family man who pays his taxes for your kids to go to school!"

Fark off and go beat off to the fox news "reporters".


.
I'm reading that the employer pays him with a check made payable to Sovereign Bank. If I were an IRS agent I'd be all over this like flies on shiat. What am I missing. Please try to respond without your the foaming at the mouth and name calling.
 
2013-01-30 01:07:01 PM  

david_gaithersburg: TNel: david_gaithersburg:
.
Also when you automatically determine that a person is innocent, regardless of facts, just because they have a Hispanic sounding name. Yeah, and you're calling me racist?

No it's because I can READ

"For those of you saying he did not pay taxes on the money, I am sickened. Just because my father has an accent does not mean he is an illegal, or working on some illegal scheme. In fact he is a United States Citizen and has been in this country for more than 20 years.

The amount wasn't exactly $1800, that's just the amount the reporters estimated the actual amount was $1889.75

My father has no criminal background. He has never been convicted of anything. He is an honest, hard-working family man who pays his taxes for your kids to go to school!"

Fark off and go beat off to the fox news "reporters".

.
I'm reading that the employer pays him with a check made payable to Sovereign Bank. If I were an IRS agent I'd be all over this like flies on shiat. What am I missing. Please try to respond without your the foaming at the mouth and name calling.


Read my above post. A bank will not cash a check made payable to that bank and give "someone" that money. You really are a moran.
 
2013-01-30 01:08:35 PM  

david_gaithersburg:
.
I'm reading that the employer pays him with a check made payable to Sovereign Bank. If I were an IRS agent I'd be all over this like flies on shiat. What am I missing. Please try to respond without your the foaming at the mouth and name calling.


Do you really think a bank is going to cash a check made payable to the bank from some random dude?
 
2013-01-30 01:10:41 PM  
Who gets paid by cheque anyway?
Its 2013 now guys, we live in the future, direct deposit or go home...
 
2013-01-30 01:13:03 PM  

TNel: MycroftHolmes:
OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.

So let's assume it not being in some hell hole for $60k mortgage and put it at the more reasonable $150k range.

House 1200
Utilities (gas electric) 250 is a better number btw unless you live down south with no winter
Grociers 450 I'm sorry there is no way you are spending 200 a month in groceries
That alone is almost $2k and that's not even in adding in car insurance and god forbid you have a car payment or two. They would be living paycheck to paycheck for sure.


You can easily spend less than 450 a month on groceries.......thanks to coupons and sales. It might take some time and some planning but it can absolutely be done.
 
2013-01-30 01:15:13 PM  

rogiesangel:

You can easily spend less than 450 a month on groceries.......thanks to coupons and sales. It might take some time and some planning but it can absolutely be done.


I used to be the biggest coupon shopper ever but the most recent coupons frankly suck and they are never for crap you need like meat. It's always for side items like condiments, chips and salsa and tons of beauty supplies.
 
2013-01-30 01:17:00 PM  

Galloping Galoshes: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.


First of all, I stand corrected. Second of all, I've been with the same employer for 12 years, 6 years the employer before this one. Before that I was a gigolo.
 
2013-01-30 01:19:09 PM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


Maybe because if you deposit a check at your bank it can take days to "clear" - which means a couple of days your bank uses your money as its own. If you cash the check at the bank where the account on the check is, you get cash. You deposit the cash into your account and your deposit posts immediately.

Seriously, you didn't know this?
 
2013-01-30 01:19:47 PM  

ZAZ: Beta Tested

When payroll taxes accumulate to $100,000 the business is required to pay the IRS by the next business day.


Did not know that, thanks!

/hate spreading false info
 
2013-01-30 01:21:29 PM  

Clent: My credit union has a policy that large non-payroll checks are held for up to 10 business days while it's 'processed' to prevent fraud. In this day and age of wire-transfers and instant communication, this makes no sense to me but presumably old-school instituions regulated by governments have their reasons.


