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 Mugu Bucks

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kleindoofy
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Joined: 24 Oct 2004
Posts: 6248
Location: Europe


PostPosted: Tue Jun 19, 2007 7:48 pm Reply with quoteBack to top

GordonBennett wrote:
What exactly is the bank doing when it takes its sweet time in 'clearing' a cheque Question ...


A check is a piece paper, nothing more. Your bank gives you money for that piece of paper on the assumption that the bank that issued the check will give the same amount to your bank.

Foreign checks are not that easy to verify, and it takes a while.

(Improvised clearance scheme:)
1. You give the check to your teller.
2. From there it goes to the local check guru.
3. From there it goes to the regional foreign transfer desk.
3a. It might have to go to the central bank department.
4. From there it goes to an agent (a bank) in the country where the issuing bank is located.
5. From there it goes to the central bank of the issuing bank.
6. From there it goes to their international department.
7. They check with the local bank where the original account is.

This (7.) is where it bounces if it's fake. This whole odyssey can take MONTHS.

The problem is that 99.7% of all checks clear just fine. Your bank wants to please its customers (and keep them), so they give you the money straight away. However, when the check bounces down the line, you have to give the money back, plus penalties, etc., etc.

Can't they just check by hitting a few keys on the computer? No.

I recently had a South African check in my business. My bank told me it would cost about EUR 50,-- to have the check cleared without actually cashing it. Since it was a normal business to business transaction like I've done thousands of times over the past twenty years, I took the risk of honoring it, i.e. sending out the ordered products. Everything turned out fine.
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GomerPyle
Baiting Guru


Joined: 04 Jan 2007
Posts: 8875
Location: Wherever I lay my hat


PostPosted: Tue Jun 19, 2007 9:58 pm Reply with quoteBack to top

There are a few strange peculiarities and differences in banking law even between countries in Europe that an alert scammer/fraudster can play a lot of lucrative games with, but this is not the place to mention them.

_________________
Fake sites killed 1 x Australia 9 x United Kingdom 3 x 168 X Closed lad accounts Easter Egg 2011
Pith Helmet - the 'Asparagus Kid' - Accra to Lome - You Must surly Die in The Name Of Jesus Christ
Pith Helmet - Steve - Lagos to Accra
Pith Helmet - Frank - Lagos to Cotonou - co-bait with the vampire
Pith Helmet - Shorty - Lagos to Cotonou - My Agro Base farming where i rearing chicken and other animals was set ablazed overnight and we do not know who is actual behinde all these evils! -
I and my crew was locked up for 3 good days….They wanted to charge us to court but later we are fined an huge amount of money…I asked them why did they arrest the men, they started laughing and saying all sorts mockering words! -
…because now, am left with nothing and remember i told you my Guy (Joe) gave up earlier this morning
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S.Cammer-Beeter
Not quite a Newb


Joined: 10 Jun 2007
Posts: 32
Location: France


PostPosted: Tue Jun 19, 2007 10:08 pm Reply with quoteBack to top

GordonBennett wrote:
What exactly is the bank doing when it takes its sweet time in 'clearing' a cheque Question ...


When the bank is taking its sweet time to clear a cheque it is not doing very much. A couple of faxes at the most. EUR 50 is ridiculous.

We ship goods all over the world. As soon as a customer is outside the EC, we ask for an ordinary bank transfer. Cheap, fast, reliable.

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Gawd, I want to get rich fast !
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GomerPyle
Baiting Guru


Joined: 04 Jan 2007
Posts: 8875
Location: Wherever I lay my hat


PostPosted: Tue Jun 19, 2007 10:34 pm Reply with quoteBack to top

Paying a cheque against a fax copy.

That opens up a whole new can of worms. First - the paying bank hold no valid legal authority to charge the account until the original is in their hands, by which time the funds may not be available to pay it. Detecting a forgery/counterfeit by fax is difficult, and any bank would add that as a caveat to any response for fate, thereby making it valueless.

