UPDATE ON FRAUD

[Mag Man]

HI guys ,
I went back to my bank as lurker Carl suggested. And talked to the manager. She got out 3 walmart money orders that they rec a few weeks back for a total of about $3500.00 I do not know the specifics but the people rec them deposited them and after 5 or seven days they cleared the people then took the cash sent it to the scammers dont know how or why and spent the rest. On day 10 the money orders came back as stolen or fake. And the bank had a felony warant put out for the people that brought the money orders in and got the money.
I think thats complete bull!!!
Why is it the peoples fault if the bank cleared them? Whats one to do wait 15 days for there money when you have something clear. I hope they do not go to jail for there stupidity.
So thats why they are putting a hold on all money orders. And I told here that there was a law and she said she has never heard of one but would contact the higher up or someone and ask.
And yes theyb are a federal credit union and insured and all.
JON

[Paul B]

I don't know the facts either, but did you stop to think that the people that cashed them may be the people that stole them or whatever to start with? According to my post office, that is being done with fake Postal Money Orders, not only sending them to others to "pay" for something, but making fake ones out to themselves and then cashing them, or trying to.

[Mag Man]

No Paul The manager at the bank said that they were just victoms of circumstance. Good people that got took by the bad ones.. She said that they were scammed. She could not give me there names or anything but gave me more info than I thought they would give.
She also told me to hold stuff for at least 12 days. I cant do that. I would get a bad feed back quick whats one to do?
JON

[Lurker Carl]

This is another one of those situations where the innocent, law-abiding folks are punished for the actions of a few. This form of "justice" is becoming very popular these days. Everyone is guilty until proven innocent.

There is a law limiting the time banks can hold instruments, but the bank has the ability to extend the holding period longer if they have reason to suspect problems. Not specifically suspecting you but any bank customers. Anyone passing counterfeit financial instruments, whether knowingly or unknowingly, is commiting fraud and will be held responsible for reimbursing that loss to the bank.

PayPal is starting to look like a bargin.