[KACHM3]

Help find this GEM! 💎
Can’t believe this could happen especially to our car community. This is pathetic and disgusting.

[tturedraider]

This is crazy and what happened at the bank makes ZERO SENSE!!! I worked in bank operations for many years. A bank should be able to verify a valid routing number in about two seconds. As well they should never have said the cashier’s check was genuine without verifying the routing number and calling the issuing bank to verify the check. This part of the story makes no sense. If the bank screwed up this badly they should be sued to make him whole.

[Bimmer_Pilot]

Lot of scum bags out there. Hoping they vehicle is found and returned to owner.

But WTF with the bank? Something seems off there.

Best of luck.

[FrankMstein]

Shit you beat me to it by 3 min! I'd sue the bank!

[tturedraider]

Originally Posted by Bimmer_Pilot

Lot of scum bags out there. Hoping they vehicle is found and returned to owner.

But WTF with the bank? Something seems off there.

Best of luck.

That is exactly my feeling. Something with the bank part of the story doesn’t pass the smell test. No bank I ever worked for would have made that kind of a screw up, but we live in a world today that is redefining incompetence. Rather than being the exception as it used to be, incompetence is absolutely pervasive in this brave new world we are in today.

[RTPenland]

Originally Posted by tturedraider

but we live in a world today that is redefining incompetence. Rather than being the exception as it used to be, incompetence is absolutely pervasive in this brave new world we are in today.

Sad but true - well said

[KACHM3]

Originally Posted by tturedraider

That is exactly my feeling. Something with the bank part of the story doesn’t pass the smell test. No bank I ever worked for would have made that kind of a screw up, but we live in a world today that is redefining incompetence. Rather than being the exception as it used to be, incompetence is absolutely pervasive in this brave new world we are in today.

well said.

[KACHM3]

If you know anything or know anyone..

Again everything can be Anonymous. Just to get a lead back to the car.

[Jbrown7403]

Damn! Hopefully this gets resolved in a positive way soon! Bryan has fantastic content and that F80 build was really fun to watch.

[///MPhatic]

This just sucks in every way. Any bankers on here? Is that even legal? How can they say it's good and then not say it's good?

[WildBoostalo]

We need to know what bank this is so we can avoid them like the plague. Definitely should be sued to make him whole, imo. They literally deposited the cash ffs.

On another note, people are pathetic and cant work hard for the things they have like the rest of us. These problems are just getting worse and worse by the looks of it.

[eforty6_m3]

Originally Posted by tturedraider

That is exactly my feeling. Something with the bank part of the story doesn’t pass the smell test. No bank I ever worked for would have made that kind of a screw up, but we live in a world today that is redefining incompetence. Rather than being the exception as it used to be, incompetence is absolutely pervasive in this brave new world we are in today.

Man, this (the part I bolded) really hit home with me. I've been saying for years now that nobody does their jobs anymore. You put it a bit more eloquently than I could have, but this....THIS is spot on. And makes me sad for the world my young boys will be growing up in.

I suppose all I can do is teach them to be honest, polite and as hard-working as possible. You know, the complete opposite of too many people out there today. #Entitlement

[Chappers 71]

Unfortunately common sense should now be known as uncommon sense

[G35POPPEDMYCHERRY]

a car mechanic will all those mods doesn't have a tracker on the car?

are cashier's checks useless nowadays? whats the point if down the road the bank can call foul play?

[cbpip]

Unfortunately cashiers check funds can be pulled back by the person or lending institution providing the check. Always in cases of transferring monies either use wire transfer which can not be reversed or if you must receive a bank check always make the receiver of goods wait until the check clears both banks before allowing the property and title to be transfered, at least a week or more. Just having a lending institution accept a check does not make it good, hence the wait time for it to clear. You can also call the issuing institution to inquire and to question the validity of the check and if there are sufficient funds available ( they will most times at least answer with a yes or no, but not answer the amount of monies in an account). Never relinquish possession of the title until the wait time has passed for checks to clear both lending institutions, usually a week.