Who benefits from that? Your bank or CU does. They get to use your money for days and make more money with it. Bankers should be burned in the streets.
 
2013-01-30 01:23:41 PM  

david_gaithersburg: No. He's AND his employer are cheating on taxes by the check being made out to cash. But continue with the name calling if it makes you feel better


You don't know that, prick.
 
2013-01-30 01:27:26 PM  
Its called the Secret Service, there are fingerprints from the teller that handled the money and the money's serial numbers are recorded by the counter machine. There IS a trail.

If you return to a bank with money that was refused by another bank and they try to play a game you instruct the bank manager to call the secret service, if they refuse you pick up the phone have the operator connect you to the secret service. Its damned cold hard fact, the buck stops at the secret service. When it comes to currency take no shiat from the bank, they have insurance to cover counterfeit money and if they pass it off to anyone they're double-down dirty and need investigated.
 
2013-01-30 01:29:52 PM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


It happens all the time. A lot of banks will put a hold on all checks deposited over a certain amount. So people go to the bank that their paycheck is drawn from and get cash to take to their bank because cash is available immediately.
 
2013-01-30 01:34:57 PM  

Galloping Galoshes: The followup says that the bills weren't counterfeit, just old. Small head $100s. The teller at his bank must have been some high-school grad that never saw one before.


You'd think working in a job that does nothing but deal with money he'd be savvy to the old ones, but in theory (that is, the "way it was supposed to be") no one should have to be familiar with them. But because of the clusterfark around the printing and release of the new $100 bills (currently two years behind schedule, and it will be at least six more months from the date they do make an announcement), counterintuitively we're seeing a lot more pre-1996 bills popping up in circulation. The 2006As are supposed to fill the gap but they're obviously not, as my bank has tried to give me pre-1996 bills twice in the past year. I'd never had a problem getting relatively new bills until around 2010.

So this is likely to get worse before it gets better, "better" meaning either the new bill supply finally catches up with demand or more tellers and cashiers are educated on what the old bills look like.
 
2013-01-30 01:40:57 PM  

TNel: david_gaithersburg:
.
I'm reading that the employer pays him with a check made payable to Sovereign Bank. If I were an IRS agent I'd be all over this like flies on shiat. What am I missing. Please try to respond without your the foaming at the mouth and name calling.

Do you really think a bank is going to cash a check made payable to the bank from some random dude?


He doesn't need facts, he's got racism on his side.
 
2013-01-30 01:44:00 PM  

Apik0r0s: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Maybe because if you deposit a check at your bank it can take days to "clear" - which means a couple of days your bank uses your money as its own. If you cash the check at the bank where the account on the check is, you get cash. You deposit the cash into your account and your deposit posts immediately.

Seriously, you didn't know this?


I've had direct deposit for 18 years. Geez, peeps, take it easy. I was a little fuzzy this morn from pool leagues last nite. Haven't you ever made a mistake in your life?
 
2013-01-30 01:46:34 PM  

TNel: MycroftHolmes:
OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.

So let's assume it not being in some hell hole for $60k mortgage and put it at the more reasonable $150k range.

House 1200
Utilities (gas electric) 250 is a better number btw unless you live down south with no winter
Grociers 450 I'm sorry there is no way you are spending 200 a month in groceries
That alone is almost $2k and that's not even in adding in car insurance and god forbid you have a car payment or two. They would be living paycheck to paycheck for sure.


If your point is that you should not buy a house nearly four times your income, congrats, you proved a point that no one was arguing. The point in question was, is 40K so dirt poor that anyone trying to live on that income is going to have major problems. The answer is no, not at all. Can you live more comfortably and in a nicer house with a larger paycheck, yes, yes you can.

And yes, a small family can get by on $200 a month in groceries. If you cook your own food, cook in bulk, and look for sales and coupons, you should be able to keep you meals down to about $3 or less a serving. For 2 people, that would be around $180.

