I have a banking problem

[MissSuperb]

Someone gave me a check and it was over the amount that was supposed to be due. The check came from a credit union, and the person doesn't have a checking account, so I'm assuming it was a cashiers check, or some kind of other check. But I ripped up the check and the person got extremely pissed with me because they said that they won't be able to get that money back for a year. Is this true, or not? Is it just like any other check where it's still in the account until it's cashed?

 

[Alienwho]

If it's anything like a money order, yes, you screwed them and it'll be a while before they can get it back.

 

[MissSuperb]

It was a check, I know what a MO is. It wasnt anything like a MO. The money came from his savings account from the credit union. Like the bank wrote a check for him because he doesnt have a checking account.

 

[RossMAN]

There are several possibilities as to what kind of "check" it is. My guess is a cashier's check, money order or "counter check" but those aren't usually issued unless you have a checking account with that bank but don't have your regular check book with you.

Save ALL the pieces from the ripped up check (pray you still have them) or if you don't, the credit union customer should have been given a copy of the check, a receipt or something like that ... then go to the credit union or call them.

They can usually trace these funds and place a stop payment, but usually you have to wait at least 10 business days (2 weeks) to ensure the check has not been cashed.

Good luck.

 

[MissSuperb]

i dont understand. why would they need to trace the check to see if it was cashed when i had it in hand. its long gone now, i ripped it up this afternoon. i might be able to see if i can grab it out of the rubbish. not too sure though.

 

[StageLeft]

I recently made out a cashier's check for a significant amount. My guess is that if I brought back all documents to the bank i could have had the money stuck back in my account. If, however, I had already given the main part of check to person and they ripped it up, I would have to wait for the check to be invalidated. how long does it take for a cashier's check to be invalidated? I would think at least a month, and certainly no more than 90 days? Since the cashier's check is set to the BANK'S account, and not your friend's (this is why it is so secure), you will have to wait I think until the bank decides the check is useless. It most certainly won't take a year!

 

[AnimeKnight]

it should say what kind of check it is on the face of the check.
If like you said.. he doesn't have a checking account and the bank made a check for him.. then yes its either a MO/Official check/Cashier Check.
If he still have the receipt he could put a stop payment or bring the torn checks back to the branch I am sure they can re-issue another one. The thing about not getting the funds back for one year it's partial true.. Something about even the checks is reported stolen or something.. the bank still obligated to pay the check when presented (dont quote me on it.. don't quite remember).

 

[MissSuperb]

Ok well now I have to sell my computer within the next couple of days because I needed that money to pay for school.

Good bye computer.

1.4 GHZ going BYE BYE!

 

[RossMAN]

Why do you automatically assume the money is gone forever? Don't give up that easily.

Banks and credit unions keep records of everything, the guy who wrote you the cashier's check hopefully knows which location he got it from, the exact date and amount ... they should be able to locate the item, verify if it's been cashed or not, if not they can reissue a new check.

 

[amdskip]

can I buy ur processor, jk

yeah, banks will work with you because you are a customer and they are out to please you

 

[PsychoAndy]

<< Why do you automatically assume the money is gone forever? Don't give up that easily.

Banks and credit unions keep records of everything, the guy who wrote you the cashier's check hopefully knows which location he got it from, the exact date and amount ... they should be able to locate the item, verify if it's been cashed or not, if not they can reissue a new check. >>



bingo. there is always a paper trail. it may be hard to find, but it's there. when this person GOT the check from the bank/credit union, they issued him a reciept.

also, most cashiers checks have "CASHIERS CHECK, DO NOT DESTROY" stamped on it, similar to this on it.

 

[Sluggo]

<< can I buy ur processor, jk

yeah, banks will work with you because you are a customer and they are out to please you >>



Where do you bank at, the only thing my bank wants to do is dream up new fees.

 

[RossMAN]

<< Why do you automatically assume the money is gone forever? Don't give up that easily.

Banks and credit unions keep records of everything, the guy who wrote you the cashier's check hopefully knows which location he got it from, the exact date and amount ... they should be able to locate the item, verify if it's been cashed or not, if not they can reissue a new check. >>



bingo. there is always a paper trail. it may be hard to find, but it's there. when this person GOT the check from the bank/credit union, they issued him a reciept.

also, most cashiers checks have "CASHIERS CHECK, DO NOT DESTROY" stamped on it, similar to this on it.

Exactly. As a banker I ALWAYS make sure there is a paper trail, we LOOOOOOOOOOOOOOVE paper. If the person who issued the check to MissSuperb knows where/when/how much they got the check for, it can be found.

 

[vegetation]

I've seen cashiers checks before that said nothing of the sort. Only stated "official check" and looked like it came out from a cheezy laser printer. I can understand the apprehension of accepting one from a stranger.