These types of check / money order frauds have long been an instrument of thieves. Similar to the old "I've sent you more money than requested, send me back the overage". Once deposited it looks good initially but a week latter after the bogus funding instrument has been discovered to be fraudulent they the bank reverses the deposited amount. The thieves count on you sending the property and the overage to them. You are out both the item and the overage they claimed to have sent.

Hope the vehicle gets recovered. These guys should be prosecuted and made to pay restitution as well as jail time for auto theft. Dirt bags will always be dirt bags. I would bet a good asset recovery company could track him down.

[G35POPPEDMYCHERRY]

Originally Posted by cbpip

Unfortunately cashiers check funds can be pulled back by the person or lending institution providing the check. Always in cases of transferring monies either use wire transfer which can not be reversed or if you must receive a bank check always make the receiver of goods wait until the check clears both banks before allowing the property and title to be transfered, at least a week or more. Just having a lending institution accept a check does not make it good, hence the wait time for it to clear. You can also call the issuing institution to inquire and to question the validity of the check and if there are sufficient funds available ( they will most times at least answer with a yes or no, but not answer the amount of monies in an account). Never relinquish possession of the title until the wait time has passed for checks to clear both lending institutions, usually a week.

These types of check / money order frauds have long been an instrument of thieves. Similar to the old "I've sent you more money than requested, send me back the overage". Once deposited it looks good initially but a week latter after the bogus funding instrument has been discovered to be fraudulent they the bank reverses the deposited amount. The thieves count on you sending the property and the overage to them. You are out both the item and the overage they claimed to have sent.

Hope the vehicle gets recovered. These guys should be prosecuted and made to pay restitution as well as jail time for auto theft. Dirt bags will always be dirt bags. I would bet a good asset recovery company could track him down.

literally zero point of a cashier's check then no? it provides just about the same protection as a personnel check.

world is decaying with bullshit terms. and people think virtual currency will be the standard.

[ZL9M2]

Cash or wire. Period. Buyers who demand anything else are gaming you.

[pikkagtr]

Originally Posted by G35POPPEDMYCHERRY

literally zero point of a cashier's check then no? it provides just about the same protection as a personnel check.

world is decaying with bullshit terms. and people think virtual currency will be the standard.

Cashier check is ok with me as I have sold a few cars in the past.
The key is to meet them at THEIR bank have the check made out to you
Sold my last f80 and took a $54k cashier check for it

[tturedraider]

So, just a point for clarity here. A genuine cashier’s check with a proper and genuine endorsement by the named payee CANNOT be refused and returned unpaid by the financial institution it is drawn on for any reason. Payment cannot be stopped on a properly endorsed, genuine cashier’s check. This is why if you lose a cashier’s check the only way the bank will replace it is if you pay for a surety bond covering the value of the original check.

Let’s say you mail a cashier’s check and its delivery gets delayed by the post office, so the recipient did not receive it in a timely manner and you have to send them a replacement cashier’s check. So, now a genuine cashier’s check is floating around out there. In order to get the replacement cashier’s check you have to buy the surety bond before the bank will issue the replacement check.

Now, nine months later the post office finally delivers the original cashier’s check to the intended recipient and this recipient now has the original genuine cashier’s check in their possession. That cashier’s check is still valid and when presented to the issuing financial institution for payment with a genuine and proper endorsement that institution MUST pay the check. So, the intended recipient decides to be unscrupulous and deposit/cash the original cashier’s check. They 100% can do that and the issuing institution CANNOT refuse payment. They MUST pay the cashier’s check.

A normal check you write from your checking account is good for six months from the date you write on it. After that it is considered “stale” and is no longer valid. Not so with a genuine cashier’s check. A genuine cashier’s check is valid in perpetuity. If it shows up ten years later and the original named payee properly endorses it and presents it for payment it must be paid.

So, as previously mentioned here, the failure here is on Kies’ bank (and Kies) in not verifying the cashier’s check was genuine by confirming the routing number was real and by contacting the issuing bank and confirming with them the check was genuine. It is just beyond my comprehension the bank did not do that in today’s day and age.

A little side note: if you find yourself in a similar situation where someone is going to pay you with a cashier’s check insist that it be from a nationwide bank that has branch locations in your area and then go to the issuing bank, not your bank, to verify the genuineness of the check.

