I am in collections

[landofpoor]

Anyways couple of questions here.My accts I quit paying approx sept 08 and month or so ago they have been sent to collections as of now theres been no judgements or frozen checking acct where I have took it out 4 or 5 months ago fearing a freeze.So my question is now I am selling a vehicle that I am gona paid with a cashiers check and from what I understand the banks have a right to withhold funds for several business days on a cashiers check also. so my question is if I cant get the cash on the spot from the bank what are your thoughts on saying my acct being frozen in a weeks time say?Or do they have to notify you first there being a judgement or frozen assets?Id hate to have that.And getting 6500 cash from the party isnt a real option as they are getting they are getting a loan for it. And they are few hundred miles away so it wouldnt be thru the same bank

[BigJohn]

The last I knew, cashier's check do not get holds - same as cash.

[DustinLH00]

The last I knew, cashier's check do not get holds - same as cash.

Unfortunately this is incorrect. A Cashier's Check is no guarantee as they are able to be counterfeited. In fact, they are counterfeited more than personal checks or any other check in todays fraud scene. I work at a bank, so I am not making this up.

A Cashier's Check is held based upon Reg CC requirements, so generally portions of it will be held for different periods. If it is a local check, you shouldn't have a hold longer than 10 days. Be aware, if you are opening a new account you will be subject to longer hold rules since it is a new account.

You should be able to take the check into the bank that issued it and cash it there without issue. They will of corse need your ID and most likely a fingerprint, but they will know if it is valid and if the funds are available, since they issued the check.

I hope this helps.

[landofpoor]

Unfortuntely the bank is not part of one i have acct with.In fact it will be from a cu which there is none of the same ones here. so what are opinions of having funds frozen inbetween it being cleared so I can get it out.

[DustinLH00]

Unfortuntely the bank is not part of one i have acct with.In fact it will be from a cu which there is none of the same ones here. so what are opinions of having funds frozen inbetween it being cleared so I can get it out.

I do not have experience with this issue, but from what I have read on here...they cannot just freeze your accounts or seize your money. You would first need to be sued for the money, lose the case and they would have to enter a motion to freeze your assets. So I would think you would be fine waiting for the check to clear...

BUT...please understand that there is a difference between a hold and waiting for the check to clear. Too many people think that you deposit the large check and the bank somehow gets a call or notice saying "ok, check cleared, funds sent" and bingo we release the hold. Doesn't work that way. Your check will be held for a set number of days regardless of when the funds actually clear.

Just wanted you to have a heads up that if you were to walk into my bank (as an example) with a non-local Cashier's Check over $1000.00 and want to open an account with it... We automatically hold that check for 9 business days. Regardless of when it actually clears, you cannot touch ANY of it for 9 business days. Which if you deposited it today (6/3) then you wouldn't be able to touch it til 6/17, which actually ends up being 2 weeks.

I want you to be aware of the time issues and process. Sorry if I am rambling...

[landofpoor]

I do not have experience with this issue, but from what I have read on here...they cannot just freeze your accounts or seize your money. You would first need to be sued for the money, lose the case and they would have to enter a motion to freeze your assets. So I would think you would be fine waiting for the check to clear...

BUT...please understand that there is a difference between a hold and waiting for the check to clear. Too many people think that you deposit the large check and the bank somehow gets a call or notice saying "ok, check cleared, funds sent" and bingo we release the hold. Doesn't work that way. Your check will be held for a set number of days regardless of when the funds actually clear.

Just wanted you to have a heads up that if you were to walk into my bank (as an example) with a non-local Cashier's Check over $1000.00 and want to open an account with it... We automatically hold that check for 9 business days. Regardless of when it actually clears, you cannot touch ANY of it for 9 business days. Which if you deposited it today (6/3) then you wouldn't be able to touch it til 6/17, which actually ends up being 2 weeks.

I want you to be aware of the time issues and process. Sorry if I am rambling...

