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Accepting International Payments Just Got Harder..

I deposited a Money Order from Japan today, and was met with quite a suprise. My Bank (National City Bank, Ohio) slapped a 45 day hold on the funds! Their reason, simply, it is an international Money Order/Check, and their Fraud Department decided to implement this new rule about 1 month ago (without alerting any of the banks customers), to protect their assets, because they have recently experienced a tremendous amount of fake/phony Mony Orders and Checks from international sources. This new rule (Federal Regulation "RegCC" applied to the extreme) applies to ANY non-USA source of funds (that means Canada too). Check with your bank before accepting a Non-USA Money Order, that's all I have to say. One last thing, look into "HyperWallet" for USA-Canada/Canada-USA shipping ( http://corp.hyperwallet.com/index.jsp )

Curtis
zorathustra

Showing 1 response by sugarbrie

sugarbrie
3,854 posts
 
Banks probably could do a lot of things people mention to be able to immediately cash the few international money orders they get. However the high cost to do so would mean they'll charge you a very large fee to cash it immediately. Would you pay for that service?

Many banks waive a lot of their fees if you have enough on deposit. I get free bank money orders and cashiers checks among other things. Comes in handy trading gear. I only have to keep $5k on deposit for a lot of free stuff like that. There are also ways at that bank to get most of those fees waived for only $1K.
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