[G35POPPEDMYCHERRY]

Originally Posted by tturedraider

So, just a point for clarity here. A genuine cashier’s check with a proper and genuine endorsement by the named payee CANNOT be refused and returned unpaid by the financial institution it is drawn on for any reason. Payment cannot be stopped on a properly endorsed, genuine cashier’s check. This is why if you lose a cashier’s check the only way the bank will replace it is if you pay for a surety bond covering the value of the original check.

Let’s say you mail a cashier’s check and its delivery gets delayed by the post office, so the recipient did not receive it in a timely manner and you have to send them a replacement cashier’s check. So, now a genuine cashier’s check is floating around out there. In order to get the replacement cashier’s check you have to buy the surety bond before the bank will issue the replacement check.

Now, nine months later the post office finally delivers the original cashier’s check to the intended recipient and this recipient now has the original genuine cashier’s check in their possession. That cashier’s check is still valid and when presented to the issuing financial institution for payment with a genuine and proper endorsement that institution MUST pay the check. So, the intended recipient decides to be unscrupulous and deposit/cash the original cashier’s check. They 100% can do that and the issuing institution CANNOT refuse payment. They MUST pay the cashier’s check.

A normal check you write from your checking account is good for six months from the date you write on it. After that it is considered “stale” and is no longer valid. Not so with a genuine cashier’s check. A genuine cashier’s check is valid in perpetuity. If it shows up ten years later and the original named payee properly endorses it and presents it for payment it must be paid.

So, as previously mentioned here, the failure here is on Kies’ bank (and Kies) in not verifying the cashier’s check was genuine by confirming the routing number was real and by contacting the issuing bank and confirming with them the check was genuine. It is just beyond my comprehension the bank did not do that in today’s day and age.

A little side note: if you find yourself in a similar situation where someone is going to pay you with a cashier’s check insist that it be from a nationwide bank that has branch locations in your area and then go to the issuing bank, not your bank, to verify the genuineness of the check.

thanks for the info.

Seems this is a common scam from my searching. so begs the question still

No tracking on the car?

KIES surely does a lot of business to know of this scam.

Idk something smells fishy. Whole story isn't here or made for exposure. Or a GROSS oversight by KIES and bank.

[///MPhatic]

Originally Posted by tturedraider

So, as previously mentioned here, the failure here is on Kies’ bank (and Kies) in not verifying the cashier’s check was genuine by confirming the routing number was real and by contacting the issuing bank and confirming with them the check was genuine. It is just beyond my comprehension the bank did not do that in today’s day and age.

Bryan took it to a bank, which is an institution that trades money as a business. I cannot believe that it's not the bank's responsibility to make sure the check is valid before accepting it. Bryan is an easy going guy, but if it were me I'd contact my attorney on that account immediately.

[tturedraider]

One other little tidbit about endorsements. You can put “qualifiers” on your endorsement. Then you sign it. It is assumed everything written above your signature was there when you signed and therefore you knew about it. We all probably know about the most common qualifier - For Deposit Only. If you’re old enough to have gotten your checks back with your monthly statement you might have noticed the endorsement stamp most businesses put on the checks they deposit. “Pay to the order of XYZ Bank, N.A., For Deposit Only, account #1234567, Joe Blows Best Business. By putting “pay to the order of XYZ Bank” Joe officially transfers ownership of that check to the named bank, with the caveat it is to be deposited to the indicated account. Being an old, stick in the mud, former banker who worked in operations this is how I endorse my checks.

There’s another endorsement qualifier folks try some times. If you do this the teller should absolutely refuse to accept the check endorsed this way for cash or deposit into your account. The qualifier is “Without Recourse”. By putting this qualifier you are saying if this check is returned for any reason you cannot charge it back to my account or come after me for reimbursement in any way.

edit: I just remembered a little story about the “without recourse” endorsement. I once had a law student who had just learned about this try it on me. I think he was more than a little surprised and impressed I caught it and refused to take his check for deposit. I’m sure I asked him if there was a reason he endorsed his check that way and that was when he told me he was a law student. I’m pretty sure I just had him mark it out and initial the change and then took the check.