Bank Woes

[pmsmechanic]

Is there any bank in the world that checks manual signatures. How in the world could that be done? It’d be hugely labor intensive.

Do you have automated signature verification? If so, then there is a problem.

MoKelly

The cheque writing incident happened probably 20 some years ago.

I've never heard of automated signature verification. That doesn't say we don't have it though.

I'm to the point where I would just as soon pay online or with my bank card. I hardly use any cheques anymore.

 

[3Ts]

My buddy bought a field sprayer. He wrote out he check and then handed it to the owner of the farm dealership that sold him the sprayer and said "You sign this and lets see what happens". So the dealer signed it with his own signature. The cheque cleared the bank with the wrong signature on it. My buddy changed banks.

I had an account with a local bank. It got bought out and in the notice of the buyout, it said that the new bank would not verify signatures, the accounts that required 2 signatures would not be verified, and they would not even check if there was a signature. If the check was presented, it would be processed.

Essentially, if someone gets your account number (which is on every check) they can create more checks and submit them for payment, they're riskier than credit cards.

 

[two_bit_score]

I remember when a bank officer reviewed every check that came in every day at a small bank where I had a small account I opened right out of High School. I still have that account.

The bank is still in business and under the same name, since early 1900‘s.

 

[JethroB]

I had an account with a local bank. It got bought out and in the notice of the buyout, it said that the new bank would not verify signatures, the accounts that required 2 signatures would not be verified, and they would not even check if there was a signature. If the check was presented, it would be processed.

Essentially, if someone gets your account number (which is on every check) they can create more checks and submit them for payment, they're riskier than credit cards.

I’m surprised a bank would make that known.

A very effective check fraud deterrent is the POS Pay service. It’s were the check writer in effect sends an electronic copy of their check register to their bank each evening. If a check is presented at the host bank that’s not on the list it’s rejected. A traveling group of payroll check duplicators was caught after passing off a couple dozen of our checks. One member stupidly tried to cash a bogus check at a branch of OUR bank. Teller was alerted instantly and got the car tag #. Cops found them at the local RedRoof Inn.

 

[daugen]

I remember when a bank officer reviewed every check that came in every day at a small bank where I had a small account I opened right out of High School. I still have that account.

The bank is still in business and under the same name, since early 1900‘s.

You are lucky to have a banking relationship that long. My little home town bank was bought out, and so was the successor.
Some banks simply want to stay independent, likely someone strong willed on the Board.

My first car loan was a handshake loan with the Bank's President.
Are you going to pay this back on time?
Yes Sir.

And off I went with 2000 dollars to buy a brand new 1971 Toyota Corolla coupe in suntan yellow with a four speed and a walnut shifter knob.
Little 102hp hemi four also. My first new car, just out of college.

Later on the bank president became my almost next door neighbor. Good thing I paid that loan back ever so promptly.
My first coupon book. Stack of envelopes and a roll of stamps. My introduction to adult finances.

 

[ultrarunner]

My free for life checking lasted three mergers with a fight the last time... included checks and return of checks.

The last merger left no one around when free for life checking came out...

Brought in the original offer from 1984 and the customer service person said she was not born at that time...

On the subject of banks.. why is it new service and fee schedules come out several times a year now?

 

[Ford850]

A couple years ago I wrote a check for some driveway work a crew did. They took the check to our local bank branch where I had my account, to cash it shortly after leaving my place. The bank called us before cashing the check for them, asking if it was legit. The bank said even though our checking account was in both my wife an my names, they only see her signature on checks so they thought this one could have been stolen from us and forged.