<VV> Re: scam-no corvair

[alan WESSON]

Gary wrote:

> Basically what happens is your bank cashes the check, you send the money,
> the car is signed over and picked up. About a month later you find out the
> check bounced and you are liable for the money from the cashed check, and
> returned check fees as well. You are also out the car.

I don't understand how that can happen, unless your checking system is
different from ours. Here, when you present a cheque to the bank, there is a
delay of 3-4 days until the money clears into your account, but once the
money is there, it's there! The bank don't give you cash unless the cheque
has cleared.

If the cheque is going to bounce, it is returned during that 3-4 day period,
and so you don't give the guy the car. If the cheque clears you are safe and
the bank can't get the money off you again.

Doesn't it work like that over there? Sounds scary if not...

Cheers

Alan