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They have a link to the video in the website, but it's the wrong article.
Fair Go N.Z. wrote:
Reporter: Greg Boyed
Amit Dass thought selling his '99 Nissan Primera on line was a good way of getting a bit more money. As it turned out, he lost about seven thousand dollars of his own money.
Amit put the car on an on-line auction and astonishingly, a buyer from the UK agreed to buy it for eight thousand New Zealand dollars. The buyer sent a cheque for eight thousand Euros, roughly twice the New Zealand asking price. After taking his eight thousand dollars, Amit would use the remainder of the buyer's money to pay to have the car shipped to the UK.
Amit deposited the Euro cheque in his Kiwibank account. After a month, the cheque was cleared. Amit used the money to pay off his car with his finance company and then sent the remaining $7,200 to a shipping company in Nigeria who, he was told by the car's buyer, would freight the vehicle to the UK.
Then, to his surprise, Amit discovered that his Kiwibank account had been frozen because the original eight thousand Euro cheque was a forgery. Remember, the cheque had already been cleared and Amit had repaid his finance company. He then found out that the remaining $7,200 he had sent from his account to have the car shipped had disappeared and he could not find any trace of the so-called buyer or shipping company.
So where did it all go wrong? It appears to have gone wrong the minute Amit agreed to get paid by an unknown buyer overseas. Kiwibank has a Foreign Currency Deposit Receipt, which Amit signed. A part of the receipt reads: "I understand that, whether or not Kiwibank has allowed us to draw against that cheque, if it is later dishonoured or not paid for any reason, then I will indemnify Kiwibank for any loss suffered." In other words, Kiwibank was not willing to wear any loss.
Foreign cheques can, regardless of the month clearing period, still be disallowed months later. In the case of money sent from the US, a cheque can be disallowed up to seven years later.
David Russell of the Consumers' Institute believed banks needed to do more to make customers aware that a cleared cheque did not mean the money could not be recalled if the cheque was fraudulent, as was the case with Amit.
Albert Einstein wrote:
Only two things are infinate, the universe and human stupidity, and I'm not sure about the former.
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