It appears that there is quite a bit of this taking place in DR Banks with deposits. Surprisingly, DR banks accept 3rd party checks into customers accounts without the ID of the depositor-so long as they have the cedula number of the customer, they can deposit the check without identification. Recently, I had a friend swindled in a scheme from this. The buyer deposited a check into his account-Unfortunately, he based his decisions by checking his account via phone-The bank makes it appear there is a deposit and the total available without mentioning that the deposit is a check and is pending. So he based his decisions on erroneous information by said bank, resulting in financial losses from check fraud.
- Thread starter jimmythegreek
- Start date
Check Fraud
Which banks allow deposit of 3rd party checks? I thought most didn't. A few weeks ago I wrote a check out to my BIL for $1000USD, and when his wife went to Banco Popular to deposit it to her account they wouldn't accept it. Had to tear it up and give her a new one in her name.
I'm pretty sure BHD doesn't either, they're so picky about everything there.
I'm pretty sure BHD doesn't either, they're so picky about everything there.
This was Banco Popular where this happened and they claim that it is a policy that they accept third party checks-most banks throughout the world do not accept third party checks now.
BTW-This was a deposit of a check based in $RD Pesos, so I am not sure if there are different regulations for USD deposits vs RD deposits.
A number of operational measures need to be taken by these DR banks to stop the problem of check fraud in the country. First of all-3rd party checks should no longer be accepted. Second, the banks' systems should only reflect checks as pending and not in any total amount for accounts until those checks are cleared. Identification should be required of all depositors for checks-this might at least deter some of the activity.
AFAIK, check can be endorsed by payee to a third party payee... in most cases the bank calls up the payer to verify the validity of the check issued to the original payee. If the payer confirms it, then the bank accepts endorsed payee.
And what about a check used by a third party with a Payer that has a closed account at the bank where checks were issued to said account? That is check fraud.
The reason banks around the world no longer want to deal with third party checks is because it is impossible to identify whether the third party trying to deposit said check to a customer in their bank is even for real without proper identification and KYC rules. Most banks only accept checks now from the Payer listed on the check directly to Payee customer of bank, because banks have KYC rules to ensure the identity of all parties.
When I first moved here 20 years ago, I got a checking account with "Banco de Reservas".
After having little to no success in having anyone, or any business accept them, I closed the account!
Personal checks are almost never used here.
For the reason you stated,..."check fraud".
If they are accepted, it is ONLY after you have it,.."bank certified", A PAIN IN THE A$$.
"CASH IS KING" IN THE DR!!!!!!!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCC
After having little to no success in having anyone, or any business accept them, I closed the account!
Personal checks are almost never used here.
For the reason you stated,..."check fraud".
If they are accepted, it is ONLY after you have it,.."bank certified", A PAIN IN THE A$$.
"CASH IS KING" IN THE DR!!!!!!!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCC
Supposedly, now I have found out that BP takes third party checks with an ID of the depositor-It really doesn't change anything, since they can just use a fake ID-Only thing left is to go to the video that the bank has in their possession for facial identification.
True Story, In 2007 or 2008, cant recall the exact year, I showed up at BPD with DRAFT Checks, same thing as Certified from a major Canadian Banking Institution. Checks were made out to the Seller of a property in Cocotal for a Villa.. BPD wouldn't ACCEPT the checks.. And these were Bank Drafts from Toronto Dominion. I couldn't buy the Villa I wanted.. I needed to return the DRAFTS and then if I wanted to WIRE the funds...
6 months later there was a major flood on the Golf Course Cocotal and the Villa was basically destroyed, electrical was all shot to hell and not to mention water stains and other problems... Blessing in disguise.. I never bought the Villa. Also turned out it was a Spec house and had problems for years after that..
6 months later there was a major flood on the Golf Course Cocotal and the Villa was basically destroyed, electrical was all shot to hell and not to mention water stains and other problems... Blessing in disguise.. I never bought the Villa. Also turned out it was a Spec house and had problems for years after that..
That could be so, I'm not sure. I know she had her husband's cedula, etc., and they wouldn't accept it, even though they're long time customers. Only her name is on the dollar account because she uses it for her business when purchasing internationally.
Funny stuff and it gets more surreal here with these banks in DR. Now BP has charged my friend $RD300 pesos in his account there for the bounced check from check fraud-unbelievable-Do these banks ever think they are complicit in their actions? Third party checks should not be accepted in the banking system under any circumstances-too much room for fraud without proper KYC rules of all parties involved.
can't speak of BP.
i have accounts at BHD Bank.
you could not deposit a check on my Pesos or Dollars accounts without myself agreeing to the deposit by phone. if they can't reach me on the phone they tell the depositer to come back "ma?ana".
even better on the biz account(pesos), a check needs to show the company's "Sello" on it or could not be deposited on the account.
when i check any of my accounts online or by phone, it is always clear which amount is really on the particular account and how much additionally is "pending" like deposited but still not cleared checks or online money wires.
as CCCCCC stated,
the only real king in kingdom is CASH!!!
Mike
i have accounts at BHD Bank.
you could not deposit a check on my Pesos or Dollars accounts without myself agreeing to the deposit by phone. if they can't reach me on the phone they tell the depositer to come back "ma?ana".
even better on the biz account(pesos), a check needs to show the company's "Sello" on it or could not be deposited on the account.
when i check any of my accounts online or by phone, it is always clear which amount is really on the particular account and how much additionally is "pending" like deposited but still not cleared checks or online money wires.
as CCCCCC stated,
the only real king in kingdom is CASH!!!
Mike