Golden Bank, Texas Informative - Verification Process

Review by chow on 2007-06-04
DALLAS, TEXAS -- The bank verification system of the money order, cashier cheque and other depository paper payment is fraudulent. I was told the money order is genuine after they have it for 14 days and have the issuer's bank transfer the fund into my account, but a week later, I was told the money order is counterfeit. The issuer's bank have a charge-back in their inter-bank account, so I was blame for it and held responsible. My account was frozen and all my deposit is confiscated by the bank. They are protecting each others fraudulent practices instead of practicing honest business ethnic. From the way the business is done, whatever the bank teller told the customer is meaningless and misleading.

Every bank customer need to beware of this trap and be careful.
Comments:11 Replies - Latest reply on 2007-06-04
Posted by jktshff1 on 2007-06-04:
A little more information here would be helpful.
Posted by Anonymous on 2007-06-04:
Let me guess. You won a lottery that you never entered.

You were to deposit the money into your account then withdraw a certain amount and send it by Western Union to someone located probably in Canada.

Banks are required by Federal regulations to make funds from certain deposits available within a certain time period. Usually it is well before a check or MO is paid through the clearing process. If the check comes back unpaid and you have already withdrawn the funds, your on the hook for it.

If it is a legitamate payment and not one of those desposit/send by Western Union scams, then you will need to go after the person that gave you the check. If it is one of those scams, you are out of luck and owe the bank the money they fronted you in good faith.

Good luck.

Posted by Ponie on 2007-06-04:
I'd say you're correct, Robf. Looks like they caught another one. When will people learn you don't get something for nothing?
Posted by Starlord on 2007-06-04:
When my mother passed away, I was the beneficiary on her life insurance, and my sister on her 401K. I received a bank draft for a little over $38,000, and, not having a bank account, my fiance suggested depositing it in her account. Next thing I know, the bank, Arizona Bank (since gobbled up in all the bank mergers a while back,) locked up not only the bank draft, but the entire account. I argued with them quite loudly. In Business in high school, I was taught that a draft was the same thing as a check (checque, for our Canadian and British friends). I wqas informed by the teller this was not true. I told her we badly needed the money, as they had locked up ev ery cent we had. The teller pointed out, "$38,000 is a lot of money." I shot back that that was brilliant, did she go to college to learn that? The manager of the branch came over and informed me that they were simply protecting the bank's assets. Finally, after three weeks, I was informed that the draft had cleared, and I could come pick up my money. I went into the bank and told them I was there to pick up my funds. The cashier asked how I wanted the cashier's check made out. I told her no checks, I wanted the entire amount in cash. She said that was highly unusual, and that a cashier's check was standard procedure. I pointed to a spot on the counter and said $38,000 right here, right now. The manager came over and said this was highly irregular. I told him the past three weeks had been hell because of their seizing of my funds. he tried the standard procedure argument, and I informed him they did not trust my check, and I wasn't going to trust theirs. He then tried the old IRS form for anything over $10,000. I said bring it on, this is insurance benefit, not liable to IRS taxing or seizure. The cashier piped up and said why are you making such a big deal out of this? I looked her right in the eye and said, "Don't you know? $38,000 is a lot of money." they hated me.OFLMAO
Posted by CrystalSword on 2007-06-04:
Friends of ours recently sold a nice organ through craigslist and it was accidently posted in Oregon, they received a money order for $1900 and the organ sold for $300, they were instructed to send the balance back, I tried to warn them....it hasn't hit the fan YET...but it will!
Posted by poppapia on 2007-06-04:
These items can be accepted as deposits, but there is almost always a hold placed on the amount, as the bank often doesn't know if they are real or counterfeit until processing the items through the Fed. I doubt the teller told you they were good, but would bet you were told they could be processed and see if they were paid, or returned as fraudulent. You are responsible for any item you deposit, so you need to make sure that the item is legitimate, or that you have the money to cover it if it is returned.
Posted by chow on 2007-06-04:
To CrystalSword;

It has to be a scam, you better warn your friend again as i understand that is one of the "modus operadi" of those scums.The money order 99% going to be a counterfeit, unless your friend want to delay deliver the piano for 6 months after the date of deposit. After that, he or she will not be liable for any wrong with the paper payment,and don't expect the bank teller trying to warn you or take whatever he said too seriously,unless you are willing to risk your saving account or end up getting blame for the fradulent
banking system.


Posted by chow on 2007-06-04:
To Poppapia;

You are right i was told it can be processed and verified, that is why i am not allow to cash it on the spot or the next day,it is a money order issue by a local company,but drawn upon a bank in MN. After eight days they have the m.o,
i was told i can withdraw the fund and it is good to go.
the teller never told me it is genuine at the time i deposited it, but after the holding period of eight days when i called back to enquire.

Posted by CrystalSword on 2007-06-04:
Chow, I talked till I was blue in the face but they said it was absolutely a good money order and the bank even said so, they can't hold the organ, they are moving to the east coast the end of this month....the organ has not been picked up yet....I just got a sick feeling in the pit of my stomach and my friends are going to pay dearly for this...why can't people listen???
Posted by chow on 2007-06-04:
CrystalSword,since your friend insist it is a genuine money order,and ignore your warning,you should just let it go after all you are doing your best as a friend to him but he remain stuborn, may be he is willing to take the risk and lose $1900 n a piano if it turn out to be a scam.He is lucky to have a good friend around.
Posted by chow on 2007-06-04:
Starlord,you are making the right decision to close your account in that bank, at the very least you do not have to deal with these unethnical individual again.Trust me,you are fortunate that they do not hold up your money and come up with all sort of reasons to justify doing that. I was told by the manager that i can report my losses to the IRS and it is not a big deal at all, seem to me they donot see it as an issue of financial crime and broken financial system in place but rather the fault of the customer.

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