Not saying that $40K is enough for luxuries or irresponsible spending, just that it is a perfectly livable income without having to live a 'dirt poor' lifestyle.
 
2013-01-30 01:51:17 PM  
I worked in Las Vegas for several years as a consultant. My client, a local government agency, had several hundred custodial employees. ~50 of those had no bank account and lots of reasons for not opening one. They would take their paycheck to a casino and cash it there. This was problematic for the employer when introducing direct deposit - they're not likely to deposit it into a casino account.
 
2013-01-30 01:55:40 PM  

gonzoduke: Apik0r0s: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Maybe because if you deposit a check at your bank it can take days to "clear" - which means a couple of days your bank uses your money as its own. If you cash the check at the bank where the account on the check is, you get cash. You deposit the cash into your account and your deposit posts immediately.

Seriously, you didn't know this?

I've had direct deposit for 18 years. Geez, peeps, take it easy. I was a little fuzzy this morn from pool leagues last nite. Haven't you ever made a mistake in your life?


I find it amusing that it is now the "old folks" going "geez, don't you know how things work" to youngsters who go right into the workforce into jobs that do direct deposit, probably have their accounts with internet banks, and have never even been in a "brick & mortar" bank in their life, and are getting razzed about "Where have you been, this is how it works!".
 
2013-01-30 02:16:41 PM  

MycroftHolmes: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

Don't you have to be a douchebag in 26 minutes.

Wait, I did that wrong...


No, he's already a douchebag. That much is obvious.


Please, SevinizGud, will you post pictures of your multiple cars and fancy clothes, so that the rest of us may live our dreams through you?


Hold on, gotta run, Inspector Javert is here.
 
2013-01-30 02:30:42 PM  

rogiesangel: TNel: MycroftHolmes:
OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.

So let's assume it not being in some hell hole for $60k mortgage and put it at the more reasonable $150k range.

House 1200
Utilities (gas electric) 250 is a better number btw unless you live down south with no winter
Grociers 450 I'm sorry there is no way you are spending 200 a month in groceries
That alone is almost $2k and that's not even in adding in car insurance and god forbid you have a car payment or two. They would be living paycheck to paycheck for sure.

You can easily spend less than 450 a month on groceries.......thanks to coupons and sales. It might take some time and some planning but it can absolutely be done.


If you buy dried beans and dried rice in quantity, use lots of things like onions, carrots, and celery, and buy your meats on sale or in volume (for instance, buying a whole chicken instead of the breasts), you can easily feed 2 or 3 people a month for under $200. Some tasty stuff, too. Some of the tastiest dishes in the world involve slowly braising a tough, less expensive cut of meat. No, it isn't steak every night, but a big pot of carne guisada and a plate of tortillas with a side of rice...that is good, good eating.
 
2013-01-30 03:38:21 PM  

Lukeonia1: The update to this article now says he got his money back, after it was determined that his "counterfeit" bills were actually just old pre-redesign bills. Which is a marginal improvement; means this is less of a story about bank dragging its heels and screwing a customer over, and more of a "$2 bill at Taco Bell" story.


I spent a $2 bill at Taco Bell and received a counterfeit taco in return.
 
2013-01-30 04:02:04 PM  
Sovereign Bank? People trust them with money?

Considering they fired on of their managers in NJ for defending a customer when one of the local "disenfranchised persons" attacked, I know where what little cash I have will never go.
 
2013-01-30 05:09:03 PM  

kroonermanblack: Lets talk frankly about internal cleanliness: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.

The fact that you have 4 acres, and abundant farm animals, indicates you either have a secondary income access, or you live in BFE nowhere, where the cost of living is nothing.

Living in DFW or NYC or any 'big' town, 40k annual is vastly below poverty, and means you don't have insurance, retirement, or likely anything but bare bones requirements.