It is never quite as easy as it may appear. Some types of cheque in one major country may be returned unpaid up to 6/7 years after issue, so you'll never get a final advice of clearance for them.

_________________
Fake sites killed 1 x Australia 9 x United Kingdom 3 x 168 X Closed lad accounts Easter Egg 2011
Pith Helmet - the 'Asparagus Kid' - Accra to Lome - You Must surly Die in The Name Of Jesus Christ
Pith Helmet - Steve - Lagos to Accra
Pith Helmet - Frank - Lagos to Cotonou - co-bait with the vampire
Pith Helmet - Shorty - Lagos to Cotonou - My Agro Base farming where i rearing chicken and other animals was set ablazed overnight and we do not know who is actual behinde all these evils! -
I and my crew was locked up for 3 good days….They wanted to charge us to court but later we are fined an huge amount of money…I asked them why did they arrest the men, they started laughing and saying all sorts mockering words! -
…because now, am left with nothing and remember i told you my Guy (Joe) gave up earlier this morning
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OscarAcosta
Master Baiter


Joined: 17 May 2007
Posts: 105


PostPosted: Wed Jun 20, 2007 1:13 am Reply with quoteBack to top

A cheque from a cheque book, strictly speaking has no more legal legal standing than a cheque written by a tax rebel on the body of somewhat fregrant rotting shark in the UK many years ago. Of course anybody could/should refuse to accept such a cheque...... It'll never fit through bank machinery for a start. Just such a cheque was once featured in the Guinness book of records, and was submitted in the UK some years ago. The council in question actually accepted the payment for some reason. Their bank however declined to process it.

0sc4r
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Mind Freak
419Eater is my life


Joined: 12 Jun 2007
Posts: 261
Location: Pangaea


PostPosted: Thu Jun 21, 2007 3:17 am Reply with quoteBack to top

Don wrote:
Mind Freak (who has been baiting scammers for decades)


Shocked Decades is a bit of a stretch but long enough to learn the hard way. Embarassed I was almost bankrupt by a Russian Mugu! Evil or Very Mad Actually I'm thankful that they burned me or I would have never found this illustrious sport of Scam Baiting. Wink

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Welcome to the Outerlimits of the Twilight Zone mugu Oga; it's all in your head and so am I! Twisted Evil
Whether you are Moslem, Jewish, Christian, or any of thousands of other beliefs, or simply a Being without any religious standing, the Laws of Morality and the Scriptural Laws only applies when you are dealing with people that live by those laws! Wink http://forum.419eater.com/forum/viewtopic.php?t=32877

In the spirit of [oss] Col. Hogan's credo, "You'll assist fellow victims, cooperate with all friendly forces, and use every means to harass and injure the enemy's operations." [the cia didn't tell me to say that and hls didn't either; guess who did]

Last edited by Mind Freak on Sat Jun 23, 2007 10:09 pm; edited 1 time in total
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Franc28
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Joined: 19 Jul 2004
Posts: 140


PostPosted: Fri Jun 22, 2007 4:49 am Reply with quoteBack to top

Rael wrote:
Granted (and LJ was obviously joking), but couldn't that be circumvented by providing the check's sender with the address of the other mugu?


That makes a lot more sense, and runs no risk at all, at least none that I can see.

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www.insolitology.com

Fighting the forces of censorship and getting his sig deleted by admins since 1989.
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Obi-Wan Knievel
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Joined: 10 Dec 2006
Posts: 1486
Location: Bald Knob, NF


PostPosted: Fri Jun 22, 2007 5:12 am Reply with quoteBack to top

@Barry: Fair enough, you're right. Lemmy correct myself.

CORRECT STATEMENT: Chequers don't bait like 419-ers, they are far more business-like and require more patience and finesse than I have.

And they're too much friggin' work! I get on the fake chequers, but I immediately just hand it all off to the RCMP or more recently aa419.org and let the experts handle it. On this site I read the words "only do it if you're comfortable and know what you're doing", which I take to heart.

(smooch smooch) Can you hear that, Shiver? Very Happy
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