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how fast do you cash a check?

msfmsf Registered Users Posts: 229 Major grins
edited October 29, 2010 in Mind Your Own Business
Possibly a silly question, but how fast do you cash a customers check? Same day if the bank is on the way home, or do you feel same day cashing is tacky? I think i read something about this a while back, but never really gave it much thought at the time. Now I usually wait till next day unless I know I wont be near a bank for a while.

And how long do you wait to know it clears before you give the customer their merchandise?
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    Art ScottArt Scott Registered Users Posts: 8,959 Major grins
    edited October 18, 2010
    In todays world and the fact that i have been given a check in excess of $5K that was not just bad but was also counterfeit bank draft......
    I cash as soon as possible.....I tell clients that I will take checks from local banks only and they are cashed either that night or the next morning......
    I do not wait, will not take a post dated check and charge a $50 fee on all bad checks and only present to bank 1 time...........
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    SnowgirlSnowgirl Registered Users Posts: 2,155 Major grins
    edited October 18, 2010
    Art Scott wrote: »
    In todays world and the fact that i have been given a check in excess of $5K that was not just bad but was also counterfeit bank draft......
    I cash as soon as possible.....I tell clients that I will take checks from local banks only and they are cashed either that night or the next morning......
    I do not wait, will not take a post dated check and charge a $50 fee on all bad checks and only present to bank 1 time...........

    Ow, that must have hurt. Don't blame you for setting those policies. Tacky has nothing to do with it. We are a business. Trust me Walmart does deposits every night!
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    r3t1awr3ydr3t1awr3yd Registered Users Posts: 1,000 Major grins
    edited October 18, 2010
    I don't wait because I assume people bank like I do. They want to know the money is gone asap instead of having a huge discrepancy between their checkbook and their account.
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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 18, 2010
    When I get a check and deposit it immediately using my iPhone (Chase bank app). I prefer credit cards, and clients can use my website if they are remote, or I can do it on my iPhone with SquareUp if I'm with them in person.
    Andy

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    SamSam Registered Users Posts: 7,419 Major grins
    edited October 18, 2010
    Andy wrote: »
    When I get a check and deposit it immediately using my iPhone (Chase bank app). I prefer credit cards, and clients can use my website if they are remote, or I can do it on my iPhone with SquareUp if I'm with them in person.

    How in the heck do take a physical piece of paper, the check, and electrically deposit it via your phone?

    Sam
    www.samlinvillephotography.com
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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited October 18, 2010
    Sam wrote: »
    How in the heck do take a physical piece of paper, the check, and electrically deposit it via your phone?

    Sam

    You take a picture of the check (usually front and back) and the bank uses that to make the deposit from. Banks generally do this internally, you just don't realize it - they scan the check and send the scan to the originating bank rather than sending the actual paper check to the originating bank.

    Scary stuff.
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    CuongCuong Registered Users Posts: 1,508 Major grins
    edited October 18, 2010
    Sam wrote: »
    How in the heck do take a physical piece of paper, the check, and electrically deposit it via your phone?

    Sam
    Welcome to the Check 21 Act.

    Cuong
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    deb22deb22 Registered Users Posts: 428 Major grins
    edited October 21, 2010
    msf wrote: »
    Possibly a silly question, but how fast do you cash a customers check? Same day if the bank is on the way home, or do you feel same day cashing is tacky? I think i read something about this a while back, but never really gave it much thought at the time. Now I usually wait till next day unless I know I wont be near a bank for a while.

    And how long do you wait to know it clears before you give the customer their merchandise?
    Hi not a silly question at all. I have had the good fortune of never getting a bad check but you can if worried about it wait till the cheque clears and then ship,even e-bay waits for payments to clear before shipping. It may take a week or more for the clearance so you should when taking a cheque get i.d and a credit card # for backup which is what the stores did back in the day.Also if you do a volume you should have a separate bank account for these so your personal account wont be affected.If you are not receiving it in person you should request a money order instead as it is the same if the funds are their as a cheque unless they are post dated and I would never take a post dated one.
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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 21, 2010
    In another business I got behind 3 weeks on deposits. :cry And in that $30,000 batch one customer had actually closed the bank account. Luckily, he's a good friend, so I know he's good for it. But I still haven't had time to call him up to collect it. Deposit asap. Don't wait.
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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    Sam wrote: »
    How in the heck do take a physical piece of paper, the check, and electrically deposit it via your phone?

    Sam

    Isn't technology great? thumb.gif
    Andy

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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    mercphoto wrote: »

    Scary stuff.

    How come? ear.gif
    Andy

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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 21, 2010
    Andy wrote: »
    How come? ear.gif
    Pretty easy to abuse.
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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    SamirD wrote: »
    Pretty easy to abuse.

    Waiting for explanation ear.gif
    Andy

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    FoquesFoques Registered Users Posts: 1,951 Major grins
    edited October 21, 2010
    Not any easier than a CC abuse. :P
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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited October 21, 2010
    Andy wrote: »
    How come? ear.gif

    Call me old fashioned. :)
    Bill Jurasz - Mercury Photography - Cedar Park, TX
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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 21, 2010
    Andy wrote: »
    Waiting for explanation ear.gif
    Forging a check used to require great lengths--paper, ink, etc. Now, a cheap photocopy with altered numbers does the job. Granted, it takes more time for checks to clear (and maybe this type of processing is why), but it still opens the door to more to fraud attempts.
    Foques wrote: »
    Not any easier than a CC abuse. :P
    And that's true. But if I told you how easily I'd have free groceries and free gas for 5 years from stolen CC numbers, and have an almost zero chance of getting caught, you'd see how much of an invitation for fraud these new systems are.
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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    mercphoto wrote: »
    Call me old fashioned. :)

    I get about 1 or 2 checks a month from various sources. Depositing by iPhone is so awesome, never have to go to the bank clap.gif
    Andy

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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    SamirD wrote: »
    Forging a check used to require great lengths--paper, ink, etc. Now, a cheap photocopy with altered numbers does the job. Granted, it takes more time for checks to clear (and maybe this type of processing is why), but it still opens the door to more to fraud attempts.