My point exactly. It's not BFE, but it is rural. I can catch an IMAX movie 20 minutes from here, with virtually zero traffic. Shopping, entertainment, whatever... it's all within a 30 minute drive. When I lived in town I'd spend longer than that sitting in traffic trying to make a 5 mile drive across town. Cost of living out here? The folks I mentioned in the subdivision over my back fence paid $250k for those places (for a whole quarter acre at that... my property value says thank you) difference with me is I bought mine first, when that was all farmland. Comcast costs the same here as it does inside the city limits. I do have my own well, so no water/sewage bill, but my pump is electric, and electricity is billed at the same rate per kWh as in the city.

Yeah, it ain't DFW or NYC... but aside from that, your arguments are very invalid. Enjoy your grossly inflated property values and noise/traffic. I'll enjoy my starry nights and personal shooting range.
 
2013-01-30 05:14:18 PM  

SevenizGud: Lets talk frankly about internal cleanliness: As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Being filthy-dirty poor.


I was not aware of how "filthy-dirty poor" I am. Interesting.

You'd be surprised how far $40k a year goes when the bank doesn't own everything you have keys to.
 
2013-01-30 05:42:42 PM  

TNel: I see some people don't read the article or comments.

"Hello All, Bryan here, I am the son of Carlos. First of all, the amount of ignorant comments people have been posting is sickening.

The reason he cashes it at Sovereign is because his employer makes his check out to Sovereign bank! That way instead of waiting three days for his check to clear at Citizens (where he has all his mortgage, bill payments, debit card, etc...) he immediately is given the cash.

I've been telling him to get direct deposit for years but it is something he has been doing for years and years and years. We all know it is hard to teach an old dog new tricks...."


And that's why God arranged this intensive lesson. ;-)  If Dad needs a stronger hint, every crook in town now knows his face and the route he takes each payday with $1800 cash in his pocket, on foot.

Yeah, direct deposit is the way to go with payroll checks.  But when I deposit several checks from the same client over a period of 2-3 months, my branch manager just trusts that the next one will clear too.  I don't have to wait for it to clear.  Be nice to your branch manager.

What kind of farking bank is fooled by "old" bills?  What kind of farking bank is passing out silver certificates or other "old" bills?
 
2013-01-30 06:22:23 PM  

Brett.M: I worked at a company that was failing and bouncing checks left and right. On payday, you'd get your check and race to Bank of America (Their bank) and cross your fingers that the guy in front of you didn't take the last of the funds out of the Company account.
If you deposited it, chances were it would bounce. They refused to continue DD because the financial situation.


Had one paycheck bounce in my life. Immediately started looking for another job.  Cashed my next paycheck at his bank before the ink dried on it.  That caused checks my employer had written to others to bounce.  He tried to blame me for being "in too big of a hurry."

The next pay day, he asked if he could "borrow" my commission earnings for "a little while" and just pay my salary that day.  I said "no"  although it was tempting to see how much vigorish I could shake out of him. Cashed that check and left the next day.  Job-hunting time suddenly became even more precious and I got a new job sooner because I used it well.

When a paycheck bounces, it is rarely wise to believe that it won't happen again.  Hit the road as fast as you can.  You may well be eligible for unemployment comp if you quit due to past-due wages; a check that bounces is NOT "payment."  (Stiffed workers have actually told me it was!) State laws vary, of course.
 
2013-01-30 06:28:52 PM  

PsychoDBoy: I got a $10 fake bill as change buying a bottle of vodka one day from my liquor store. Guess who got that bill back for another bottle the next week?


After you scanned and 'shopped it for future vodak? ;-)
 
2013-01-30 06:47:09 PM  

Lets talk frankly about internal cleanliness: SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.

As someone with a combined household income of less than $40k, what are these "MUCH bigger problems" you speak of?

Bought our home 2 years ago, will be paid off in another 7. 2 cars, no payments. One credit card, low limit. Only pay for internet, no cable-- Netflix and local stations only. Between our chicken coop, garden and the local grocer, we eat well. My kid has 4 acres to play on. We have medical insurance, which we pay for.

