help!!I lose money, my check have been return

kinkimjy · Guest

I received traveler check from my customer. I went to bank and deposit all the checks on 14 Mar. actually this is my first time to receive check as payment option. at the same day. i checked my online banking , the money already in my account , so i shiped the item. today I check my online banking again, I found yesterday 26 Mar. all the check have been returned , and I called the bank , they can't give me any answer now , the bank is checking for me.

question:
(1) when I deposit the check, the bank teller has already verified the check , that is mean the check don't have any problem. right?

(2) how can i protece myself, if all the customers send me check , and few days later they call the bank to cancel. so when i deposit the check , how long can i know the money are really deposit in the bank and never return , so i can ship my items??

poopsheet · Posts: 4865

I'm not sure how traveler's checks work but I think personal checks can still be reversed even after they've been deposited at the bank.

Are you located in the US? If so, the best thing might be to only accept Postal Money Orders -- you can cash those right at the post office, no account needed.

zickit · Posts: 21857

Any and all items depostied within a bank (at least in the US) can be disputed. That means it can be 60 to even 90 days before the depositor would know of a problem.

Say you deposit a check, money order, travelers check -don't matter what - on the 1st of the month. It may not get to the other side til the 5th of the month - but that person won't see it on they bank statement til they get their statement which could easily be the next month. They then have 30 days to get to the bank and requet it to be reversed. By the time that reversal gets back to your bank it could be another 2-4 weeks.

Travelers Cheque are stolen ALOT - much more then money orders. I would never accept a travelers Cheque for payment. Sometimes they have phone numbers right on the face of the cheque to call and verify that it's good. Did you do that? Even then, just because it's good at that moment don't means it won't be reported as stolen by the time your deposited cheques actually get there.

TheCookieLadyCafe · Posts: 282

eleganzajewels · Guest

In this day and age of a debit card with every checking account, there's virtually no reason for anyone not to pay with a credit card. Unless they are nervous about paying online, then they can call the info in. If they are nervous about providing card info to a stranger, then they can send in a USPS money order, which can be cashed at the post office.

Works for me (except I even stopped accepting money orders because they hardly ever arrive!)

thelivesandlovesofmaggiethecat · Posts: 10159

Even though travelers cheques are insured, ATMs and credit cards make them a true dinosaur in this day and age. I would be suspect of anyone offering them now. They can be faked as easily as money. Or they can be sent with change due. i.e. send a $100 tc to pay for a $20 item. You send the item with a money order for $80 change. Last I heard they didn't make them in 25.99 denominations.

While there is no way to protect yourself 100%, refusing personal or business cheques and travelers cheques will reduce the risk.

Then there are the money-in-the-mattress types that send cash in an envelope. I don't send it back but I do have it checked at the bank before mailing the package. Same with USPS money orders. Postal clerks will check them for you. They know what they are looking for although they won't tell me.