8 Bit WWBG
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Post by 8 Bit WWBG on Apr 11, 2011 15:30:57 GMT -5
Aren't wire transfers over $15k subject to more monitoring and scrutiny? I hope that wasn't an issue. Glad to hear it was somewhat resolved. I hope they make good on apologies. ETA: ...:::"the check reciepient did not have her account information with her. (Did I mention that she is a twit?)":::... Well apparently this twit is now $65k richer. I'm not sure what the whole situation is, but thats more than I made today
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Gardening Grandma
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Post by Gardening Grandma on Apr 11, 2011 16:01:51 GMT -5
Aren't wire transfers over $15k subject to more monitoring and scrutiny? I hope that wasn't an issue. Glad to hear it was somewhat resolved. I hope they make good on apologies. ETA: ...:::"the check reciepient did not have her account information with her. (Did I mention that she is a twit?)":::... Well apparently this twit is now $65k richer. I'm not sure what the whole situation is, but thats more than I made today WWBG It's her divorce settlement. She is my ex dil. Rather than co-sign a refi for my son, DH and I are loaning him the $$ to settle her share of the equity in the family home...... The money will be gone soon enough.... She is supporting a leech boyfriend and his son (the BF hasn't worked - apparently not even bothering to look - for 18 months..... But he's talking about buying a boat when she got her money..... So I had the "pleasure" of her company through all this.....
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Post by debtheaven on Apr 11, 2011 16:11:15 GMT -5
Ack GG. I can't wait till it's all resolved and you no longer have to deal with her. As you say, the money will be gone soon enough. Good to see where her priorities lie, the BF's boat. The essentials.
You guys can continue to pay for the superfluous stuff like food, shelter, clothing and the kids' education.
(((GG)))
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2kids10horses
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Post by 2kids10horses on Apr 11, 2011 17:52:13 GMT -5
GG, I hope she signed a quit claim deed on the house!
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Gardening Grandma
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Post by Gardening Grandma on Apr 11, 2011 18:06:47 GMT -5
GG, I hope she signed a quit claim deed on the house! She did. ;D ;D ;D Son's attorney is on top of things....
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2kids10horses
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Post by 2kids10horses on Apr 11, 2011 20:28:01 GMT -5
tough,
Did you read GG's post number 65?
In it, it says that Wells would take the check and send it through the Fed Clearing House! (Actually, to be ABSOLUTELY accurate, it said it would allow the second check to go through the system, but I'm sure it would have allowed the first one to go through, too.)
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Bluerobin
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Post by Bluerobin on Apr 12, 2011 10:03:39 GMT -5
GG, Citi sold off Smith Barney. If you decide to move the accounts, get a new broker first and have them contact SB directly to transfer the money or stocks. When you set up the accounts, set one up for each IRA, etc and the new broker will move them accordingly.
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Post by debtheaven on Apr 12, 2011 17:48:14 GMT -5
Any more news GG?
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Gardening Grandma
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Post by Gardening Grandma on Apr 12, 2011 18:35:15 GMT -5
Things are quiet for now... DS's house is set to close next Mon. I'm sorta afraid to think to much about it for fear something will go wrong, but so far so good. House has been appraised, inspected and the buyers have qualified....please keep your fingers crossed that it all goes ok... I'm sure there will be a spending spree next weekend when the g'kids visit their mom....but right now I am focused focused on helping the younger one prepare for a history test tomorrow..... ( not his strongest area)
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midjd
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Post by midjd on Apr 12, 2011 18:47:08 GMT -5
GG, you have a wonderful, giving spirit. I hope your DGS does well on his history test, and all goes well with the sale. I'd be running around with flamethrowers and voodoo dolls in a situation like that, so kudos
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hoops902
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Post by hoops902 on Apr 12, 2011 22:18:46 GMT -5
"Ah, yes, Hoops it does mean the check won't be honored. I worked in a bank. I know these things. Banks are not going to send a certified check through the channels if it has already been marked as invalid. They are not normal checks and the clearing procedure is different."
If you really worked in a bank then you would understand the difference between honoring a check, and accepting it for deposit. A bank not sending the check through the channels has nothing to do with whether the issuing institution will honor the check when presented.
"I will defer to the person who has more current knowledge of back-office operations than I."
Good, that's me. I work in the back office of one of hte world's largest financial institutions. I deal with these type of financial instruments on a regular basis, including ones which include a flaw in another company's automated system.
"However, it is not enough that the customer may eventually get her money. Things that can cause false alarms or delays are inappropriate as well. After all, if a recipient of the check called the 800 number and was told it was no good, he or she might cancel the deal and it would really not matter."