I'm 31, wife's 28, kid is 5. It's not like we're super bootstrappy or even tight with money. It's called living within your means, and it isn't that difficult. Hell, I could do all of this 4 times over for what the folks in the subdivision behind me paid for those crapboxes. But I guess they all pity me, with my sub-$40k income.


You, sir, and your doubtless lovely wife, are anachronisms... very admirable anachronisms.

Write a book.  It will seem ridiculously unmarketable to you, but the obvious sells like hotcakes.
 
2013-01-30 06:54:43 PM  

abb3w: Clent: Typically for a fee if you don't have an account with them.

If you present a check to the issuing bank, there's very rarely a fee -- largely because this would seem to constitute grounds for people to refuse to accept a check on accounts there as payment in full, which tends to result in customers moving their accounts.


List of large banks' non-customer check cashing fees and policies.
 
2013-01-30 07:04:36 PM  
My mom owed me $20 once and handed me a bill she'd just gotten from a bank machine. It was CLEARLY fake. There were so many fake features on it, and the multicoloured holographic strip along the side (Canadian $20) was silver. I took it back to the bank for her and they examined it and said "are you sure?" and got another teller to look at it. They didn't find anything wrong with it. They exchanged it anyway, thank goodness.
 
2013-01-30 10:40:58 PM  

SevenizGud: Dude, you barely clear $40k. You have MUCH bigger problems than this counterfeit bills thing.


Like not being able to basic math? Even if you only GROSS $1800 every two weeks, that's still $46,800 . But that's obviously not the case, since he nets over $1800 a pay period (since he does this every OTHER week, as per TFA, he gets paid every 2 weeks).

Plus, there's no shame in making $40k or less. It's not what you make, but what you spend.
 
2013-01-31 01:49:12 AM  
My boyfriend and I buy around $220 worth of groceries every month and a half.

What the hell are you people all -eating-?

(Things we tend to buy.. chicken breasts, whole chicken, bag of shrimp, tons of fresh/canned veggies, whole grain pasta, eggs, milk.. so on)
 
2013-01-31 03:42:42 AM  

MycroftHolmes: TNel: MycroftHolmes:
OK, in DFW, it is perfectly possible to have a very decent house in a working class neighborhood for $60K. Call it $550 per month (morgage plus insurance), $200 for utilities, $200 for groceries, $200 for incidentals, you have a monthly burn rate of close to $1,200. 40K would be around $2,500 a month after taxes. So you would have an extra $1,200 a month over bare bones if you manage your money ok. Dump the standard 10% into savings ($300 a month) andyou are still doing ok. Is it tight, yes, but is it dirt poor, not even close.

So let's assume it not being in some hell hole for $60k mortgage and put it at the more reasonable $150k range.

House 1200
Utilities (gas electric) 250 is a better number btw unless you live down south with no winter
Grociers 450 I'm sorry there is no way you are spending 200 a month in groceries
That alone is almost $2k and that's not even in adding in car insurance and god forbid you have a car payment or two. They would be living paycheck to paycheck for sure.

If your point is that you should not buy a house nearly four times your income, congrats, you proved a point that no one was arguing. The point in question was, is 40K so dirt poor that anyone trying to live on that income is going to have major problems. The answer is no, not at all. Can you live more comfortably and in a nicer house with a larger paycheck, yes, yes you can.

And yes, a small family can get by on $200 a month in groceries. If you cook your own food, cook in bulk, and look for sales and coupons, you should be able to keep you meals down to about $3 or less a serving. For 2 people, that would be around $180.

Not saying that $40K is enough for luxuries or irresponsible spending, just that it is a perfectly livable income without having to live a 'dirt poor' lifestyle.


I absolutely agree. My husband and I spend about $150 a month on groceries, and that's without ever using coupons or bothering to look for sales. It's not even a number I purposely keep us under, it's just what we naturally spend. It's not hard if you stick to the cheaper proteins (eggs, chicken, ground beef) and don't buy pre-made stuff.

