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Old 04-15-2006, 09:50 AM
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Join Date: Apr 2006
Posts: 6
Default Personal checks for an estate auction ???

My family had a relative that lived in Florida that passed away - the family all lives in Illinois. His wishes (since he had no direct survivors) was for his belongings to be sold at auction and the proceeds to be sent to the neices and nephews - I am one of the neices. Now here comes the problem or question. We directed the person that did the auction for us in Florida to NOT take personal checks - bank or cashiers checks only - but he took a personal check from a business that purchased alot of my uncles belongings and thought it would be ok since it was a business account. So, I got the check, and deposited into my account but I was leery so I asked my bank to purposely put a 10 day hold on the funds before I could even touch it. And we told the auctioneer person to NOT let the woman take any of the items until the check cleared. I am leery of this because of what happened a year ago to me personally, I was selling on Ebay and received a USPS money order and so I cashed it and took the money with no problem. That was, no problem, until a few weeks later I got a letter from the bank telling me that the MO had turned out to be counterfeit - so I had to cough up the money which was a substantial amount and then of course, after the fact I looked at the MO and saw it was signed by someone in New York but the return envelope which I always keep until I know the auction buyer is pleased with his or her purchase - it was only then that I noitced that the postmark was from India. And of course the person had disappeared.

Now my question is - and I asked my bank about this - but wanted a second opinion from some of you - when I got the check I called her bank and they verified that the account was a valid one and that the check would clear - at that time of course - anything could happen in the time it took for me to put it through. But then I called the other day and the issuing bank verified that this check had indeed cleared and the funds to my bank account were on the way. The hold on my account come off this coming Thursday. So, what can possibly happen ? Can anything go wrong with this after we let the woman take my uncles items ? I asked my bank and asked them about it and they said that once the funds cleared the other bank that I was free to get them and do what I wanted - and I then asked if once the check clears and goes all ok from the issuing bank - and something happens on HER end - is there a posibility that this woman could try and pull a fast one and take the money back ? Once the funds get into my account I do plan on OK'ing the release of the items to her but not before. But once the bank clears the check and takes it out of her account and she gets what she bought from the estate can she in any, way, shape or form, do anything about trying and getting the money back? I have heard of people doing chargebacks for a check - and I will be darned if I get ripped off again. After the MO deal I am understandably VERY cautious here. Her bank released the funds and cleared the check so in my mind the money is ours to be distributed to the other neices and nephews and if she tries anything, that would be HER banks problem wouldnt it ??

Thanks for any advice you can give me.

Last edited by shadyfoxylady : 04-15-2006 at 10:30 AM. Reason: Wanting to subscibe for answers
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