Re: [MLUG - DISCUSSION] There's a Scam for everything

[Jonathan King <EMAIL:PROTECTED>]

On Tue, 10 Aug 2004 15:52:02 -0500, Stephen Montgomery-Smith
<EMAIL:PROTECTED> wrote:
> Michael wrote:
> >

[some snipping by me]

> > Well.. anyone that doesn't wait for a check to clear before giving a
> > product in return is pretty clueless anyway so I couldn't feel to bad
> > for such people.
> 
> Yes, but a "check clearing" doesn't mean what you think it means.  The
> check does truly clear for several weeks, and the bank can come back and
> demand the money back if the check turns out to be fraudulent.

That said, you can (and should) consult a lawyer if the bank comes
back after you in a case like this where you are innocent of the
fraud.  There turn out to be some excruciating legal details on who
can get what after a check is honored or dishonored after specific
periods of time have elapsed.  The bank will always (of course) insist
on repayment, but may not always be legally due one.  And, of course,
if they don't get it back from you (the easy way) they have a real
incentive to make the guy who wrote the check suffer.

Another entertaining situation can ensue in the case where somebody
(say) steals a shipment of checks out of your mailbox and starts
writing them.  As it turns out, if you get on the ball quickly, you
(and your bank) can draw up an affadavit of forgery that protects you
from further damage while the perp is trying to score some more bling
bling.  I'm assuming that a similar thing happens with theft of a
credit card number, except that I'm told that those banks bend over
backwards to help the victims in many cases because distrust in the
system as a whole would be very, very costly to them.

jking




 
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