Thanks for clearing that up some.In other words I am probally just as safe with my bank verses opening up a new acct in another bank.I believe it is 5 days here on holding funds unless I would have the funds in checking already to match the amount of the check.

[DustinLH00]

Thanks for clearing that up some.In other words I am probally just as safe with my bank verses opening up a new acct in another bank.I believe it is 5 days here on holding funds unless I would have the funds in checking already to match the amount of the check.

I would agree with that. You should be safe. I hope it all works out for you!

[landofpoor]

I would agree with that. You should be safe. I hope it all works out for you!

Thanks! I sure hope so.

[jribe]

The last I knew, cashier's check do not get holds - same as cash.

i'm sorry, but that is incorrect. They can definitly put a hold on a cashier's check. There is a lot of fraud with cashier's checks.


To the OP:

Go to the bank that the cashier's check is drawn on (appears in the upper left corner typically) with two forms of ID (1. state issued photo id, and 2. med card, employer car, insur card etc- just needs your name and an expiration basically) and cash the check.

They cannot refuse to cash a check drawn on their own bank- they can verify it's good.

[jribe]

Unfortuntely the bank is not part of one i have acct with.In fact it will be from a cu which there is none of the same ones here. so what are opinions of having funds frozen inbetween it being cleared so I can get it out.

you don't need an account at that bank. If there is not one in the area- ask the person who's buying a car from you to take the cash to a local bank and get a cashier's check... unless you can drive to the nearest branch of the orginal check?

[music12]

some credit unions are part of a large network of credit unions. ask to see if you can cash it at a different credit union close to your home.

[landofpoor]

thanks music.but I dont believe they would be connected here.I called a check cashing place there outta there minds they get 5% of the amount.I am going to prob have to have it held and hope for the best

[landofpoor]

Got it cashed on the spot no questions! So that was a relief!!

[LuciluS]

Got it cashed on the spot no questions! So that was a relief!!

I've learned over my 44 yrs. with Banks to develop a 'relationship' with either the Branch Manager or Head Teller. When I received a Draft in Feb. from an Insurance Company for $5,000 I was in a different town 15 miles from my home town. I went by the Main Office to deposit it and was told there would be a hold put on my Account. I didn't argue, I just said thank you and drove on.

This is where it gets funny. Went through the drive thru of the branch in my town. Teller said Hi Mrs. S. We were expecting you today as the Main Office called us and said you tried to deposit a draft. I see the Branch Manager heading for the Drive Thru. First thing she asked was how I was feeling as they know I'm disabled & knew I had a lawsuit pending. Told her I was hanging in there. She said no worries..no hold on your account.

I had the same thing happen in 2005 when we lived in a different town; however, it was a Cashier's Check drawn on an Ohio Title Company for over $19,000 (sold our house in IN). I just knew they would put a hold on the check...they did not. It pays off to be Friendly and Courteous.

Luci

PS My ex-husband is a VP for a Bank. Initials can/will override bank policies.

[blankslate]

Go to the bank that the cashier's check is drawn on (appears in the upper left corner typically) with two forms of ID (1. state issued photo id, and 2. med card, employer car, insur card etc- just needs your name and an expiration basically) and cash the check.

They cannot refuse to cash a check drawn on their own bank- they can verify it's good.

This is funny. I got a moving reimbursement check from my employer a couple of weeks ago. Not a huge amount, $4700. I took it to the bank it was drawn from (BofA) and was asked by the teller why I don't have an account with them. I told him I don't trust banks and I deal with cash only. He agreed with me and told me about how they messed up his own checking account with fees. The teller next to him said the same thing and threw in "I work for the bank, how can I mess up my own account that bad??" Then he took the check back to his manager and they stood there for at least 10 minutes discussing the check and glancing at me now and then. Finally both of them came back and she also asked me why I don't have an account with them. I told her the same thing, I don't trust banks and I'm sick of institutions who are supposed to be trustworthy constantly trying to trick me out of my money. She actually agreed with me too. They did finally cash it.

How sad that their own tellers and managers think the bank they work for are crooks too.