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#920 - 03/13/01 10:30 PM Purchase of Cashier's Check
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
Has this happened to anyone? A customer wants to take money from his checking account to purchase a cashier's check made payable to himself and show someone else as the remitter and then deposit the check back into his own account for accounting purposes? I'm trying to research the UCC, but wondered if anyone else has heard of this before. Thanks.

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General Discussion
#921 - 03/14/01 03:20 AM Re: Purchase of Cashier's Check
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,542
On the Net
I haven't heard of it. My first impression is that if it looks like a duck and quack likes a duck... But that is a terrible way to do anything underhanded, especially if all is done consecutively.

I would feel like the party to a crime if I knew I was assisting in falseifying the document/check by putting in a false remitter. It doesn't smell right.

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Andy Zavoina
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#922 - 03/14/01 12:27 PM Re: Purchase of Cashier's Check
Dana Turner Offline

Platinum Poster
Dana Turner
Joined: Dec 2000
Posts: 543
Pipe Creek TX - U.S.
Angela:

I have seen similar frauds before. And it is a fraud -- likely another version of "the check's in the mail". This scheme has also been used successfully to bolster verbal and written statements made during the application process for home, construction, auto and jewelry loans.

Because this action is so far outside the scope of normal banking practices, your allowing this action to occur will likely create a horrendous liability for your institution.

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Dana Turner
Security Education Systems
danaturner@bankersonline.com
830-535-6500

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Celebrating 42 entertaining years of crime . . .
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