Tnel: Why would a house with a $150k mortgage cost $1200 a month? I plugged in what seemed like reasonable numbers in a mortgage calculator and it came up with a payment closer to ~$900 a month, depending on the interest rate. If your credit was really good and you made a decent down payment on it, it'd be even lower. I also don't know anybody that spends $250 a month every month on gas and electric, and Oregon is way colder than DFW.  I think you just make considerably more than 40k a year and have adjusted your lifestyle accordingly. It's perfectly possible to live on less than that just fine.
 
2013-01-31 05:54:17 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


One reason would be a check that's drawn on a bank that you don't have an account at.  For example, my paychecks are drawn on Smartbank and my own bank account is with Citizens National Bank.
 
2013-01-31 05:55:48 AM  
FTA:  Westboro police also confirmed the settlement saying the Citizens Bank teller made a mistake and that the cash turned out to be older money that they had not seen in a while.

So in other words, that man was put through all that trouble because of a teller whose reasoning is "I don't recognize these, so they must be counterfeit."
 
2013-01-31 09:08:46 AM  

Lunakki: Tnel: Why would a house with a $150k mortgage cost $1200 a month? I plugged in what seemed like reasonable numbers in a mortgage calculator and it came up with a payment closer to ~$900 a month, depending on the interest rate. If your credit was really good and you made a decent down payment on it, it'd be even lower. I also don't know anybody that spends $250 a month every month on gas and electric, and Oregon is way colder than DFW. I think you just make considerably more than 40k a year and have adjusted your lifestyle accordingly. It's perfectly possible to live on less than that just fine.


Did you factor in taxes?  Because I bet you didn't.
 
2013-01-31 09:33:14 AM  

gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs


If you had a job where you got paid you might be able to think of a reason.

Airportmatt: Galloping Galoshes: gonzoduke: I can't think of a reason you'd cash your check at one bank and go to deposit that same money into another bank. I smell bs

Probably because the check was drawn on the first bank. This way the guy doesn't have to wait for the check to clear to get access to his cash.

I smell someone who's never had a job.

Really? Because I smell somebody who manages his money well and doesn't live from paycheck to paycheck and can therefore stand to wait a day or so for a check to clear without having his home repossessed.


And I smell a douchbag who thinks that people who work hard and might live paycheck to paycheck and feel more comfortable getting their paycheck cashed immediately are somehow lesser people than him.
 
2013-01-31 12:46:24 PM  

Brett.M: I worked at a company that was failing and bouncing checks left and right. On payday, you'd get your check and race to Bank of America (Their bank) and cross your fingers that the guy in front of you didn't take the last of the funds out of the Company account.
If you deposited it, chances were it would bounce. They refused to continue DD because the financial situation.


Been there done that, didn't even get a T-shirt. The worst part is that the company committed tax fraud two years in a row by filing completely fictitious W-2s, forcing me to file amended W-2s by mail. No e-file available for that mess. Bastards.
 
2013-01-31 01:09:39 PM  

Cloudchaser Sakonige the Red Wolf: FTA:  Westboro police also confirmed the settlement saying the Citizens Bank teller made a mistake and that the cash turned out to be older money that they had not seen in a while.

So in other words, that man was put through all that trouble because of a teller whose reasoning is "I don't recognize these, so they must be counterfeit."


I'd hate to see what would happen if someone tried to deposit a Euro or Canuck Dollars.
 
2013-02-01 09:02:45 PM  

BarkingUnicorn: List of large banks' non-customer check cashing fees and policies.


Fine print on that page suggests it's for anything but "checks that draw on accounts from the institution that issued it". And, yes, I fully expect that if I don't have an account at BoA, they're going to charge me a fee for cashing a WellsFargo check.

However.... the Wells Fargo minion on the phone just confirmed they now charge fees for cashing their own checks. I believe I will be checking about for another bank this weekend, since I consider that unconscionable.
 
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