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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
fmpnd
481 posts
 
Eldartford, a bank's Fraud Department CAN verify immediately for one of their own checks/money orders whether a check is counterfeit (if the customer requests it). As far as a US Postal money order or another bank's cashier's checks/money orders are concerned, some Fraud Departments will assist the customer in verifying this via the telephone (again, if the customer requests it).

This doesn't apply with respect to forged personal checks as that has to come from the account holder giving notice of same to the bank.

Hey Brian, how goes it? I need to call you!!!
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.
elberoth2's avatar
elberoth2
1,223 posts
 
I cannot understand why ppl still insist on using checks / MO in int deals - wire transfers are so much safer/faster.
leedistad
104 posts
 
http://www.businessedge.ca/article.cfm/newsID/11477.cfm

Here is an interesting article about Western Union's attempts to comply better with international fraud laws.

The article implys that if the transfer is not between friends or family, WU may start getting stickier about their processes. As they say, their core focus is not business transactions.
oregon
807 posts
 
Fmpnd,
Your response and expertise is greatly appreciated. I just received an International Postal Money Order(s) from Japan and I am not certain these are real. Your explanation has helped me decide to return these and look for a better option (wire transfer)?
I'd rather loose the sale, than to loose the $ and the items I am selling.
Many thanks!
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