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The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen Litigation Group, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

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Friday, July 09, 2010


Paul W

Chase is simply a very poorly run enterprise. They are arrogant, and as a result of taking taxpayers money seem aloof when it comes to doing business with ordinary people who may have a lot more net worth than they are willing to realize.
I opened an account recently, then applied for a credit card. I have an 800+ credit rating. They won't give me a credit card due to frequent credit inquiries - I was applying for a mortgage (by the way, qualified for the most favorable rates)!
Then I called to follow up. I was told I'd need to call back tomorrow when the systems were available (they were updating for the rest of the evening).
I can't figure out who's more arrogant - Chase or the Obama administration.
Shame is the Federal Gov't is propping up the big banks while the small banks are going under.
It's time to succeed!

A Fed Up Victim!

This exact same thing happened to me but it was with Bank of America. How can any of these banks expect the regular customer to "know" how long it takes checks / money orders to "really" clear? Most consumers have no idea about clearing houses etc so to hold them liable for what turns out to be a counterfeit is just ridiculous! The counterfeits are made so well now that even the tellers at the bank can't tell the difference! It's time for the financial institutions to get involved and make changes!!! THAT is the only way to stop this type of scam from running out of control! They can sure tell the difference when checking out a twenty or fifty dollar bill right there on the spot so why can't they identify a counterfeit check or money order with the same speed??? The technology is out there... now it's time for the big wigs at these financial institutions to get off their lazy butts and do something about it!!! Maybe when one of "their kids" is arrested and charged for counterfeiting because of trying to innocently get a summer job and their son or daughter has a police record for life totally destroying their lives, they will finally wake up!!! Maybe it needs to be an "Act of Congress" to accomplish it??? INNOCENT people are being scammed and their lives destroyed every day... it's time to stop the madness!!!

Shawn Mosch

I could not agree with you more! This is very much like what happened to us in 2002, but we were with a different bank. They told us that the check was good, clear and verified, so we wired the money. One week later they told us that the check was counterfeit. When talking to their loss prevention department after this happened we asked them "So, how long does it REALLY take for a cashier's check to clear?" and they told us "24 hours". We responded by telling them that then knew the background of our story, and if that were really true we would not be having this conversation with them.

Since that time we have started the website to educate people on these scams. We have given presentations with national consumer protection groups, and have a petition asking for stronger laws in this area.

A survey by the Consumer Federation of America in 2009 showed that over 59% of Americans believe that the bank confirms that a cashier's check is "good" before they release the funds. These numbers go up with teens, just like this article shows. Because of this, we have started speaking at local high schools on the topic of scams and fraud to try and educate these teens before they are the victim of a scam.

Our main message is that the words "good", "clear", and "verified" do NOT mean that you can use the money with no worries. If the check is found to be counterfeit, YOU will still be liable for the entire amount, not the bank. There needs to be more education and training on this in the banks with the tellers who interact with the customers. There also needs to be more education about this in our school system to give our teens the tools that they need to protect themselves.

Shawn Mosch
Co-Founder of
There is strength in numbers!

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