ohh ic.. thanks for the explanation. I didn't know cashier's checks took that long to clear.

 

why do sweeping generalisations come from the ignorant?

 

This scam should now be limited in success. A week or two ago, new regulations were finally initiated into the American banking system. The "float" as we've known it from early time (especially in the 70's and 80's) is no longer possible.

Fund transfers now happens completely electronically. If a forged transfer happens, there's an electronic paper-trail to re-transfer funds back. Also, float is now on a time lag of 20 minutes in the electronic banking world....so that essentially eliminates float.

Is there a personal banker on board to give us more details about this?

 

Honestly, who would conduct business like this? I feel sorry for anyone who falls for this scam. Not because they're out $7,000 but because they're so stupid.