    Haha the checks clear faster when I deposit them this way.... I'm not worried for my own self, I don't write checks to anyone anymore, really. I pay with online banking. Can't recall the last check I wrote myself to someone.
    Andy

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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 21, 2010
    Andy wrote: »
    Haha the checks clear faster when I deposit them this way.... I'm not worried for my own self, I don't write checks to anyone anymore, really. I pay with online banking. Can't recall the last check I wrote myself to someone.
    Interesting that they clear faster. I guess there's downsizing in the scanning department, lol.

    Yeah, I don't think checks are used that much by individuals anymore. Businesses still use them a lot, and that's what makes the fraud even easier due to the sheer amount of transactions businesses see.
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    ivarivar Registered Users Posts: 8,395 Major grins
    edited October 21, 2010
    Andy wrote: »
    ..., I don't write checks to anyone anymore, really. ...
    I'm surprised you guys still have checks to begin with; Checks here have not been around for a long time (I've never actually used one).

    I can't even swipe my debit/credit card at my gas-station and some other places anymore; it uses the chip-thingy now.
    Ivar
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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 21, 2010
    ivar wrote: »
    I can't even swipe my debit/credit card at my gas-station and some other places anymore; it uses the chip-thingy now.
    Wow, this is a new one to me. eek7.gif Do they still take cash? rolleyes1.gif
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    ivarivar Registered Users Posts: 8,395 Major grins
    edited October 21, 2010
    SamirD wrote: »
    Wow, this is a new one to me. eek7.gif Do they still take cash? rolleyes1.gif
    Actually, the largest supermarket chain here has just started a cash-less trial, so in some stores no, they don't lol3.gif
    Ivar
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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited October 21, 2010
    So much for legal tender for all debts... :(
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    AndyAndy Registered Users Posts: 50,016 Major grins
    edited October 21, 2010
    ivar wrote: »
    Actually, the largest supermarket chain here has just started a cash-less trial, so in some stores no, they don't lol3.gif

    That's awesome. I pay for everything I can with a cash-card or my Amex.
    Andy

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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited October 22, 2010
    Andy wrote: »
    That's awesome. I pay for everything I can with a cash-card or my Amex.

    So do I. But when businesses stop allowing cash that is a scary thing.
    Bill Jurasz - Mercury Photography - Cedar Park, TX
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    FoquesFoques Registered Users Posts: 1,951 Major grins
    edited October 22, 2010
    SamirD wrote: »
    And that's true. But if I told you how easily I'd have free groceries and free gas for 5 years from stolen CC numbers, and have an almost zero chance of getting caught, you'd see how much of an invitation for fraud these new systems are.

    I know exactly how easy it is. But it always been as easy.. and no bank security is able to stop scammers once they really put a thought into the action.
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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 25, 2010
    Foques wrote: »
    I know exactly how easy it is. But it always been as easy.
    True, but you couldn't do much with it back in the day. CC's were manually imprinted, there were signatures, authorizations were over the phone, etc, etc. The process of using stolen information was a lot more tedious and you couldn't do much damage.

    In this day of online everything and lighting fast transactions, some serious damage can be done in minutes--and the chances of getting caught are just the same as back in the day. So now that dream $10k hit can be done a lot easier than ever before with even less consequences. Too much of an invitation for criminals imo.
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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited October 26, 2010
    SamirD wrote: »
    True, but you couldn't do much with it back in the day. CC's were manually imprinted, there were signatures, authorizations were over the phone, etc, etc. The process of using stolen information was a lot more tedious and you couldn't do much damage.

    In this day of online everything and lighting fast transactions, some serious damage can be done in minutes--and the chances of getting caught are just the same as back in the day. So now that dream $10k hit can be done a lot easier than ever before with even less consequences. Too much of an invitation for criminals imo.

    A few retailers (way too few) will ask to see my ID when I swipe my credit card. I always thank them when they do. It makes fraud harder. Not impossible, just harder. Things are too easy these days.
    Bill Jurasz - Mercury Photography - Cedar Park, TX
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    FoquesFoques Registered Users Posts: 1,951 Major grins
    edited October 26, 2010
    Samir.. you are so far out of being right... Back in the day, i've seen kids going into a store with a printed card, and scoring 5-30K worth of items..
    I worked with an anti fraud unit...
    Arseny - the too honest guy.
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    SamirDSamirD Registered Users Posts: 3,474 Major grins
    edited October 26, 2010
    mercphoto wrote: »
    A few retailers (way too few) will ask to see my ID when I swipe my credit card. I always thank them when they do. It makes fraud harder. Not impossible, just harder. Things are too easy these days.
    Me too. I even have "ASK ME FOR MY ID" in my signature field.
    Foques wrote: »
    Samir.. you are so far out of being right... Back in the day, i've seen kids going into a store with a printed card, and scoring 5-30K worth of items..
    I worked with an anti fraud unit...
    How was the card printed? Like plastic? And how far back in the day? I was referring to the early 1980s.
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