This is what I've been saying. It's inappropriate, it is an issue. It is not however subject to the kind of check fraud that you were so insistent was an issue for the signer of the check. It is not a "bad check" until presented to the issuer. Presenting the check to someone and having them say "nope, I don't want to take that as payment" has nothing to do with whether the issuer pays up when presented the check to honor payment. Calling the telephone hotline to see what the check # says in their system is not remotely equivalent to presenting the check to the issuing financial institution to collect on a check written on their account.
Like most people on this thread have recognized...it is a big pain. It is not as you were claiming...an issue of check fraud that would send the signer to prison. I would expect someone who worked at a bank to understand the vast difference between a 3rd party being unwilling to accept the instrument (WF), and the bank of issue refusing to honor the instrument (CB/SB, if it had ever made it back to be honored which it wasn't). There is no "bad check" fraud in this case. There might be civil litigation when the CB/SB system causes a deal to fall through, and there is certainly the risk of losing business.
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share88
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Post by share88 on Apr 13, 2011 2:49:24 GMT -5
Why would the "twit" need her check book or account to deposit a paper check?
I use an ATM card, and that's it. No deposit slip needed. Is this not common?
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2kids10horses
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Post by 2kids10horses on Apr 13, 2011 7:46:49 GMT -5
share,
It appears that the "twit" took the first check to Wells to deposit, and probably wanted some of it in cash.
And, really, would you stick a $65,000 check in the ATM?
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Gardening Grandma
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Post by Gardening Grandma on Apr 13, 2011 7:51:28 GMT -5
Why would the "twit" need her check book or account to deposit a paper check? I use an ATM card, and that's it. No deposit slip needed. Is this not common? What was needed was the account number. A debit card would have worked. So would a piece of scratch paper with the account number on it. If she had the number memorized, that's all she would have needed. SB could not do a wire transfer without the account number. That's what I mean by "twit"!
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Gardening Grandma
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Post by Gardening Grandma on Apr 13, 2011 10:05:33 GMT -5
Just an update about Smith Barney's customer service. Last Saturday, I was still stewing about the issue and I found a "Customer Advocate" listing on their website. I filled out the form and sent it in.
Yesterday evening - two business days later - I received an automated response thanking me for contacting them and assuring me that the matter was being looked into.
I've started the process of moving our accounts to Vanguard.............
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share88
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Post by share88 on Apr 14, 2011 3:36:05 GMT -5
share, It appears that the "twit" took the first check to Wells to deposit, and probably wanted some of it in cash. And, really, would you stick a $65,000 check in the ATM? LOL Well its never been a problem as I have never gotten that kind of check. But even inside they just swipe the card. I just thought maybe I was missing a part of normal adulthood somewhere. Kind of like wearing underwear without holes in case you get hit by a bus and someone sees.
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azphx1972
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Post by azphx1972 on Apr 14, 2011 15:38:24 GMT -5
I deposited a $75k check into an ATM last year, but I was just moving money from one bank to another. I didn't feel there was any increased risk simply because of the dollar amount. The receiving bank didn't reject my deposit, they simply subjected it to the normal holds that would've applied even if I had deposited through a teller.
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Gardening Grandma
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Post by Gardening Grandma on Apr 14, 2011 23:12:06 GMT -5
I deposited a $75k check into an ATM last year, but I was just moving money from one bank to another. I didn't feel there was any increased risk simply because of the dollar amount. The receiving bank didn't reject my deposit, they simply subjected it to the normal holds that would've applied even if I had deposited through a teller. Except with a teller you get a receipt. In an ATM you also get a receipt - unless the machine keeps your card and doesn't give you a receipt. Yes, I've had that happen. I would not risk it with a large amount.
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Gardening Grandma
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Post by Gardening Grandma on Apr 15, 2011 8:09:00 GMT -5
Tough times I did not blame the recipient for the problem. Clearly the problem was with SB/Citi. I called her a "twit" because, after stating that she planned to deposit the check upon receiving it, before she went to work, she had no account information. How did she plan to deposit it? I told her that she could go to the bank and show them her id and they would tell her the account number. She responded that she had no id on her. She drove to SB without a driver's license!
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happyscooter
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Post by happyscooter on Apr 15, 2011 8:15:00 GMT -5
From what I remember, the girl was a 'twit' long before this happened. Right???
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Gardening Grandma
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Post by Gardening Grandma on Apr 15, 2011 8:23:15 GMT -5
From what I remember, the girl was a 'twit' long before this happened. Right??? No kidding! That's a subject for a different thread! This was just another example......
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azphx1972
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Post by azphx1972 on Apr 15, 2011 18:30:59 GMT -5
Except with a teller you get a receipt. In an ATM you also get a receipt - unless the machine keeps your card and doesn't give you a receipt. Yes, I've had that happen. I would not risk it with a large amount. I guess I always thought that if that did happen, I could just have my bank cancel the check and write out another one, but the odds of that happening are pretty slim so it's worth the trade off in terms of convenience for me. Now if it was a huge check from someone else, I can understand the trepidation, and I may be more compelled to take it to a person.
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