Quote:
Originally Posted by VonSlingshot
The Canadian banking system is different.
I’ll just make this as easy as possible to explain.
Joe Blow has 2 bank accounts. One for day to day, and one for buying and selling that he keeps at or near zero all the time.
Joe sells a 10k item and money gets deposited in cheque form to the slush fund account
Then he moves that account to his day to day - or heck, even another institution.
Check bounces.
That slush fund account now goes negative 10k and the phonecalls start, UNLESS there are seizeable monies in an adjacent account - to which the bank can take those monies to cover the negative.
It’s in the eleventybillion page account agreement that nobody ever reads when they open an account.
Former banking employee.
I’ve seen and done these transfers myself, because the bank gets a report every day with red flag overdraws that need overriding.
If it’s a few hundred bucks, they may just leave it in the red and NSF charge you out the keister for.
But a bigger loss - they are grabbing it from where they can.
Once again - CANADIAN banking system. This doesn’t jive south of the border.
OP got smashed.
Fraud over $5k is a major crime in Canada
I’m trying to give him some help behind the scene.
“Watch out”
|
That is exactly what I meant - the seller loses because bank will collect for a bad transfer if he has used or transferred the money.
I was also meaning the “hold period” for Canadian banks when a cheque based transfer is received.
The seller shouldn’t move the money nor ship until after bank hold has cleared. In this case 8 days - by which time the fraudster would be discovered.
Would you agree the maximum Canadian cheque transfer hold periods are as follows?
$1,500 or less: 4 business days if done in person; 5 business days for other methods such a ABM.
More than $1,500: 7 business days if done in person; 8 business days for other methods such a ABM.
Sent from my iPhone using Tapatalk Pro