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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 23
    More: Asinine, Westborough, Sovereign Bank, United States Secret Service, WBZ-TV, Citizens Bank, refuses  
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13095 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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Archived thread
2013-01-30 09:24:32 AM
4 votes:
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 10:53:04 AM
3 votes:

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 10:28:48 AM
3 votes:

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 10:15:16 AM
3 votes:

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 10:09:56 AM
2 votes:
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 09:25:42 AM
2 votes:

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 08:35:29 AM
2 votes:
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 05:14:18 PM
1 votes:

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 05:09:03 PM
1 votes:

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 01:40:57 PM
1 votes:

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 01:21:29 PM
1 votes:

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 12:37:30 PM
1 votes:

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 12:34:28 PM
1 votes:

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 12:21:45 PM
1 votes:

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 11:53:35 AM
1 votes:

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 11:23:20 AM
1 votes:

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 11:01:18 AM
1 votes:

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...
ZAZ [TotalFark]
2013-01-30 11:01:16 AM
1 votes:
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 10:54:15 AM
1 votes:

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 10:39:47 AM
1 votes:
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 10:30:31 AM
1 votes:

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 10:30:05 AM
1 votes:

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 08:53:36 AM
1 votes:

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?
 
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